Suppose a partnership firm makes turnover of Rs 25 lakhs. As per sec 44 AD presumptive rate of 8% net profit amounts to Rs. 2 lakhs. Upto last year out of Rs 2 lakhs there was provision for deducting partners salary, remuneration and interest in this amount upto a maximum of 90% as per sec44 AD(2).
The Union Budget for 2017-18 has shown the Government’s intent not only to create new work opportunities but to help the enterprising with limited means to set up their small ventures and stand up on their own.
AERO INDIA is a biennial aerospace exhibition organized by the Department of Defence Production of the Ministry of Defence, Government of India in the Garden City of Bengaluru.
Rabi crop sowing has seen an eight per cent rise this season. Reports say the kharif crop this season is going to be a record 297 million tone because of better rain fall. The building of better panchayat roads, 2000 kms of coastal connectivity roads and 130,000 panchayats getting high speed broadband under BharatNet will certainly improve marketing and remunerative pricing of farm products making agriculture as a profitable career option. Agriculture production is bound to leapfrog as a consequence of all these measures and the goal of food for all and complete eradication of poverty from the face of India in the near future will become a reality once these policy driven, targeted measures are executed.
On its part, the NPCI which has been giving big cash awards for use of digital transactions, has so far disbursed over Rs 153 crore to nearly 10 lakh consumers and merchants through Lucky Grahak Yojana and Digi Dhan Vyapar Yojana. These schemes are meant to make digital payments a mass movement. The response through the incentives has been pretty good with Maharashtra, Tamil Nadu, Uttar Pradesh, Andhra Pradesh and Delhi emerging as trend-setters. There has been a good response to the initiative from all sections and age groups. The only challenge would be to ensure that the same enthusiasm is retained after the economy is fully remonetised in the next few weeks. The digital drive must reach its logical end.
The National Health Mission represents India’s flagship health sector programme making the Health For All vision a reality. In its innate success lies the future of a healthy India.
An ‘individual’ and an ‘HUF’ are different persons under the Income Tax Act, and notice to one cannot be deemed as notice to the other.
Assessee society is generating surplus year after year is not the deciding factor to determine whether it is eligible for exemption under section 11 of the Act. And on this ground alone, the exemption claimed by the assessee society under section 11 can not be denied. What is relevant to examine is whether the surplus so generated is ploughed back in furtherance of its educational objectives and related activities or not.
In terms of section 153A of the Act, the already finalised assessment can only be disturbed if the search team has found some incriminating documents or material and which was relied upon by the AO at the time of framing the assessment or the addition is made in the order passed under section 143(3) r.w.s.153A of the Act by referring to seized material and not otherwise
Commission observed that under the provisions of the RTI Act, 2005, only such information as is available and existing and held by the public authority or is under control of the public authority can be provided. The PIO is not supposed to create information that is not a part of the record. He is also not required to interpret information or furnish replies to hypothetical questions.
