"Myself Narayanan Murali, Born and Brought up in a village in Karur District, Tamil Nadu. Now practicing Taxation in Erode District, Tamil Nadu. "
Unravel the complexities of Cash Payments under sections 40A(3) and 43(1) of the Income Tax Act, 1961. Dive into the implications of exceeding Rs.10,000 cash payments for revenue expenditures and acquisition of fixed assets. Understand the nuances of disallowance and actual cost determination. Explore real-life examples to grasp the intricate interpretations.
Discover which professionals are eligible to opt for Section 44ADA under the Income Tax Act. Learn about the classification of professionals, including Specified and Unspecified categories. Explore the list of professionals specified under Section 44AA(1) and understand the eligibility criteria for Section 44ADA. Get insights into the books of accounts required for Specified and Unspecified professionals, and stay informed about CBDTs rules for maintenance.
Here, in this article I have made an attempt to solve the practical issues that are arising to the Tax Professionals in day to day practice (by decoding Income Tax Act Sec. 44AB along with 44AA, 44AD, 44ADA & 44AE). This article mainly focuses on Individual & HUF assessees.
