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Ca Sharad Jain, Ujjain

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Important Points Related To Income Tax Compliance for Charitable & Educational Institutions AY 2023-24

October 30, 2023 18189 Views 3 comments Print

Explore key income tax compliance requirements for charitable and educational institutions under the Income Tax Act for the assessment year 2023-24.

Can Lower Profit be declared U/s. 44AD of IT Act Despite Higher Actual Profits Earned

June 24, 2023 31434 Views 5 comments Print

Section 44AD of the Income tax Act is one of the most important sections which come in to use most frequently. There is a misconception / issue regarding the interpretation of the provisions of this section, regarding declaration of profits at minimum 8% / 6% rate even though the actual net profit earned is more.

Section 269SS & 269T (Clause 31 TAR Form 3CD) Info Collection Excel Sheet

October 3, 2022 32865 Views 0 comment Print

The section 269SS and 269T of the Income Tax Act, 1961 prohibits acceptance / repayment of loan, deposit, specified sum etc. otherwise than by an account payee cheque, account payee bank draft, ECS through bank account etc. The violation of the above provisions may attract stringent penalty under section 271D and 271E respectively. The clause […]

Applicable TAR Clause – 44AB(a) Or 44AB(e) For Turnover Between Rs. 1cr – 2cr

September 29, 2022 118263 Views 3 comments Print

Find out which clause of the tax audit is applicable – 44AB(a) or 44AB(e) – for businesses with a turnover between Rs. 1cr – 2cr.

Income Tax Section 44AD Assistance Excel Tool

August 13, 2022 23388 Views 2 comments Print

INTRODUCTION : The Section 44AD of the Income Tax Act, 1961 is a presumptive business income section. This section is generally applicable in the cases of large number of tax payers. This section is thoroughly related with Section 44AA (liability for compulsory maintenance of books of accounts) and Section 44AB (liability for getting books of […]

Appeal For TAR CL. 16(d) Income Adjustment In Section 143(1) Intimation

August 8, 2022 10386 Views 0 comment Print

Recently in cases of large no. of tax payers an intimation U/s. 143(1) of the Income Tax Act, 1961 has been issued, wherein an adjustment has been made regarding income reported in clause 16(d) of the tax audit report

Step by Step Preparation of Section 154 Application – For Section 143(1)- Clause 16(d) Of Tax Audit Report

July 22, 2022 17643 Views 2 comments Print

This Article Explains Step by Step Preparation of Application U/S. 154 of the Income Tax Act, 1961 For Rectification of Intimation U/S. 143(1) Issued with Adjustment for Income Reported in Clause 16(d) Of Tax Audit Report.

Request to cancel Section 143(1) intimations Levying Double Tax

July 21, 2022 13608 Views 3 comments Print

Urgent appeal to Honble Finance Minister: Cancel or withdraw notices under Section 143(1) creating unnecessary hardship and levying double tax on taxpayers. Request for rectified intimations and clarification to prevent further inconvenience.

How To Deal with Section 143(1) Notice/Intimation for Tax Audit Report Clause 16(D)

July 19, 2022 43647 Views 5 comments Print

Learn how to handle Section 143(1) notices regarding adjustment of income in Form No. 3CD of Tax Audit Report.

Updated Return – A New Return Filing Facility under Income Tax Act

May 11, 2022 130863 Views 5 comments Print

Finance Act, 2022 has brought new Income Tax return filing facility to be known as ‘Updated Return’. For this purpose a new sub section 8(A) has been added to section 139 of the Income Tax Act (w.e.f. 01.04.2022). Simultaneously, a new Rule 12AC has also been inserted in the Income Tax Rules, wherein form and manner of filing updated return has been prescribed.

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April 2024