Understand section 54EC of the Income Tax Act, 1961: learn about the tax benefits of investing capital gains in certain bonds.
Understand the provisions of section 54B of the Income Tax Act, 1961. Learn about the benefits and exemptions related to capital gains on transfer of agricultural land.
Understand Section 44BB of the Income Tax Act 1961 and its implications for non-resident businesses providing services or facilities in connection with mineral oils.
Understand Section 44B of the Income Tax Act, 1961 with amendments. Learn about the tax implications for non-resident individuals engaged in shipping business.
Understand Section 44AE of the Income Tax Act, 1961 with the latest amendments. Learn about profit computation, deductions, and key provisions for businesses owning up to 10 goods carriages.
Explore Section 44ADA of the Income Tax Act, 1961, with the latest amendments. This special provision applies to individuals or partnership firms engaged in prescribed professions. Learn about presumptive taxation, allowable deductions, treatment of asset depreciation, and the audit requirement for income exceeding the tax-free limit. Stay informed with a comprehensive summary of Section 44ADA for efficient tax compliance.
Explore the essentials of Section 44AA of the Income Tax Act, 1961, with recent amendments. Learn about the obligations for professionals in legal, medical, engineering, architectural, accountancy, technical consultancy, interior decoration, and other notified professions. Understand the criteria for maintaining books of accounts based on income, turnover, and business setup.
If the turnover of the eligible assessee from eligible business is equal to or less than 2 crores ; then profit @ 8 % or more shall be deemed to be his profit if claimed to have been earned in the return.
If the sales / turnover / Gross receipts is less than or equal to 1 crore and he/she is not showing profit as per section (1) of section 44AD and is less than 8% of the sales, then he/she is not required to get his/her accounts audited as per section 44AB(a)
Explore the detailed written submissions in the case of Sh. XXXXXX, challenging the penalty u/s 271D for accepting part cash in the sale of agriculture land. The appellant, an uneducated, rural individual, faced ill health and genuine reasons to accept cash. The penalty, imposed without fair hearing and ignoring reasonable causes, goes against judicial precedents. Discover the legal intricacies and practical challenges, emphasizing that penalty provisions should not be applied mechanically.
