The Scheme of Presumptive Taxation for Professionals was introduced under Section 44ADA in the Finance Act 2016 and is applicable from Financial Year 2016-17 onwards. Before 2016, the benefits of Presumptive Taxation were only given to Businesses under Section 44AD and to Transporters under Section 44AE. Specified professionals were specifically kept out of this scheme of Presumptive Taxation.
In the previous financial year that is FY 2020, in India, fresh Demat accounts opening jumped to a record high, around 14.2 million fresh Demat accounts have been opened during the year. This jump is more than three times the number of new accounts opened in FY 2019 (4.70 million accounts). The accounts are not […]
1. An individual having Capital Gain on sale of Equity is required to file ITR 2. The article discusses the procedure to report Equity Capital Gain in Income Tax Return New Portal. 2. STEP BY STEP PROCEDURE (a) Login to www.incometax.gov.in (b) The path is: – e-file>Income Tax Return > File Income Tax Return. Select: […]
A supply of goods, or services, or both which results in export of the goods, or services, or both out of the territory of India has been referred to in Article 286 of the Constitution as supply of goods, or services, or both in the course of export of the goods, or services, or both […]
Government of India is focusing on promoting environmental friendly electric vehicles and electric batteries. The Phase-I of this Scheme was initially launched for a period of 2 years, commencing from 1st April 2015, which was subsequently extended from time to time and the last extension was allowed up to 31st March 2019. The 1st Phase […]
FSSAI: Food Businesses To Mention License No. On Invoices W.E.F. 1st October, 2021 Food Safety and Standards Authority of India (FSSAI) passed an order on 8th June, 2021, making it mandatory for food business operators in the country, which are largely micro, small, and mid-sized enterprises, to mention their 14-digit FSSAI license/registration number on receipts, […]
Very recently the Jaipur bench of the Tribunal in the case of Virendra Singh Bhadauriya Vs PCIT while quashing the order of 263 on the footing that there is no indication as to lack of enquiry/no enquiry, rejected the specific contention of the Assessee on jurisdiction of initiation of Section 263 that mere pendency of […]
As per Motor Vehicle Act, 1988 the registration of leased motor vehicle should be in the name of lessee and not the lessor. But in Income Tax Act, 1961 for claiming depreciation of assets, the asset must be owned by the person claiming depreciation.
The Finance Act, 2020 made overhaul in provisions relating to registration of charitable and religious institution with the Income tax Department. There was complete change in registration process. It is through means of technology. It is one database on pan India basis. The registration once granted shall expire after certain period. Re-registration is necessary to […]
The Common Error of Logic – Section 112 vs Section 111A vs Section 112A of Income Tax Act, 1961. One may consider the following simple scenario of an income tax calculation. Resident Senior Citizen <- FY 2020-21 (AY 2021-22) Particulars Amount (Rs.) Pension Income 3,56,676 Interest Income from Bank FDRs 86,198 Section 111A Income 77,417 […]
