IncomeTaxManagement: [Section 44AD, 44ADA, 44AE]- Estimated or Presumptive Income method for Computing Business Income Under

· 1. Presumptive Taxation Scheme Under Section 44AD for computing Profit and Gains of any Business

· 2. [Section 44ADA]- Special Provision for computing Profits and Gains of Small Profession on Presumptive Basis

o 1. [Section 44ADA(1)]- Resident assessee engaged in the profession referred to in section 44AA(1) can opt for Presumptive Income in certain cases

o 2. Consequences if the assessee opts for Presumptive Income Scheme:

§ (a) [Section 44ADA(2)]- Deduction under sections 30 to 38 shall be deemed to have been allowed [Section 44ADA(2)]:

§ (b) [Section 44ADA(3)]- Written down value of any asset for the succeeding year shall be computed as if the assessee has claimed deduction:

§ (c) [Section 44ADA (4)]- Assessee to maintain accounts and get them audited if he claims profits to be less than 50% of the gross receipts:

· 3. [Section 44AE]- Special provisions for Computing Profits and Gains of Business of Plying, Hiring or Leasing Goods Carriages

· (A) Consequence if presumptive income scheme is opted

o (1) Expenses deemed to hate been allowed:

o (2) Depreciation deemed lo have been allowed:

o (3) Turnover of this business not to be included for computing limit of section 44AA and 44AB:

· (B) Consequences if presumption income scheme is not opted:

· Procedure for Assessment of Search Cases-[Sections 153A, 153B and 153C] 1. [Section 153A(1)(a)]- Notice for Filing Return: Where a search is initiated under section 132 or books of account, or…

· Interest Payable by the Assessee for default in furnishing Return of Income U/s 139(1) The assessee is liable to pay interest in the following cases: (a) where the return of income is furnished…

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· Alternate Minimum Tax (AMT) on all Persons other than Companies [Section 115JC to 115JF Chapter XII-BA] AMT. which was hitherto applicable to LLP only. has been made applicable to all assessees other than a company. (1)…

· [Section 2(24)] - ‘Income’ Under Income Tax Act.– Concept & Definition The word 'Income' covers receipts in the shape of money or money's worth which arise with certain regularity or expected…

· Appeals & Revisions under Income Tax Act. 1. First Appeal Filed by the Assessee The first appeal against the order of Assessing Officer shall lie to the…

· [Section 195]- TDS on Payment to a Non-Resident 1. TDS on income of Non-Resident: Any person responsible for paying to a non-resident, not being a company, or to…

· Taxability - Income from Other Sources [Sections 56 to 59] 1. Section wise Table – Income from Other Sources Sections Particulars 56 Income from Other Sources 56(1) Chargeability 56(2) Specific…

· [Section 133A] - ‘Survey’ under Income Tax Act. ‘Survey’ contemplates a comprehensive and extensive view of the business or charitable activities of an assessee, subject to the limitations…

· Assessment and Audit under CGST Act, 2017 Word “Assessment” has been defined in Section 2(11) of the CGST Act, 2017. As per Section 2(11), Assessment means determination…

· Levy and Collection of GST under CGST Act, IGST Act and UTGST Act. Taxable event and point of time for payment of tax were two different aspects under indirect tax law in preGST…

· GST Return under GST Act. A GST Return is a summarised statement furnished by the tax payer to the tax administrators containing details of specified…

· [Section 201]- Consequences of failure to Deduct TDS or pay TDS (1) [Section 201(1)]- Assessee to be deemed as assessee in default Where any person, including the principal officer of a…

· [Section 30 to 37]- Expenses Allowed as a Deduction for computing Income under ‘Profit & Gains of Business or Profession’ 1. [Section 30]- Rent, Rates, Taxes, Repairs and Insurance for Buildings – for computing Profit & Gains of Business or…

· Incomes Chargeable to Tax under Profits and Gains of Business or Profession 1. [Section 28]- List of Incomes Chargeable to Income-Tax The following incomes shall be chargeable to income-tax under the head…

· Limitation / Compliance by Assessee , Assessing Authority, etc. Under Income Tax Act, 1961 1. Advance Tax Advance Tax All assessees other than covered under section 44AD or 44ADA Section Nature of Compliance by…

· Income Tax Rates for Assessment Year 2021-22 1. In case of Individual (A) For an individual (man or woman), resident in India who is of the age…

· Set Off or Carry Forward and Set Off Of Losses under Income Tax Act Income-tax is a composite tax on the total income of a person earned during a period of one previous year. …

· [Section 132]- Search and Seizure – Under Income Tax Act. 1. Authority who can issue Order for Search and Seizure U/s 132: Search and seizure can be authorised by— (a)…

· Chapter VI of Central Goods and Services (CGST) Rules, 2017 Chapter VI of Central Goods and Services (CGST) Rules, 2017 has laid down various rules relating to— (1) CGST…

[Section 44AD, 44ADA, 44AE]- Estimated or Presumptive Income method for Computing Business Income Under

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