What is Section 44AF of Income Tax Act?
Presumptive income scheme for Retailers(Section 44AF): From Assessment year 1998-99 to assessment year 2010-11, section 44AF provides that income of an assessee engaged in a business of retail trade of goods or merchandise having turnover upto Rs 40 Lacs shall be deemed to be 5% of the total turnover from such retail …
What are the provisions of Income Tax Act 1961?
According to the Income Tax Act 1961, you can claim deductions under the following sections: Section 80C to 80: Under Section 80C, 80CCC & 80CCD of the Income Tax Act 1961, you can reduce your taxable income by 1,50,000….Income tax slab rates.
|Income tax slabs||Income tax rates|
|Above Rs. 15 lakhs||30%|
Which professions are covered under 44ADA?
The presumptive taxation scheme of section 44ADA is designed to give relief to small taxpayers engaged in specified profession (i.e., legal, medical, engineering or architectural, accountancy, technical consultancy, interior decoration or any other profession as notified by CBDT).
How many chapters are there in Income Tax Act 1961?
The Income Tax Act of 1961 is a comprehensive statute that sets the rules and regulations that govern taxation in India. The Income Tax Act contains a total of 23 chapters and 298 sections according to the official website of the Income Tax Department of India.
What is Section 145 2 of Income Tax Act?
Sub-section (2) of section 145 provides that the Central Government may notify Income Computation and Disclosure Standards (ICDS) for any class of assessees or for any class of income. Accordingly, the Central Government notified 10 ICDS vide Notification No. S.O.
What is 44AD 44ada and 44AE?
The scheme of section 44AD is designed to give relief to small taxpayers engaged in any business, except the following businesses: > Business of plying, hiring or leasing of goods carriages referred to in section 44AE. > A person who is carrying on any agency.
What is presumptive taxation?
Presumptive taxation allows you to pay your tax based on presumptive income. Meaning, you don’t really need to estimate your income by deducting your expenses from revenue. You can simply take a percentage of your total revenue and pay tax on that.
What are the aims and objectives of Income Tax Act 1961?
The Income Tax Act, 1961 aims to promote economic growth, build a society with full employment, control economic fluctuations, bring stability in prices, and control tax differentiation. The main objective is to amend and consolidate the rules of taxation in the country.
How many rules are there in Income Tax Act?
The Income Tax Act, 1961 is an act to levy, administer, collect, and recover income tax in India. The act is effective from 1 April 1962. It consists of 298 sections and 14 schedules.
What is section?
Tax exemptions under this section are on payment made on insurance companies and LIC that are under approved pension plans. The pension policy must be taken from the individual himself and must be up to Rs 1, 50,000 out of taxable income.
Which of these following professions are not covered under Income Tax Act?
The income received from the teaching profession or the activity of preparing content material is not covered under Section 44AA(1) of Income tax. Dilip Lakhani, Senior Chartered Accountant, answers queries from our readers.
Is 44ADA compulsory for 5 years?
5 consecutive years TAX AUDIT rule is only applicable if you are eligible assessee opting 44AD and offer income chargable to tax less than 8%. 5 years limit is only Applicable in case of 44AD. its NOT applicable in case you are PROFESSIONAL falling under sec 44ADA. for AY 2018-19 you are eligible for opting 44ADA.