What is Section 44BBA?
Special provision for computing profits and gains of the business of operation of aircraft in the case of non-residents. 44BBA.
What is Section 44AA of Income Tax Act?
(1) Every person carrying on legal, medical, engineering or architectural profession or the profession of accountancy or technical consultancy or interior decoration or any other profession as is notified by the Board in the Official Gazette shall keep and maintain such books of account and other documents as may …
What is SEC 115BAC of it act?
The new Section 115BAC of the Income-tax Act, 1961 provides that a person, being an individual or an undivided Hindu family (HUF) having income other than income from profession or business, may exercise the option concerning of a previous year to be taxed under the Section 115 BAC along with his/her return of income …
How is US 44AE income calculated?
As per the provisions of section 44AE, for Heavy Goods Vehicle, income will be computed at the rate of Rs. 1,000 per ton of gross vehicle weight for every month or part of a month during which the heavy goods vehicle is owned by taxpayer.
What is audit under Section 92E?
Section 92E – Audit Under Transfer Pricing A report from an accountant in a prescribed form, duly signed and verified by the accountant must be obtained before the specified date by any person entering into an international transaction or specified domestic transaction in the previous year.
Who is liable for audit u/s 44AB?
Ans: As per section 44AB, following persons are compulsorily required to get their accounts audited : A person carrying on business, if his total sales, turnover or gross receipts (as the case may be) in business for the year exceed or exceeds Rs. 1 crore.
Who is required to maintain accounts u/s 44AA?
You must maintain the books of accounts if the gross receipts are more than Rs. 1,50,000 in the three preceding years for a person carrying on profession. The same is also applicable to a newly established profession whose gross receipts are expected to be greater than Rs. 1,50,000.
What is Section 271A?
Section 271A – Penalty for failure to keep / maintain or retain books of accounts, documents etc. Section 44AA of the Income Tax Act read with rule 6F of the Income Tax Rules requires certain specified persons, carrying on business or profession, to mandatorily keep / maintain books of accounts or other documents.
Who is eligible for 44AE?
Section 44AE of Income tax act states that small business engaged in the business of plying, hiring or leasing goods carriages having not more than ten goods carriage vehicles, can adopt the Presumptive taxation scheme for ascertaining the taxable income for a particular financial year.
Who can opt for 44AE?
The presumptive income scheme under section 44AE of the Income Tax Act, 1961 is applicable to all categories of taxpayers. The taxpayers including an individual, HUF, partnership firm, a registered company can opt for this scheme.
Who is liable to audit US 92E?
What is section 92E? An audit report from a Chartered Accountant is required to be obtained & furnished in Form 3CEB by every person who has entered into : an international transaction or. a specified domestic transaction.
Is form 3CEB mandatory?
All the taxpayers are mandatorily required to file an accountant’s report prepared by an independent professional through Form No. 3CEB for all international transactions irrespective of the value of international transactions and specified domestic transactions if the value exceeds INR 20 crore in a financial year.
Are you audited u/s 44AB mean?
What is the subject matter of section 44AA?
As per section 44AA(1) read with rule 6F the persons carrying on any of the profession as mentioned below are required to maintain books of accounts and other documents as may enable the assessing officer to compute his total income, if yearly gross receipts of the profession exceeded Rs 1,20,000.
What is difference between 44AA and 44AB?
An assesses who opts for the benefits under section 44AD is not required to maintain books of account that are required to be maintained under section 44AA. The assessee who opts for the benefits under section 44AD is also not required to get his accounts audited as required under section 44AB.
How do you calculate tax sought to be evaded?
(c) where in any case to which Explanation 3 applies, the amount of tax sought to be evaded shall be the tax on the total income assessed as reduced by the amount of advance tax, tax deducted at source, tax collected at source and self-assessment tax paid before the issue of notice under section 148.”.
What is tax sought to be evaded?
The minimum penalty for offences charged under Section 271 of the Income Tax Act is 100% of the tax sought to be evaded plus tax payable. The maximum penalty leviable under this section is 300% of tax sought to be evaded in addition to the tax payable.