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Asked on April 11, 2021, 11:19 p.m.
0 Upvote | 92 View | 0 Reply | Asked to: EveryOneX leaves India for the first time on 30/11/2009.Though he was born in India in 1990, his mother was born in Karachi in 1960 and his grandmother was born in the UK in 1930. Determine his residential status for the assessment year 2010-11.
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Asked on Jan. 18, 2021, 4:52 p.m.
0 Upvote | 112 View | 0 Reply | Asked to: EverybodyWhat should I write under Last Name if I use only one name?
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Asked on Jan. 11, 2021, 6:15 p.m.
0 Upvote | 114 View | 0 Reply | Asked to: EveryOneIf I purchase an electronic good from abroad (say US), can I claim a tax refund if I don't intend on using it there (US in this case)?
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Asked on July 28, 2020, 6:58 p.m.
Answered on July 28, 2020, 7:29 p.m.
2 Upvote | 245 View | 1 Reply | Asked to: Expert KanishkaWhat is the meaning of presumptive taxation scheme?
You know maintaining books of accounts is a tedious and a little complex task at least for a small business. It dilutes the focus of a small business person. Instead of focussing on his (her) business, he gets busy in tax chores.Tax authorities understand it. And thus, in the interest of small businessman and nation they have devised a special scheme "Presumptive taxation scheme."Presumptive taxation scheme is a scheme which permits small taxpayers to not maintain the regular books of accounts.A person adopting the presumptive taxation scheme can declare income at a prescribed rate and, in turn, is relieved from tedious job of maintenance of books of account. For the small tax payer the relevant presumptive taxation scheme sections are 44AD, sections 44ADA, sections 44AE, Section 44BB and Section 44BBB. • Section 44AD : Computation of income on estimated basis in the case of taxpayers [being a resident individual, resident Hindu undivided family or resident partnership firm (not being a limited liability firm] engaged in certain business subject to certain conditions. • Section 44ADA : Computation of professional income on estimated basis for assessee being a resident in India and engaged in a profession referred to in section 44AA(1) subject to certain conditions. • Section 44AE : Computation of income on estimated basis in the case of taxpayers (being an Individual, HUF, AOP, BOI, Firm, Company, Co-operative society or any other person may be resident or non-resident) engaged in the business of plying, leasing or hiring goods carriages, subject to certain conditions. • Section 44BBB : Computation of profits and gains of foreign companies engaged in the business of civil construction, subject to certain conditions. The other presumptive taxation scheme sections are:• Section 44B : Taxation of shipping profits derived by a person being a non-resident in India, subject to certain conditions. • Section 44BB : Computation of taxable income of a person being a non-resident (may be an India citizen or a foreign citizen) from activities connected with exploration of mineral oils, subject to certain conditions. • Section 44BBA : Computation of income in respect of foreign airlines, subject to certain conditions.PS: As per sections 44AA of the Income-tax Act, 1961, a person engaged in business or profession is required to maintain regular books of account under certain circumstances.
