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Asked on July 28, 2023, 12:09 p.m.
Answered on July 28, 2023, 12:16 p.m.
0 Upvote | 137 View | 1 Reply | Asked to: EveryOneWhether option trading is considered as speculation as per income tax act?
No, option trading isn't a speculative activity.In fact, it's a normal business activity as per the Income tax Act and deemed to be a non-speculative activity.This means that any profits you gleaned from such trading would be taxed in the same manner as income or profits acquired from the carrying on of any other kind of business. You should deduct business expenses like brokerage, service tax, STT tax, stamp duty, and regulatory charges, in addition to your purchase price.
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Asked on April 14, 2023, 10:33 a.m.
0 Upvote | 138 View | 0 Reply | Asked to: EverybodyIs web desinger covered as a professional under section 44ADA?
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Asked on April 7, 2023, 4:27 p.m.
Answered on April 7, 2023, 4:30 p.m.
0 Upvote | 43 View | 1 Reply | Asked to: EveryOneWhat is Section 35ABB of Act?
Section 35ABB of the Income Tax Act, 1961 provides for deductions for certain capital expenditures incurred for business of growing and maintaining a specified variety of trees. An assessee who is engaged in the business of growing and maintaining a forest or any other specified variety of trees can claim the deduction. The specified varieties of trees for the purpose of Section 35ABB include trees grown on a commercial scale for timber or other forest products, or for afforestation, and any other plant or tree that the Central Government may notify for this section. The deduction available under Section 35ABB is equal to 100% of the capital expenditure incurred by the assessee for the purpose of growing and maintaining the specified variety of trees, subject to certain conditions. The deduction is available for a period of 10 years, starting from the year in which the specified variety of trees are planted. It is important to note that the deduction under Section 35ABB can be claimed only by an assessee who is engaged in the business of growing and maintaining a forest or any other specified variety of trees, and not by individuals who are engaged in activities such as gardening or horticulture.
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Asked on July 28, 2020, 6:58 p.m.
Answered on July 28, 2020, 7:29 p.m.
2 Upvote | 338 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.
