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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.
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Asked on April 5, 2020, 1:45 p.m.
Answered on April 5, 2020, 1:48 p.m.
0 Upvote | 153 View | 1 Reply | Asked to: Expert KanishkaSameer Limited and Sunanya Limited wished to amalgamate together and form SamSun Limited. They amalgamated on April 6 2019. Samsun Limited incurred 100,000 in this process of amalgamation. How much deduction can Samsun Limited claim under section 35DD in assessment year 2020-21?
Samsun can claim Rs 20,000 viz 1/5 of the total amalgamation expense in the assessment year 2020-21. Samsun can claim these deductions of Rs20000 in each of next 4 years ie it can claim Rs 20000 deduction for assessment years 2020-21, 2021-22, 2022-23, 2023-24, 2024-25.
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Asked on April 2, 2019, 6:52 p.m.
Answered on April 2, 2019, 6:57 p.m.
0 Upvote | 1789 View | 1 Reply | Asked to: Expert ChiranjibiTwo companies are incorporated with the same set of shareholders, are they the same or distinct under the companies act 2013?
They are distinctive, that is, they will be treated as different persons by the law, and they will be taxed separately.A company has its own legal existence, its own share capital to progress its activities. What's more, it is created by law, it can hold properties in its name, it can enter into a contract with another person in its name. This basically means that the company is above and beyond the persons operating them.So, to answer your question, if two companies are incorporated with the same set of shareholders, still, they will be treated like two distinct taxable entities by the Companies act.It is pertinent to note here that the directors have to disclose their interest in other companies while signing up for a new company. Thus the Registrar of Companies shall know that both the companies are operated by the same people, but they will be treated as different persons taxwise nonetheless.Click Here for more news
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Asked on April 2, 2019, 1:47 p.m.
Answered on April 2, 2019, 3:05 p.m.
0 Upvote | 336 View | 1 Reply | Asked to: Expert ChiranjibiMy father has paid a good amount of tax for the Assessment Year 2017-18. How do I file his returns so that he could get his refunds?
First of all you need to figure out which ITR form you should use while preparing the returns of your father. This image should be a good reference for you to choose.You can download these forms from here.The next step is to fill the return. Here, you need to report all the income your father has earned during the year. You should also fill in the details of Advance taxes paid and TDS in the return.Now, your father’s taxable income would be calculated, and the tax liability is determined. If your father has paid more in taxes than this amount, he would receive a refund of the excess amount of taxes paid in his bank account.Thank YouEdit: If you are filing after 31 December 2018, you will have to pay a fee of Rs 10,000. Also to note that the time limit for filing a return late for FY 2017-18 expires on 31 March 2019.Since this period has already passed for you, you can file your returns as per the provisions of section 192. You need to file your returns with your Assessing Officer personally, with a hard copy of the return. This type of return can be submitted for a period of up to six years, but you should have a genuine reason for not filing the return on time.If you want any assistance in the above matter, you can contact me here
