Eligible Assessee A resident individual, resident HUF, resident partnership firm but not a limited liability partnership firm. Who has not claimed deduction under any of the sections 10A, 10AA, 10B, 10BA, or deduction under any provisions of section 80-IA to 80RRB in the relevant assessment year. The following persons are
The following persons are required to get their accounts audited by a practicing Chartered Accountant – (a) A person carrying on business If the total sales, turnover, gross receipts exceeds Rs. 1 crore in the relevant year. If a person files his return under section 44AD and his turnover is
Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi, 24th September, 2015 Sub: Applicability of Minimum Alternate Tax (MAT) on foreign companies having no PE in India- regarding- Issues relating to taxation of foreign companies, having no permanent establishment in India,
Case – I Persons carrying on specified profession Specified profession – Profession of legal, medical, engineering, architectural, accounting, technical consultancy, interior decoration, film artist or authorised representative. Persons carrying on a specified profession and his gross receipts exceed Rs. 1,50,000 in all the three immediately preceding years or in case
As per the principle of mutuality, any income arising to a trade, professional or similar association does not partake character of income and thereby not taxable. However if deficiency arises, then it is allowed in accordance with provision of this section. Meaning of Deficiency – Amount received during a previous
The following amount shall not be allowed as a deduction in computing the income chargeable under the head Profit & gains of business or professions: – Any interest, royalty or fees for technical services or any other sum chargeable in the hands of the recipient under the Act which is
Following expenditure shall not be deductible Payment made to relative in excess of fair value – Section 40(A)(2) If the assessee incurs any expenditure for which payment is made to the specified persons and the Assessing Officer is of opinion that such expenditure is excessive or unreasonable having regard to
The recipient of income on which TDS is to be deducted can apply to the assessing authority for a certificate for lower or no deduction. The conditions for which such certificate can be issued are 1. Such lower or no deduction should apply only to TDS under sections 192, 193,
(1) Where the Assessing Officer, on an application made by a person under sub-rule (1) of rule 28 is satisfied that existing and estimated tax liability of a person justifies the deduction of tax at lower rate or no deduction of tax, as the case may be, the Assessing Officer
Section 43B disallows the sum which are not paid in the financial year as well as not paid before due date of filing income tax return. The following sum are allowed in the year in which they are incurred, only if they are paid before the due date of furnishing