Please, someone, give a brief about it and on which it is applicable
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An assessee had filled his return of income for AY 2017-18 declaring income u/s 44AD. In AY 2018-19, his turnover was more than Rs. 1 crore and get his books of account audited by declaring income @ 6.3%. In AY 2019-20, his total turnover was Rs. 2497000/- and all of the receipts were by the bank. Declared profit @ 6.28%. He had received around Rs. 1,48,000/- as an interest income (Income from Other sources). Loss from House property was (Interest on Housing Loan - Rs. 1,22,000/-).
His Gross total income comes to below the basic exemption limit of Rs. 2,50,000/- after set-off of loss from house property. In this case, does he need to get audited his books of accounts as he was not eligible to opt-in u/s 44AD and total turnover was below 1 crore, declared income less than 8% (But More than 6% as turnover was through banking channel) and Gross total income was below Rs. 250000 after set-off of loss from house property and before claiming deduction under chapter VI.?
While Issuing FORM 3, need to consider income and Expenditure of Land Owner Also?
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A Taxdeductor has received Form 15H for no deduction of TDS on Interest income of Rs 496000- for Fin Year 2019-20 on 25-3-20. Interest is credited on 31-3-20. By which date Form 15H can be E-filed on Portal Is there any relaxation in current Scenerioas DSC is required for same
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Click here to view / answer Share it onWhat is the difference between depreciation as per income tax act and as per companies act 2013?
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Hi
Any One having Exposure in Nidhi Company Post Incorporation Compliances for Income Tax , GST etc..
Also if any Nidhi Company is formed in Feb Mid can we take provision of 18 Months into consideration...?
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Can anyone provide format of estimated income and expense statement for incorporation of section 8 company.
Dear All.
As per Section 115BAB of Income Tax Act, Income tax on new domestic company incorporated on or after 1st October 2019 be 15 %.
Is that provision will also be applicable if we convert partnership firm into private limited company under part I of Companies Act,2013 ?
Thanks & Regards,
Dear All.
As per Section 115BAB of Income Tax Act, Income tax on new domestic company incorporated on or after 1st October 2019 be 15 %.
Is that provision will also be applicable if we convert partnership firm into private limited company under part I of Companies Act,2013 ?
Can money transferred between a private limited company and LLP in which both director and designated partner are same, Deemed Dividend under Section 2(22)(e) of income tax act is applicable or not
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Is it possible to apply for strike off without filing income tax return? Company has not commenced its operations since incorporation(2015) also no annual filing is done till date.
