What is MSME? On the basis of the size of the enterprises it is classified into three categories i.e. Micro, Small & Medium enterprise, which is Known as MSME. Classification of Enterprises The enterprises are classified on the basis of turnover & investment in plant & machinery. There are 3 types … Continue reading “MSME Registration”
Who is liable to file return under this section? Every company or a firm or a person other than a company or firm is obligated to file Return of Income under this section. However, a person other than a company or firm is obligated, only if, its total income exceeds maximum amount not chargeable to … Continue reading “Due Dates of Filing Income Tax Returns – Section 139”
What is a Belated return? A belated return is a return of income filed after the due date of filing of Income-tax return as prescribed in the Income-tax law. Although the term ‘Belated Return’ is not defined in the Income-tax law. The law relating to belated return is given under sub-section 4 of section 139 … Continue reading “Belated Return – Filing of Return after due date – Section 139 (4)”
. How to E-verify Income Tax Return There are different ways to do this given below: 1. Via Aadhaar- OTP based To verify your ITR via aadhaar, your mobile number should be linked to the aadhaar card and your PAN should also be linked with the Aadhaar. . Steps to be followed: Login on Income … Continue reading “How to E-Verify Income Tax Return”
. Who can opt for presumptive taxation scheme under Section 44AD? All the small businesses with total turnover/gross receipts of up to Rs. 200 Lakh (except the business of plying, hiring and leasing goods carriages covered under section 44AE). Resident Individuals, HUF’s and partnership firms (but not LLP) and who has not claim deductions under … Continue reading “SECTION 44AD – PRESUMPTIVE TAX SCHEME FOR BUSINESSES”
. Who can opt for presumptive taxation scheme under Section 44ADA? To claim benefits of non-maintenance of Books of Account, you need to fulfill the following two conditions: 1.The person needs to be a professional, who belongs to any of the following professions: 2. legal, 3. medical, 4. engineering or 5. architectural profession or 6. … Continue reading “Section 44ADA – Presumptive Tax Scheme for Professionals”
. What is the meaning of Set Off of Losses? Set-off means adjustment of losses against the profit or income of same Financial Year. A set off could be an intra head set off or inter head set off. Intra head Set-off means loss from one source of income can be set off against income … Continue reading “Set Off and Carry Forward of Losses”
. 1.Allowed as deduction from Income from House Property Interest on money borrowed can be deducted from the Income from House property i.e. the Rental Income. The same is allowed by the purview of section 24(b) of Income Tax Act, 1961. . 2. Are there any purposes defined for which money can be borrowed for … Continue reading “Treatment of Interest on Home loan”
. . Who can file their return using ITR-4 for F.Y. 2019-20? This Form is filed by an Individual/ HUF/ Firms (other than LLP) being a resident, whose total income is up to 50 Lakhs for the A.Y. 2020-21 and includes: Income from Salary/ Pension; or Income from One House Property (excluding cases where loss is brought … Continue reading “All about new Form ITR 4 (Sugam) – F.Y. 2019-20 (A.Y. 2020-21)”
. Who can file this form? ITR-4 can be filed by an Individuals, HUFs, and Firms (other than LLP) being a resident having total income up to Rs. 50 lakhs and having income from business and profession which is computed under sections 44AD, 44ADA or 44AE (i.e. Taxation of Income on presumptive basis). ITR-4 cannot … Continue reading “Changes in Form ITR-4 (SUGAM) – AY 2020-21 (FY 2019-20)”
