Section 44ad Of Income Tax Act  PowerPoint PPT Presentations

Navigating Income Tax Filing in India challenges even the most conscientious taxpayers between ever-shifting deadlines, rules, and eligibility criteria. Simple yet serious slip-ups often transpire in a rush to complete returns before looming due dates, stalling refunds and risking financial penalties. This blog will review the most frequent Indian Income Tax Return Filing mistakes below to learn how improving vigilance, record-keeping, and comprehension of the latest protocols protects your bottom line this filing season.

The Income Tax Department has announced forms for filing I-T returns for the 2020-21 fiscal year, which is a significant development in the field of taxation. In spite of the ongoing COVID pandemic and to make it easier for taxpayers, no major changes to the ITR Forms have been made in relation to last year's ITR Forms. Only the bare minimum reforms were introduced as a result of revisions to the Income-tax Act of 1961.

Income tax return filing

Beginning from 1st April, 2023 the new Financial Year 2023-24, will commence. Union Finance Minister Nirmala Sitharaman’s announcements from Budget will take effect from April1.

Tax Audit under section 44AB of Income Tax Act, 1961

Form ITR-4 is used for filing Income Tax Return by those taxpayers who have opted for the presumptive income scheme under Sections 44AD, 44ADA and 44AE of the Income Tax Act, 1961. This is, however, subject to the business turnover limit of INR 2 crores, exceeding which the taxpayer would be required to file ITR-3. Presumptive Taxation scheme is a scheme that exempts the small taxpayers from maintenance of books of accounts. Eligible to file Form ITR 4

The Pre Budget Memorandum for Union Budget 2024-25 lays out a strategic roadmap for enhancing India’s taxation framework. Addressing critical areas such as tax base expansion, avoidance mitigation, litigation reduction, and Direct Tax Laws rationalization, the memorandum seeks to shape a tax ecosystem that is responsive, fair, and conducive to economic growth.

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The existing provisions contained in the said section (applicable to individual, HUF or partnership firm) provides that notwithstanding anything to the contrary contained in section 28 to 43C

Change in Section 28: Cash Perquisites are now taxable in the hands of recipient Earlier Cash Perquisites were not specifically taxable in the Hands of recipients, but the department felt that it was against the intention of the Lawmaker.

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Tax Audit under section 44AB of Income Tax Act, 1961 TAX AUDIT UNDER SECTION 44AB OF THE INCOME TAX ACT, 1961 Clause 23. Details of any amount borrowed on hundi or ...