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Posted by on Jan 16, 2022 in Uncategorized | 0 comments

44Ae of Income Tax Act Advance Tax

For trucks, income is calculated at a rate of Rs 1,000 per tonne of gross vehicle weight for each month or part of a month in which the truck belongs to the taxpayer and where I have business income from the rental of a taxi, i.e. from the rental of a motor vehicle. I showed a profit of about 9% to 10%. Under which section should I submit my return, it is U/s. 44AD or 44AE. Sir, I am a doctor by profession, thank you for the detailed article on the presumption of income tax. I have a question if my actual professional income for the fiscal year 2017-18 Rs 32 lakes and the actual expenses Rs 10 lakes. So my real profit will be 22 lakes. If I accept a tax presumption, then my profit will be 50% of Rs 32 lake, or 16 lakes. So I have to pay the tax on 16 Lakes according to the income tax plate. But the difference between the actual profit, which is Rs 22 lake and the presumed profit is 16 lake, per 6 lake.

So, should I also have to pay taxes on 6 lakes? Or can I bring this profit from 6 lake to the balance sheet without paying taxes on it? Please bring me to that. > A person who earns income in the form of commission or brokerage If the appraiser has a u/o 44AB audit of his company (trading) and the books contain income from vehicle rentals, does he have to add up the net income from hiring and report it under 44AE? (All u/s 44AE conditions are met) Essem Transport Corporation, a partnership company, is engaged in the operation, rental or leasing of freight cars and owned 8 trucks in the previous year 2020-21 and reported income in accordance with the provisions of section 44AE. After calculating the income, the partners of the company are of the opinion that when calculating the ETICS of the vehicles in their possession, depreciation is not deducted, as no deduction is claimed on the basis of it. Is the partners` claim correct? In accordance with the provisions of Article 44AE, if the actual income from the transaction covered by Article 44AE is less than the income required under the alleged scheme, the appraiser may report the income from the above-mentioned transaction at a lower rate (i.e. less than Rs 7,500). Thus, Mr. Kaushal can declare a lower income in this case. In this case, however, he must keep the books of accounts prescribed by § 44AA and have the account verified. A: Yes, a person can use 44AD and 44ADA at the same time if they have income from both companies as well as a profession.

So, in a case where the presumed taxation is chosen for you / § 44ADA, is the interest under § 234B creditable for the late payment of input tax? Is interest under § 234C also calculated for all quarters or only for the last month? If the turnover exceeds the limit of 44AB for the financial year 2010-11 and the company is specified in 44AE. Is the verification applicable??? Is it permissible to estimate income on a presumed 44AE basis? Please give your answer with reason: You must have at least one freight transport vehicle in order to be able to prove the u/s 44E income when filing the tax return. Otherwise, without a single road freight vehicle, it cannot be presumed that a person is transporting goods and would therefore not be entitled to prove presumed income u/s 44E. Can you please say that there is an exemption for income from the Hi Sir website, Can I file an ITR-V tax return on the presumed basis which includes profit @ 20%? Is it valid? Is it necessary to keep books if I book my profit above 8%? I have salary income and insurance agency renewal commission income that I made before I got the service. Now I receive both Form 16 and Form 16A. What ITR form do I need to file for tax returns? Yes, you can only display 50% of the gross receipt as your income for the respective previous year If a person chooses 44AE, no further depreciation is possible. However, if a person does not opt for this article 44AE, but deducts the depreciation from the gross income, the income corresponds to § 44AE. Is depreciation not allowed? Sir, I have 1 truck that I drive myself, I have an income of about 350,000 that I file for the 2016-17 and 2017-18 assessment year A person can declare income at a lower rate (i.e.

less than 6% or 8%), however, if he does so and his income exceeds the maximum amount that is not taxable, then he is obliged to: to keep the books and records in accordance with the provisions of § 44AA and to have its financial statements audited in accordance with § 44AB. In the case of a person opting for the presumed tax regime of Article 44AE, the provisions of the Income Tax Act do not apply and the income calculated at the assumed rate of Rs 1,000 / Rs 7,500 is the final income. In other words, the income generated with a rate of Rs. 1,000/ Rs. 7,500 per truck per month is calculated, is the final taxable income of the business and no other expenses are allowed or not. Since the gross income is less than 5OL, 44ADA applies If you declare less than 50% as income, you will need to have your books checked by a CA. You must transfer TDS from the payment you made that is submitted to TDS and the government as amended by FA 2020. Whether the salary received from the partner can be offered in accordance with Article 44AD while the tax return is completed. Type of calculation of taxable business income in accordance with the normal provisions of the Income Tax Act, i.e. in the case of a person who does not apply the presumed tax regulation of Article 44AD, I would like to file the tax return for laundry, in which the code type for laundry is available and in the ITR form file, however, a person can voluntarily report their business income at more than 8% or 6%. where applicable, turnover or gross receipts.

In the case of a person who is willing to opt for presumed taxation under section 44AE, income is calculated on an estimated basis. .