INCOME TAX RETURN U/S 44AD

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  1. ZED

    ZED Well-Known Member

    You have not replied in respect of TCS u/s 206C
     
  2. ZED

    ZED Well-Known Member

    For which F.Y are you asking about? There have been certain changes.
     
  3. ZED

    ZED Well-Known Member

    For F.Y 15-16
    44AB. Every person,—

    (b) carrying on profession shall, if his gross receipts in profession exceed twenty-five lakh rupees in any previous year; or




    From F.Y 16-17

    (b) carrying on profession shall, if his gross receipts in profession exceed fifty lakh rupees in any previous year; or


    (d) carrying on the business or profession shall, if the profits and gains from the business or profession are deemed to be the profits and gains of such person under section 44AD or S.44ADA and he has claimed such income to be lower than the profits and gains so deemed to be the profits and gains of his business or profession and his income exceeds the maximum amount which is not chargeable to income-tax in an previous year,
     
  4. ZED

    ZED Well-Known Member

    From F.Y. 2016, an eligible assessee has an option to opt for benefit of S.44ADA, as per which 50% of the gross receipts are deemed as profits.

    If an assessee wishes to declare the loss or if he wishes to declare profit less than 50% of the gross receipts, while having claimed S.44ADA earlier then, tax also audit would be required.

    [But it shall not be required if total income is below the maximum amount not liable to tax. eg 2.5Lacs in case of an individual.]
     
  5. ANCHAL SONI

    ANCHAL SONI New Member

    Dear Sir,
    As i aware if a saving account holder deposit in a saving account more than 10 lac in cash in a financial year then he should be call by dept. in AIR i want to know any cash deposit condition is applicable in Current Account.
     
  6. ZED

    ZED Well-Known Member

    No.

    I understand that your query relates to A.I.R. which are covered by S.285BA and rule 114E, but there are other modes for info for eg C.I.B. and T.D.S. you might wanna read about them for information purpose.
    (There is one more .. it picks data from VAT and ST depts I am unable to remember the name of the code at the moment)


    Transactions covered under rule 114E [A.I.R.]
    (a) Payment made in cash for purchase of bank drafts or pay orders or banker's cheque of an amount aggregating to ten lakh rupees or more in a financial year.

    (b) Payments made in cash aggregating to ten lakh rupees or more during the financial year for purchase of pre-paid instruments issued by Reserve Bank of India under section 18 of the Payment and Settlement Systems Act, 2007 (51 of 2007).

    (c) Cash deposits or cash withdrawals (including through bearer's cheque) aggregating to fifty lakh rupees or more in a financial year, in or from one or more current account of a person.

    A banking company or a co-operative bank to which the Banking Regulation Act, 1949 (10 of 1949) applies (including any bank or banking institution referred to in section 51 of that Act).

    2.

    Cash deposits aggregating to ten lakh rupees or more in a financial year, in one or more accounts (other than a current account and time deposit) of a person.

    (i) A banking company or a co-operative bank to which the Banking Regulation Act, 1949 (10 of 1949) applies (including any bank or banking institution referred to in section 51 of that Act);

    (ii) Post Master General10 as referred to in clause (j) of section 2 of the Indian Post Office Act, 1898 (6 of 1898).

    3.

    One or more time deposits (other than a time deposit made through renewal of another time deposit) of a person aggregating to ten lakh rupees or more in a financial year of a person.

    (i) A banking company or a co-operative bank to which the Banking Regulation Act, 1949 (10 of 1949) applies (including any bank or banking institution referred to in section 51 of that Act);

    (ii) Post Master General as referred to in clause (j) of section 2 of the Indian Post Office Act, 1898 (6 of 1898);

    (iii) Nidhi10 referred to in section 406 of the Companies Act, 2013 (18 of 2013);

    (iv) Non-banking financial company which holds a certificate of registration under section 45-IA of the Reserve Bank of India Act, 1934 (6 of 1934), to hold or accept deposit from public.

    4.

    Payments made by any person of an amount aggregating to—

    (i) one lakh rupees or more in cash; or

    (ii) ten lakh rupees or more by any other mode, against bills raised in respect of one or more credit cards issued to that person, in a financial year.

    A banking company or a co-operative bank to which the Banking Regulation Act, 1949 (10 of 1949) applies (including any bank or banking institution referred to in section 51 of that Act) or any other company or institution issuing credit card.

    5.

    Receipt from any person of an amount aggregating to ten lakh rupees or more in a financial year for acquiring bonds or debentures issued by the company or institution (other than the amount received on account of renewal of the bond or debenture issued by that company).

    A company or institution issuing bonds or debentures.

    6.

    Receipt from any person of an amount aggregating to ten lakh rupees or more in a financial year for acquiring shares (including share application money) issued by the company.

    A company issuing shares.

    7.

    Buy back of shares from any person (other than the shares bought in the open market) for an amount or value aggregating to ten lakh rupees or more in a financial year.

    A company listed on a recognised stock exchange purchasing its own securities under section 68 of the Companies Act, 2013 (18 of 2013).

    8.

    Receipt from any person of an amount aggregating to ten lakh rupees or more in a financial year for acquiring units of one or more schemes of a Mutual Fund (other than the amount received on account of transfer from one scheme to another scheme of that Mutual Fund).

    A trustee of a Mutual Fund or such other person managing the affairs of the Mutual Fund as may be duly authorised by the trustee in this behalf.

    9.

    Receipt from any person for sale of foreign currency including any credit of such currency to foreign exchange card or expense in such currency through a debit or credit card or through issue of travellers cheque or draft or any other instrument of an amount aggregating to ten lakh rupees or more during a financial year.

    Authorised person11 as referred to in clause (c) of section 2 of the Foreign Exchange Management Act, 1999 (42 of 1999).

    10.

    Purchase or sale by any person of immovable property for an amount of thirty lakh rupees or more or valued by the stamp valuation authority referred to in section 50C of the Act at thirty lakh rupees or more.

    Inspector-General appointed under section 3 of the Registration Act, 1908 or Registrar or Sub-Registrar appointed under section 6 of that Act.

    11.

    Receipt of cash payment exceeding two lakh rupees for sale, by any person, of goods or services of any nature (other than those specified at Sl. Nos. 1 to 10 of this rule, if any.)

    Any person who is liable for audit under section 44AB of the Act.
     
  7. ANCHAL SONI

    ANCHAL SONI New Member

    sir can a partnership firm file itr u/s 44 AD and claim expenses regarding interest on capital and salary to partner
     
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