AY 2021-22: Section 44AD of Income Tax Act- Presumptive Scheme
Section 44AD aims to provide relief to small taxpayers, who conduct any kind of business, with the exception of those businesses as mentioned in section 44AE.
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Section of Income Tax Act
Section 44AD aims to provide relief to small taxpayers, who conduct any kind of business, with the exception of those businesses as mentioned in section 44AE.
The presumptive taxation scheme of section 44AD is designed to give relief to small taxpayers engaged in any business (except the business of plying, hiring or leasing of goods carriages referred to in section 44AE).
U/s 194Q TDS shall be deducted by the eligible buyer of the goods at the rate of 0.10% of such sum exceeding Rs. 50Lakh.
Section 206AB and Section 206CCA – Special provision of TDS and TCS for non-filers of Income Tax Return at Higher Rates.
Section 194P Conditional Relaxation for senior citizens who are of the age of 75 year or above from filing return of income-tax under Union Finance Bill 2021/ Budget 2021.
Chapter VIA of the Income Tax Act covered certain deductions that are allowed from the Gross Total Income of the assessee. This chapter also covered deduction under section 80DD, which allows taxpayers to claim a deduction for the medical treatment …
Chapter VIA of the Income Tax Act covered certain deductions that are allowed from the Gross Total Income of the assessee. This chapter also covered deduction under section 80DDB, which allows taxpayers to claim a deduction for medical treatment of …
This section contains the provision regarding the deduction on payment of medical insurance premium, central government health scheme, and payment on account of preventive health checkup from the gross total income of the assessee