Day: October 7, 2020

Audit of accounts of certain persons carrying on business or profession

149 ViewsAudit of accounts of certain persons carrying on business or profession Section – 44AB, Income-tax Act, 1961 44AB. Every person,— (a)  carrying on business shall, if his total sales, turnover or gross receipts, as the case may be, in business exceed or exceeds one crore rupees in any previous year 89[***]: 90[Provided that in the case of …

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Maintenance of accounts by certain persons carrying on profession or business

146 ViewsMaintenance of accounts by certain persons carrying on profession or business Section – 44AA, Income-tax Act, 1961 44AA. (1) Every person carrying on legal, medical, engineering or architectural profession or the profession of accountancy or technical consultancy or interior decoration or any other profession as is notified by the Board in the Official Gazette shall …

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Special provision for deduction in the case of trade, professional or similar association

126 ViewsSpecial provision for deduction in the case of trade, professional or similar association Section – 44A, Income-tax Act, 1961 44A. (1) Notwithstanding anything to the contrary contained in this Act, where the amount received during a previous year by any trade, professional or similar association (other than an association or institution referred to in clause …

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Insurance business

111 ViewsInsurance business Section – 44, Income-tax Act, 1961 44. Notwithstanding anything to the contrary contained in the provisions of this Act relating to the computation of income chargeable under the head “Interest on securities”, “Income from house property”, “Capital gains” or “Income from other sources”, or in section 199 or in sections 28 to 43B, the profits and gains of …

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Despite Covid-19 Fear, Khadi India’s Flagship CP Outlet Records sale of Rs 1.02 crore on Gandhi Jayanti

130 ViewsDespite Covid-19 Fear, Khadi India’s Flagship CP Outlet Records sale of Rs 1.02 crore on Gandhi Jayanti Ministry of Micro,Small & Medium Enterprises The soaring spirit of Khadi lovers got better of the Covid-19 fear this Gandhi Jayanti with the Khadi sales figure crossing the Rs 1 crore mark at Delhi’s flagship Khadi India …

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