Section 133(6) of the Income Tax Act, 1961 (“hereinafter referred to as Act”), provides powers to income tax return authorities to issue notices to any person, requiring them to furnish relevant information or documents in relation to any ongoing assessment or investigation of a taxpayer’s case. These notices work as a mechanism for the tax… Continue reading Notice Under Section 133(6) Of Income Tax Act, 1961
Section 44ADA of the Income Tax Act provides a presumptive taxation scheme for certain professionals. It allows eligible individuals to tax on 50% of their gross income calculated as per the provision of the Income Tax Act. Eligible professional income under section 44ADA less than ₹50 lakhs (the limit is revised to 75 Lakhs w.e.f.… Continue reading Understanding Section 44ADA of the Income Tax Act
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