#INCOMETACACT #SECTION44AF #SECTION23 #SECTION43C #SECTION30 #SECTION38 #SECTION44AA #SECTION44AB Sub Section 01- In the case of an assessee engaged in retail trade of any goods or merchandise, regardless of anything to the contrary contained in sections 28 to 43C, a sum equal to 5% of the total turnover on account of such business in the previous year, or, as the case may be, a sum higher than the aforesaid sum as declared by the assessee in his return of income, shall be de

#INCOMETAXACT #SECTION44ADA #HUF #SECTION44AA #SECTION44AB Applicability The provisions of this section are optional for all assessees and only apply where the assessee is a Resident Individual, HUF, or Firm (excluding LLP). When a resident assessee's total gross receipts for any profession listed under section 44AA in the preceding year did not exceed Rs 50 Lakh, then a sum equal to 50% of those total gross receipts shall be deemed to be the income of PGBP. Suitable occupati

#INCOMETAXACT #SECTION44AD #PROFIT #GAINS #BUSINESS #HINDUUNDIVIDEDFAMILY #SECTION10AA #SECTION80IA #SECTION80RRB #SECTION44AE #SECTION44AA #ELECTRONICFUNDSTRANSFER Applicability The provisions of this section are optional for all assessees and only apply to resident Individuals, HUFs, and Firms (excluding LLPs). This clause only applies if the turnover is less than Rs. crores. The assessee's profit and earnings from the eligible business will be presumed to be 8% of total tu

#INCOMETAXACT #SECTION44AA #RULE6F #TRADE #PROFESSIONAL #ASSOCIATION The books of accounts that an assessee is expected to keep for Income Tax are outlined in Section 44AA of the Income Tax Act. Rules 6F and Section 44AA specify the requirements for keeping these books of accounts. According to this provision, Anyone who practices law, Medicine, Engineering, Architecture, Accounting, Technical consulting, Interior design, Who serves as an authorised representative for someone