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Is Audit of Accounts Compulsory for Businessman for Calculating Gross Total Income

For Businessmen         :         when Gross Turnover exceeds Rs. 40 lakhs.

For Retail Traders       :         When the Turnover is less than Rs.40 lakhs & Net Profit declared is less than  5% of the  Turnover.

Professionals               :         When Gross Receipts exceed Rs. 10 lakhs.

Civil Contractors          :         When Net Profit declared is less than 8% as per section 44(AD)

Transport Owners        :         When declared deemed income is less than the amount specified u/s                                                44(AE)  
 

Topics...on ‘Profits and Gains of Business or Profession’

Define … ‘Profits and Gains of Business or Profession’ and its Computation (Section 28)
Method of Accounting for Computing Business Income (Section 145)
Principles for Allowing Business Deductions / Allowances from Profits and Gains of Business or Profession.
Expenses Allowed as Deductions against Profits and Gains of Business or Profession [Section-30-37]
[Section 37(1)] : General Or Allowable Deductions under Business or Professions
Business Losses Deductible under the head  'Profits and Gains of Business or Profession'.
Expenses Not Deductible under the head 'Profits and Gains of Business or Profession (Section 40, 40A, 43B)
DEEMED PROFITS Chargeable to Tax as Business Income Under Profits and Gains of Business or Professions [Section 41]
Taxation of Undisclosed Business Income/Investments from Undisclosed Sources
Deduction in respect of Expenditure incurred on setting up of a Specified Business [Section-35AD] :
When Maintenance of Books of Accounts becomes Compulsory (Section 44AA)
Compulsory Audit of Books of Accounts by Chartered Accountant (Section 44AB)
Computation of Income On Estimated Basis Under Sections 44AD, 44ADA and 44AE
 
 
 
 
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