In case G & Co. does not opt for presumptive taxation scheme u/s 44ADA, what are the obligations under the Income Tax Act, 1961?
CS Executive · Tax Laws and Practice · PYQS · December 2024
In case G & Co. does not opt for presumptive taxation scheme u/s 44ADA, what are the obligations under the Income Tax Act, 1961?
Answer & Explanation:
If firm does not opt to pay tax under presumptive taxation scheme u/s 44ADA following obligation is required: i. Keep and maintain the compulsory books of accounts u/s 44AA. ii. Accounts are required to be Audited from practicing chartered Accountant under section 44AB of Income Tax Act, 1961.
Topics: Income Tax
Related Questions in this Topic
- Karan Bothra, a resident individual, provides the following details relating to the financial year 2025-26: (i) Short-...
- Mr. Pankaj, age 85 years, a resident individual, gives the following particulars of his Income for the financial year 20...
- On 10th January 2026, Amit (a bank employee) received ₹6,00,000 towards interest on enhanced compensation from State Gov...
- Updated return under section 139(8A) cannot be filed if original return is a loss return under section 139(3). Explain t...
- Who all are required to mandatorily file the Return of Loss as per Section 80 of Income Tax Act, 1961?