Few issues about Charitable Trusts
Month: May 2021
Presumptive taxation scheme was introduced in order to give relief to small taxpayers from complying with section 44AA and 44AB. The presumptive taxation scheme can be opted by the eligible persons, if the total turnover or gross receipts from the business does not exceed Rs.2 Crores. Presumptive taxation scheme of section 44AD can be adopted by the following eligible persons:
There should be Joint Development Agreement (JDA) registered as mentioned U/s.45(5A). Such agreement is termed as Specified Agreement.Applicable only in case of consideration made in Cash, Cheque, draft or by any other mode.Not applicable for the value of Area Sharing given by the Promoter to the Land Owner.Not applicable for Agricultural Land.Provisions of Section 203A shall apply for Promoter for obtaining a TAN and accordingly file TDS returns.
44ADA. (1) Notwithstanding……….., who is engaged in a profession referred to in……….and whose total gross receipts do not exceed fifty lakh rupees in a previous year, a sum equal to fifty per cent of the total gross receipts of the assessee in the previous year on account of such profession or, …………… shall be deemed to be the profits and gains of such profession chargeable to tax under the head “Profits and gains of business or profession”.