Section 44AD Income Tax I Presumtive Taxation Scheme & ITR 4 I Complete Knowledge CA Satbir Singh
In this video you will learn about Setion 44AD of Income tax act . Income tax Act provides presumptive income scheme for small taxpayers to lower compliance cost. In this scheme only specified Percentage ( 8% or 6% ) of Turnover or gross receipt is deemed as income of taxpayer from business. Here is the Topic wise discussion in Video
0:00 Presumtive Taxation Scheme under Income tax Act Section 44AD
0:17 What is Presumptive Taxation Scheme u/s 44AD of Income Tax Act ?
0:57 What are the benefits of Presumptive Taxation Scheme u/s 44AD of Income Tax Act ? 1:45 Whether Presumptive Taxation Scheme u/s 44AD of Income Tax Act is mandatory? 2:09 How to Calculate Income Tax in Presumptive Scheme u/s 44AD of Income Tax Act ? 3:50 How to File Income Tax Return in case of Presumptive Scheme u/s 44AD of Income Tax Act ? 6:04 What happens when actual income is more or less than the presumptive income calculated under section 44AD? 7:07 Which are the businesses for which an eligible assessee can avail section 44AD (‘eligible business’) ? 8:55 What are person carrying on a profession referred to in section 44AA(1) who can not opt Section 44AD presumtive scheme? 10:16 If a person of his partnership firm earns commission or brokerage , whether he can opt Section 44AD ? 11:44 Who are eligible assessee / who can opt section 44AD of income tax Act? 12:29 Non-residents are not eligible assessees and cannot avail benefit of section 44AD of Income Tax Act ? 12:45 What are deductions that can be claimed if person opt Section 44AD of Income Tax Act ? 12:58 Who can file ITR 4 if person opt for Section 44AD of Income tax ? 13:40 Applicability of Income Computation and Disclosure Standards to Presumptive Taxation Scheme ? 14:00 How to calculate “total turnover or gross receipts” if person opt for presumtive scheme under Section 44AD of Income Tax Act ? 16:27 Whether GST collected is to be included in turnover for Section 44AD of Income tax Act ? 18:02 If person is registred in GST , Information regarding turnover to be disclosed as filed in GST returns if person opt section 44AD of income tax act ? 18:52 What are Items to be excluded/deducted from ‘turnover’ if person opt for section 44AD ? 19:45 What are Items not to be deducted from ‘turnover’ if person opt for section 44AD ? 20:15 What are ITEMS TO BE INCLUDED IN ‘GROSS RECEIPTS and carry on business of services provider ? 22:00 What are ITEMS NOT TO BE INCLUDED IN ‘GROSS RECEIPTS’ if person opt for section 44AD ? 23:07 How to calcualte Turnover/gross receipts if Transactions in shares, securities and derivatives and person opt for section 44AD ? 23:51 Whether value of material supplied by the client to be included in gross receipts? 24:04 Whether turnover of business in the name of spouse to be clubbed for computing the Rs. 2 crores limit to avail the scheme where income from the same is clubbed u/s 64 of income tax act ? 24:25 Whether the presumptive rate of 8% or 6% should be applied on turnover or gross receipts inclusive of TDS or exclusive of TDS ? 24:45 What is the procedure for ‘opting in or Opting out’ of the Presumptive scheme u/s 44AD ? 25:28 What are Conditions if person Opt out of Section 44AD ? 26:46 When Tax Audit not required under section 44AD ? 27:07 What areTax Audit Requirements of Section 44AD / What are the consequences if eligible assessee opts out of Section 44AD before availing it for 6 consecutive years ? 27:59 If an assessee furnishes audit report after due date ,can he be denied benefit of claiming lower profits and gains than specified in section 44AD? 28:28 case laws under section 44ad ?