1. Recent Updates
2021 Union Budget Result: The business tax assessment limit is extended from Rs. 5 crores to Rs. 10 crore w.e.f. A.Y. 2021-22 where digital activity is not less than 95 percent of total jobs.
Frequently Asked Questions
Impact of section 44ADA selection
All deductions for business expenses are considered allowable. If the profit is taxable on 50% of the total receipts, the balance of 50% is deemed to be allowed for all business expenses of the inspector. Business expenses may include utility costs, service costs incurred by another professional, daily expenses, books, stationery, phone bills, depreciation of goods (laptop, car, printer etc.) and any other expenses incurred to continue work. The written value (WDV) for goods for tax purposes will be calculated as a decrease allowed each year. The WDV will be the value of the property for tax purposes in the event that the property is sold later by the inspector.
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