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Sec 40A to44AE - Coggle Diagram
Sec 40A to44AE
44AD
T/O- 2cr
Taxable income-8%/6%
individual/HUF/Firm/ no LLP(bec statutory audit is compulsory)
Not allowed for next 5 yrs, maintain BOA and file ROI
no 44AE/no agency/no commission or brokerage
Advance Tax only once 15.03
43B- dedcution on actual payment
tax/cess
employer contribution before ROI
earned leave
bonus/commission
indian railways for use of railway assets
Interest on loan
NBFC
scheduled bank
state financial
Co-op Bank
agriculature
not for conversion of loans eg. covid loans further instalments
44AE
T/O- no limit
Advance Tax 4 instalments
<10 vehicles
partners remuneration is decutible
plying/hiring goods carriages
43CA- land/building not a capital asset held as stock in trade
sale consideration value accrued/received
stamp duty value
sale agreement-confirmation
if consideration*110%> stamp duty, then consideration
sale consideration or stamp duty (higher)
44ADA
profession u/s 44AA
T/O<50L
resident Indi/HUF/Firm(other than any mandatory audits)
TI-50% of GR
advance tax on 15.03 only
40A(3)- cash>10k/pday/per person
even if of earlier years- deemed income
lease,hire of goods/logistics-35k
entire expd. disallowed
relaxation rule 6DD
small industries- agriculature/forest/poultry..
no power- handloom
no bank facility
no salary pmts
terminal benefits>50k
15D other than normal place
govt/bank/lic/principal to agent/AD/LOC
44AB-Tax Audit
Profession-GR-50L
Business digital-10CR(when cash rec<5%)
Business-GR-1CR
44AE/44ADA/44AD
lower profits than %
Income>BEL
not allowed for next 5yrs
41-deemed income
sale of capital asset u/s 35
bad debt recovery
remission/cessation(stop) of any liability
allowed as deduction in past
successive taxed
even if business' not exist
adjustment of losses even if business not exist/ out of deemed income
40A(2)-Related Party
Individual SI(20%)- in any business- SI(20% in ES/Share of Profit)
unreasonable/excess amount paid
Relative- spouse/brother/sister/ascendants/desecdants
Rule 7A/7B/8
growing
partly busines, partly agriculture
tea/coffee/rubber
40A(9)- Employee Welfare Fund
provision- disallwed
actual payment/paid/payable- allowed
No setup/formation
44AD/44ADA/44AE- Presumptive (assumption/estimation basis)
No BOA
WDV to be calculated as if allowed
NO deduction u/s 30-38
40A(7)-Gratuity
provision disallowed
paid/payable- allowed
44AA- maintenance of ac's
profession
specified
legal/medical/CA..
notified
firm artist/coach/CS..
GR>1.5Lacs(yr of commencement or all 3 Immediately Preceeding PYr
cash book/journal/ ledger...daily case/ stock of medicines/ place of business/ 6AY
Business
Individual/HUF
Total Income>2.5Lacs (or)
Sale>25Lacs in any of 3IPPYrs
Other assessse
Total Income>1.2Lacs(or)
Sales>10Lacs in any 3 IPPYrs
444AE/44BB/44BBB/44AD
Not allowed presumptive for next 5 yrs- to maintain reguilar BOA
if lower than prescribed %
40A- disallwed in certain circumastances