Monday, February 1, 2021

Union Budget:2020-21:What is in it for small and medium enterprises(SMEs) and startups?

Section 44ADA was inserted in the Income-Tax Act,1961 by the Finance Act,2016. The Explanatory Memorandum to the Finance Bill,2016 clearly mentioned that LLPs will not be eligible to avail the presumptive tax scheme under section 44ADA.

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AO can’t disallow cost of improvement merely relying on enquiries made with assessee’s neighbour: ITAT

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