Author name: Pioneer One

1. When should we pay advance tax? Every taxpayer whose estimated tax liability is 10,000/- or more during the previous year is required to pay advance tax before the prescribed due dates (section 208). 2. Who is not liable to pay advance tax? A resident individual of the age of 60 years or above and not having any income

1. What do you mean by residential status? The Taxability of any person in India depends upon the residential status in India for any particular financial year. 2. How is the residential status of individuals decided? The Residential Status of an Individual is determined on the basis of period of stay in India and it

1. What is AMT (Alternate minimum tax)? It is the tax computed @ 18.5% on adjusted total income (plus surcharge and cess as applicable) as per section 115JC of the Income tax act, 1961. 2. What is the AMT rate if the assessee is located in IFSC (International financial services centre)? If the assessee is

1. What is the applicability of presumptive taxation scheme under section 44AE? 2. Who is eligible to take advantage of the presumptive taxation scheme of section 44AE and? Provisions of sections 44AE are applicable to all asseesees. 3. What if the taxpayer owns more than 10 goods carriages at any time during the PY? The

1. Applicability of section 44ADA Section 44ADA is applicable to small taxpayers engaged in specific profession. 2. Who are the eligible persons to adopt presumptive taxation scheme under section 44ADA? This scheme is applicable to resident Individual and partnership firm (other than LLP) engaged in specified professions whose total gross receipts does not exceed 50

1. What is section 54GB of Income-tax Act? Section 54GB of Income-tax Act provides exemption in respect of Long term capital gains arising from transfer of Residential property (land or house). 2. Can I claim exemption under section 54GB in respect of short term capital gain? No, exemption under section 54GB can be claimed only

1. What is section 54EE of Income-tax Act? Section 54EE of Income-tax Act provides exemption in respect of long term capital gain which arises during sale/transfer of any capital asset. 2. Can I claim exemption under section 54EE in respect of short term capital gain? No, exemption under section 54EE can be claimed only in respect of

1. What is presumptive taxation scheme? Presumptive taxation scheme is a scheme offered for the benefit of small taxpayer, exempting them from maintenance of books of accounts and audit. 2. What are the various presumptive taxation schemes offered under Income tax act, 1961? 3. Who are eligible to opt for presumptive taxation scheme under section

1. What is Capital gain? Any profit arising from sale or Transfer of a capital asset is called Capital Gain and shall be chargeable to tax in the year in which the transfer took place. 2. What do you mean by capital asset? You can find a detailed article about capital assets in our website,Follow