Deduction u/s 54 can not be denied if the amount has been utilized on or before the due date u/s 139(4): ITAT, Cuttack

ITO Puri Vs. Leelavati Paattamahadei It is held that the deduction u/s.54 of the I.T.Act, 1961 will be available to the appellant if the payments are made on or before the due date as per section 139(4) of the I.T. Act, 1961 and not as per section 139(1) as objected by the AO. In this…


Section 44AE Presumptive Tax Scheme for Small Business of Goods Carriage

 Meaning of presumptive taxation scheme This presumptive scheme is designed to give ease to “small taxpayers” who engaged in the business of plying, hiring or leasing of goods carriages.. Various presumptive taxation schemes under Income Tax Act There are three types of taxation schemes in Income Tax Act: 1) Section 44AD – Presumptive taxation scheme…