QUESTION OF THE DAY: How do we file our past tax returns?



A condonation request for delay is to be placed before the assessing officer for filing ITR for AY 2021-22. Once the AO accepts the condonation, ITR can be filed. A valid reason should be there for accepting a condonation requests.

The returns prior to this AY cannot be filed now.

For information on registering a Company , visit https://www.parpella.com

Location: Kerala, India

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What is presumptive taxation under the Income Tax Act?

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Presumptive taxation is a method of offering the profits on a presumptive basis rather than the actual basis. Under presumptive taxation, you can offer a specific percentage or fixed amount as income despite offering the actual income. For example if your Sales is 1 crore, you may offer 6% of the sales that is Rs.6 lakhs and pay tax based on that instead of offering the actual profits which may be higher say 30 lakhs.  Certain conditions are applicable for one to be eligible to opt for presumptive taxation which are detailed in sections 44 AD, 44 ADA and 44 AE. For Company Registration in Kerala and Business Registration in Kerala , visit parpella.com
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