Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: empanelment :: TAX RATES - GOODS TAXABLE @ 4% :: form 3cd :: TDS :: Central Excise rule to resale the machines to a new company :: cpt :: due date for vat payment :: VAT Audit :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARDS :: articles on VAT and GST in India :: list of goods taxed at 4% :: VAT RATES :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARD
 
 
News Headlines »
 How to link your Aadhaar and PAN details to file income-tax returns
 How to calculate capital gains tax on property sold at less than stamp value?
 Return Filing - Under GST, this is how you will file tax returns from July 1
 Income tax filing FAQs part 1
 Filing Income Tax Returns? Things To Keep In Mind As Deadline Approaches
 Filing of online return for 4th quarter of 2016-17- extension of period thereof.
 New tax accounting standards may reduce leeway for infrastructure companies
 GST – CONCEPT & STATUS – As on 01st May, 2017
 Govt extends VAT deadline, relief for developers
 Income Tax Appellate Tribunal Rules, 2017
 Got your Form 16? You should file income tax returns early to enjoy benefits

Presumptive tax net may expand
January, 28th 2008
Taxi and bus fleet owners and contractors providing raw materials, electrical work and furniture in civil construction are likely to come under the presumptive income tax net from 2008-09.
 
An announcement in this regard is likely in the coming Budget.
 
Presumptive tax is a procedure for computing profits of contractors that supply labour for civil construction or are in the business of plying, hiring and leasing transport for goods.
 
A proposal is being considered to widen and deepen presumptive taxation to cover more activities under section 44AD and 44AE of the Income Tax Act, a finance ministry source said.
 
Section 44AE, for instance, covers goods carriages up to ten vehicles but excludes passenger vehicles. This provides scope for tax evasion since a large number of taxi and bus fleet operators provide transport services to hotels, tourists, government departments and corporations.
 
The voluntary tax compliance level is poor in this segment, an official source said.
 
Under this section, a heavy goods vehicle is presumed to be making a profit of at least Rs 3,500 and other goods carriages Rs 3,150 per month and are taxed accordingly.
 
Similarly, 44AD covers only contractors engaged in civil construction or supply of labour for civil construction, whose annual income is up to Rs 40 lakh.
 
Under the section, at least 8 per cent of the contractors gross receipts are considered as profit for taxation.
 
Officials said there is a need to widen its scope to include raw material suppliers for construction, sub-contractors providing electrical work, furniture, interior designing and office stationery.
 
Tax assessors have found that a large number of such assessees claim refunds for whatever they might have paid in taxes. Since there is no provision for mandatory audit of such assessees, they tend to show lower income.
 
Only 1 to 2 per cent of such assessees, whose returns are scrutinised, pay taxes properly, officials said. If they are included under presumptive taxation, income tax officers will be able to raise tax demands on such assessees.
 
Tax deducted at source may also be made mandatory for assesses who are to be brought under presumptive taxation.
 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - We Bring IT. Offshore software outsourcing company. We use Global Delivery Model (GDM) and believe in Follow The Sun principle

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions