Sign Up

Have an account?

Sign In

Don't have account,

Forgot Password

Lost your password? Please enter your email address. You will receive a link and will create a new password via email.

Have an account?

You must login to ask question.

Need An Account,
Search
Ask A Question

Share & grow the world's knowledge!

We want to connect the people who have knowledge to the people who need it, to bring together people with different perspectives so they can understand each other better, and to empower everyone to share their knowledge.

Earn while you learn Join as an expert

Taxchopal Latest Questions

chetan singhania
Beginner
Asked: In:

The QRMP (Quarterly return and monthly payment) scheme

QRMP Scheme under GST
  1. CA Sanjiv Kumar Enlightened Chartered Accountant

    Hi The QRMP (Quarterly return and monthly payment) scheme is introduced to help small taxpayers whose turnover is less than Rs.5 crores. As clear from the name It allows the taxpayers to file GSTR-3B on a quarterly basis and pay tax every month. It was brought into effect from 1st January 2021 for tRead more

    Hi

    The QRMP (Quarterly return and monthly payment) scheme is introduced to help small taxpayers whose turnover is less than Rs.5 crores. As clear from the name It allows the taxpayers to file GSTR-3B on a quarterly basis and pay tax every month.

    It was brought into effect from 1st January 2021 for the users having aggregate turnover of up to INR 5 crores in the previous financial year.

    Previously, taxpayers were required to file GSTR-1 and GSTR-3B monthly, but with the QRMP scheme, they can file returns once a quarter.

    Once the user opts for this scheme, He will continue to be in this scheme unless he crosses the turnover threshold or opt-out of it.

    Use can opt-in/out of the QRMP scheme by visiting the GST portal by clicking Login > Services > Returns. Then, click the Opt-in for quarterly return option.

    See less
    • 0
CA Vishnu Ram
Enlightened
Asked: In:

  1. CA Manish Kumar Gupta Enlightened

    1. Specified Profession under Income Tax Act As per Section 44AA(1): "Every person carrying on legal, medical, engineering or architectural profession or the profession of accountancy or technical consultancy or interior decoration or any other profession as is notified by the Board in the OfficialRead more

    1. Specified Profession under Income Tax Act

    As per Section 44AA(1):

    “Every person carrying on legal, medical, engineering or architectural profession or the profession of accountancy or technical consultancy or interior decoration or any other profession as is notified by the Board in the Official Gazette…”

    These are known as “Specified Professions”.

    ✅ List of Specified Professions (under Section 44AA read with Rule 6F):

    📌 Specified Profession 👨‍💼 Who It Covers
    Legal Profession Advocates, legal consultants
    Medical Profession Doctors, dentists, pathologists
    Engineering Civil, mechanical, electrical engineers, etc.
    Architecture Registered architects
    Accountancy Chartered Accountants, Cost Accountants
    Technical Consultancy IT consultants, technical service providers
    Interior Decoration Interior designers
    Film Artists As notified under Rule 6F – actor, director, editor, etc.
    Company Secretaries As notified by CBDT
    Authorized Representatives Tax consultants, agents appearing before authorities
    Information Technology Professionals As notified – includes software developers, IT consultants

    📜 CBDT Notification expands the list under powers given in Section 44AA(1).

    📦 2. Non-Specified Professions (General Business & Other Services)

    Any profession or service which is not listed above is treated as a Non-Specified Profession under the Act.

    🔹 Examples include:

    • Tuition classes

    • Freelance writing

    • Consultancy not covered under technical domain

    • Marketing agents

    • Online content creators

    • Yoga instructors (unless notified)

    • Any unlisted profession/service activity

    These are not covered under Rule 6F, but may still be required to maintain books under Section 44AA(2) if income or turnover thresholds are breached.

    See less
    • 0
Ramesh Sharma
Enlightened
Asked: In:

  1. CA Manish Kumar Gupta Enlightened

    Hi, It's a very interesting question and  I was waiting for it. Lots of companies are appointing a CFO cum Company secretary to save costs. Following provision will help to understand the context of the question: As per section 203, prescribed class of companies shall have the following whole-time kRead more

    Hi,

    It’s a very interesting question and  I was waiting for it. Lots of companies are appointing a CFO cum Company secretary to save costs. Following provision will help to understand the context of the question:

    As per section 203, prescribed class of companies shall have the following whole-time key managerial personnel
    (i) managing director, or Chief Executive Officer or manager and in their absence, a whole-time director;
    (ii) company secretary; and
    (iii) Chief Financial Officer
    Here, the term used is ‘whole-time’ and therefore, three different individuals are required to hold these three key positions.
    Further, as per Regulation 78 of Table F,

    ‘a provision of the Act or these regulations requiring or authorizing a thing to be done by or to a director and chief executive officer, manager, company secretary or chief financial officer shall not be satisfied by its being done by or to the same person acting both as director and as, or in place of, chief executive officer, manager, company secretary or chief financial officer’.

    Hence, with the above provision of the act, it is crystal clear that a CFO can not be appointed as company secretary of the company.

     

    See less
    • 0
Ramesh Sharma
Enlightened
Asked: In:

  1. CA Manish Kumar Gupta Enlightened

    Section 44AA(2) requires certain taxpayers to maintain books of account. However, as per Section 44AE(4): 🔹 A person opting for Section 44AE is NOT required to maintain books of account under Section 44AA if they declare income as per the presumptive scheme. ✅ Example:A transporter owning 6 trucks oRead more

    Section 44AA(2) requires certain taxpayers to maintain books of account. However, as per Section 44AE(4):

    🔹 A person opting for Section 44AE is NOT required to maintain books of account under Section 44AA if they declare income as per the presumptive scheme.

    ✅ Example:
    A transporter owning 6 trucks opts for Section 44AE and declares income as per the prescribed method. In this case, he is not required to maintain books of account.

    Exception – When Books of Accounts are Required

    A person opting out of Section 44AE and declaring a lower income than the presumptive amount must:

    1. Maintain books of account as per Section 44AA.

    2. Get the books audited under Section 44AB, if total income exceeds the basic exemption limit.

    ❌ Example:
    A transporter has 8 trucks but declares an income less than ₹7,500 per truck per month (for light vehicles). Since the income is lower than the presumptive scheme, he must maintain books of account and get an audit done if his total income exceeds ₹2,50,000 (or the applicable exemption limit).

    Conclusion

    ✅ Books of account are NOT required if income is declared as per Section 44AE.
    ❌ Books of account are required if a lower income than prescribed is declared.

    See less
    • 0
Ramesh Sharma
Enlightened
Asked: In:

  1. CA Manish Kumar Gupta Enlightened

    1. Understanding Presumptive Taxation Under Section 44AE Section 44AE provides a simplified method of taxation for individuals, HUFs, firms (excluding LLPs), and companies engaged in the business of plying, hiring, or leasing goods carriages, provided they own not more than 10 vehicles at any time dRead more

    1. Understanding Presumptive Taxation Under Section 44AE

    Section 44AE provides a simplified method of taxation for individuals, HUFs, firms (excluding LLPs), and companies engaged in the business of plying, hiring, or leasing goods carriages, provided they own not more than 10 vehicles at any time during the financial year.

    Under this scheme, the taxable income is deemed and is calculated as follows:

    • For Heavy Goods Vehicles (HGV) (More than 12,000 kg Gross Vehicle Weight)

      • ₹1,000 per ton per month or part thereof

    • For Other Vehicles (Light/Medium Goods Vehicles)

      • ₹7,500 per vehicle per month or part thereof

    2. Can Deductions Be Claimed Under Section 44AE?

    🚫 No, deductions under Sections 30 to 38, including depreciation, cannot be separately claimed.

    As per Section 44AE(3):

    “Any deduction under Sections 30 to 38 shall be deemed to have been already given effect to and no further deduction shall be allowed.”

    Thus, no separate deductions for expenses like fuel, driver salary, repair & maintenance, insurance, or depreciation are allowed since these are assumed to be covered in the presumptive income.

    ✅ However, the following deductions are allowed:

    (a) Salary and Interest to Partners (For Partnership Firms)

    • If the assessee is a partnership firm, it can claim deduction for remuneration and interest paid to partners as per Section 40(b), subject to limits.

    (b) Deductions Under Chapter VI-A (E.g., Section 80C, 80D, 80G, etc.)

    Even though business expenses are not allowed, the taxpayer can claim deductions under Chapter VI-A against gross total income. These include:

    • Section 80C – LIC, PPF, ELSS, etc.

    • Section 80D – Health insurance premiums

    • Section 80G – Donations to eligible charities

    • Section 80U – Deduction for disabled individuals

    3. Exception – When Deductions Can Be Claimed

    If the taxpayer declares lower income than prescribed under Section 44AE, he must:

    1. Maintain books of account as per Section 44AA

    2. Get them audited under Section 44AB if total income exceeds the basic exemption limit
      👉 In such cases, actual expenses and deductions can be claimed.

    See less
    • 0
CA Vishnu Ram
Enlightened
Asked: In:

  1. CA Sanjiv Kumar Enlightened Chartered Accountant

    Interest on securities refers to the interest income received from government securities, debentures, bonds, or other debt instruments. This income is taxable under two different heads, depending on the nature of the assessee’s activities. Relevant Legal Provisions: 🔹 Section 56(2)(id) – Income fromRead more

    Interest on securities refers to the interest income received from government securities, debentures, bonds, or other debt instruments. This income is taxable under two different heads, depending on the nature of the assessee’s activities.

    Relevant Legal Provisions:

    🔹 Section 56(2)(id) – Income from Other Sources:

    “Income by way of interest on securities, if not chargeable under the head ‘Profits and gains of business or profession’, shall be chargeable to income-tax under the head ‘Income from other sources’.”

    🔹 Section 145 – Method of accounting:

    Income under the head “Profits and gains of business or profession” or “Income from other sources” shall be computed in accordance with the method of accounting regularly employed by the assessee.

    Computation of Taxable Interest on Securities:

    A. If Assessee is NOT in the business of trading in securities (e.g., salaried person, HUF):

    • Tax head: Income from Other Sources

    • Taxable on: Due basis or receipt basis (as per accounting method adopted)

    • Taxable Amount: Gross interest received or accrued on securities (whether taxable or exempt)

    ✅ Deductions allowed:

    • Collection charges

    • Commission or remuneration to banker/agent for realizing interest

    • Any interest on loan taken to purchase securities (as per Section 57)

    B. If Assessee is in the Business of Trading in Securities:

    • Tax head: Profits and Gains from Business or Profession

    • Entire interest is added to business income

    • All expenses related to the business (purchase, brokerage, loan interest, etc.) are allowed.

    Types of Securities & Taxability:

    Type of Security Taxable/Exempt TDS Applicability
    Government Securities (e.g. T-Bills, Bonds) Usually taxable, but some notified ones are exempt u/s 10(15) No TDS on Government bonds (u/s 193 exceptions)
    Debentures of Companies Taxable Yes (TDS u/s 193 @ 10% if > ₹5,000)
    Tax-Free Bonds (notified u/s 10(15)) Fully Exempt No TDS
    See less
    • 0
CA Vishnu Ram
Enlightened
Asked: In:

  1. Advocate Dr Amit Dua Explainer

    If a person receives any sum in contravention of the provisions of section 269ST, he will be liable to pay a penalty of a sum equal to the amount of such receipt under Section 271DA. However if a person proves that there were good and sufficient reasons for the contravention, no penalty will be impoRead more

    If a person receives any sum in contravention of the provisions of section 269ST, he will be liable to pay a penalty of a sum equal to the amount of such receipt under Section 271DA.

    However if a person proves that there were good and sufficient reasons for the contravention, no penalty will be imposed.

     

    See less
    • 1
Load More Questions

Latest News & Updates

Taxchopal Latest Articles

On: Comments: 0 Views: 33

Startup India Seed Fund Scheme (SISFS) – Get ₹50 Lakh for Your Startup

🟢 Startup India Seed Fund Scheme (SISFS) – Get ₹50 Lakh for Your Startup The Startup India Seed Fund Scheme (SISFS) is a powerful funding program launched by the Government of India to support early-stage startups. If you have an ...

On: Comments: 0 Views: 34

PMEGP Scheme: Get Up to ₹25 Lakhs Subsidy to Start Your Business

🟢 PMEGP Scheme Subsidy for New Business in India – Apply Now & Get ₹25 Lakh The PMEGP scheme subsidy for new business in India is a golden opportunity for entrepreneurs. If you’re planning to start your own business or ...

On: Comments: 0 Views: 18

Impact of Budget 2025 on Taxpayers: Key Changes You Should Know

Impact of Budget 2025 on Taxpayers: Key Changes You Should Know Introduction The Union Budget 2025 has introduced several key tax changes that affect individual taxpayers, businesses, and investors. Whether you’re a salaried employee, self-employed, or an investor, it’s crucial ...

Explore Our Blog