CURRENT AFFAIRS

Detailed explanation-1: -Compliances to be done in case the Professional Income is more than Rs. 50 Lakhs. If the professional receipts of a person exceed Rs. 50 Lakhs in any financial year, he is required to prepare proper books of accounts along with Balance Sheet and Profit & Loss A/c and use ITR 3 form to file his Income Tax Return.

Detailed explanation-2: -You must fill up the Schedule AL in your ITR if your total income exceeds INR 50 lacs. In the given case, since your net income is INR 49.5 lacs (INR 50.5 lacs-INR 1.5 lacs) which is within the specified limit of INR 50 lacs, you will not be required to fill up the schedule.

Detailed explanation-3: -Section 44ADA offers a scheme of presumptive taxation of profits and gains arising from professions mentioned under Section 44AA(1) of the Income Tax Act, 1961. The benefit of section 44ADA can be taken only by those specified professionals whose annual gross receipts are under Rs 50 lakh.

Detailed explanation-4: -Resident Indians holding foreign stocks and bonds must mandatorily disclose their holdings in their income-tax returns (ITR). They must report their interest in a foreign entity held at any time during the relevant accounting period if they are either the beneficial owner or the beneficiary.