CA Srinivasan Anand

Chartered Accountant, Personal tweets RTs/Favs/Follows are not endorsements

[CA Srinivasan Anand @Srinew2013]

@cakeshavgarg Never deposit a client's challan of any amount from your pocket-whether significant amount or insignificant amount

[CA Srinivasan Anand @Srinew2013]

@CAHimankSingla @theicai So, no CA can generate more than 60 UDINs for tax audits in a FY (except for tax audits of presumptive assessees declaring lower profits). Is that so?

[CA Srinivasan Anand @Srinew2013]

@AbhasHalakhandi +++ taxation did not exceed one sixth (16.67%). So a 17% effective tax rate is consistent with dharma for firms, LLPs and companies.

[CA Srinivasan Anand @Srinew2013]

@AbhasHalakhandi Why argue for tax cuts for firm/LLP by comparing them with companies? Standalone, there is compelling case for reducing tax rates for firms, LLPs and companies to effective rate of 17%.
Kalidas in his Raghuvamsh records that when Sri Rama's ancestor King Dileep ruled,+++

[Taxmann @taxmannindia]

Section-wise Commentary on Presumptive Taxation under ITA 2025—Section 58, Section 61 & Tonnage Tax (Sections 225–235) with Comparative ITA 1961 Analysis, 81 FAQs, Rule 48 CBDC, Diamond Trade Rate & 4 Appendices

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#TaxmannBooks #FinanceAct2026 #IncomeTaxAct2025 #PresumptiveTaxation #Section44AD #TonnageTax

[CA Srinivasan Anand @Srinew2013]

@JaipurDialogues My exit poll results for tomorrow:
BJP: 0-294
TMC: 0-294
Congress: 0-294
Left: 0-294

[CA Srinivasan Anand @Srinew2013]

@KUNGFU_PANDYA_0 Hardik Pandya still has everything . He is winner of back to back T20WCs.
What he does in IPL or gully 🏏 is irrelevant. He has always performed where it matters.

[CA Srinivasan Anand @Srinew2013]

@akhilpachori He missed out "per month"
He registered only 1.5% in his mind.

[CA Srinivasan Anand @Srinew2013]

This has been addressed by the IT Act,2025. Facility of lower TDS or NIL TDS extended to all TDS provisions. Partners can obtain lower or nil TDS for Sl. No.7 of the Table in Section 393(3) (corres. to 194T). TDS on payment basis incentivising partners to reinvest in firm

[CA Akhil Pachori @akhilpachori]

The situation in most Small Partnership Firms due to #194T is like this:

1. TDS of 10% being deducted on per partner having 20001 to 10 Lakh Business Income.

2. Majority of these partners are having personal income <= 12 lakh.

3. Most of them will take refund of this TDS deducted.

This is causing working capital blockage of TDS for 3-6 months.

Either the TDS rate needs to be reduced, or it needs to go away entirely.

#incomeTax

[CA Srinivasan Anand @Srinew2013]

@CAHimankSingla @Abhinavaag Problems have been addressed in ITA 2025. Lower or nil TDS certificate can be obtained for SL. No. 7 of Table in Section 393(3) .
Further, TDS deductible under ITA 2025 on interest or remuneration to partners only on payment basis...meaning incentivising partners to reinvest more

[CA Srinivasan Anand @Srinew2013]

@sujit_bangar Can you pls give details by way of citation or details by way of date of decision and by which ITAT Bench.
Thanking you in advance.

[CA Srinivasan Anand @Srinew2013]

@suchetadalal @IncomeTaxIndia If a Padma Shri awardee like you cannot get a quock response from Department, imagine the state of commoners.

[CA Srinivasan Anand @Srinew2013]

In CIT v Nitin Soni (2012), it was held that even if actual profit exceeds presumptive income only presumptive income will be taxed.

[CA Srinivasan Anand @Srinew2013]

Yes. How to determine actual profit when assessee does not maintain books ?
If he is to show actual profit,then he might as well maintain books and get them tax audited.
Presumptive is estimated basis &amp; not accurate. That is why++ (1/2)

[CA S.Triyambak Patro | ତ୍ରିୟମ୍ବକ୍ @Triyambak_CA]

@CAHimankSingla Disagree to the point that u have to show higher of the two. Debatable point it is.

[CA Srinivasan Anand @Srinew2013]

+ Section 44AD(4)/58(7) requires assessee to avail Section 44AD/ Sl. No.1 of Table in Section 58(2) for 6 consecutive years before opting out so that assessee benefits in some years and ITD in others and there is averaging out. (2/2) #PresumptiveTaxation