Presumptive Taxation Scheme

Some special things related to Tax Audit

Income Tax - 1. Tax Audit is mandatory if ‘business’ is having total sales, turnover or gross receipts more than Rs. 1 crore in any Previous Year (‘PY’). [Read clause (a) of Section 44AB of the Income Tax Act, 1961 (‘the IT Act’)]. 2. However, the aforesaid limit of Rs. 1 crore shall be read as 5 crores […]...

Read More

Section 44AB vs Section 44AD

Income Tax - Section 44AD versus Section 44AB: What to choose ? As per recent amendments in Finance Act, 2020 where one of major amendment was made in Section 44AB by inserting a proviso to clause (a), which reads as follows:- Audit of accounts of certain persons carrying on business or profession. 44AB. Every person,— (a)  carrying on […]...

Read More

Critical Comparison & Analysis of Presumptive Tax provisions

Income Tax - CRITICAL COMPARISON AND ANALYSIS OF PRESUMPTIVE TAX PROVISIONS UNDER INCOME TAX ACT 1961 – 44AD, 44ADA & 44AE I. APPLICABILITY 1. Section 44AD clearly specifies the ‘Eligible Assessee’ as ‘all resident Individuals, HUFs, or Firms (excluding Limited Liability Partnership Firms)’ engaged in ‘Eligible Business’, which i...

Read More

Whether GST is to be included in gross turnover in presumptive taxation- An unending issue.

Income Tax - Whether the GST component will be calculated while calculating the Gross turnover for the applicability of the 44AD. Of late many assesses are seeking an opinion that whether the GST component will be included while calculating the threshold limit of the 2 crore as provided in the section 44AD and whether the 8 percent threshold […...

Read More

Applicability of Section 44AB

Income Tax - There is lots of confusion in mind of professional or accountant that when they have to get their client account audited due to different slab under section 44AB and 44AD? As per section 44 AB every person require to get their account audited from accountant in following condition (a) Total sales or turnover or gross […]...

Read More

MEF empanelment date extended – Firms under Presumptive Taxation not to submit Financial Statements

Income Tax - There is no requirement for submitting the Financial Statements i.e. Balance Sheets and Income & Expenditure Account for the applicants who have opted for the Presumptive Taxation Scheme under Section 44ADA of Income Tax Act, 1961 and have filed their ITR accordingly for the financial year 2018-19....

Read More
Sorry No Post Found
Sorry No Post Found

Recent Posts in "Presumptive Taxation Scheme"

Some special things related to Tax Audit

1. Tax Audit is mandatory if ‘business’ is having total sales, turnover or gross receipts more than Rs. 1 crore in any Previous Year (‘PY’). [Read clause (a) of Section 44AB of the Income Tax Act, 1961 (‘the IT Act’)]. 2. However, the aforesaid limit of Rs. 1 crore shall be read as 5 crores […]...

Read More
Posted Under: Income Tax |

Section 44AB vs Section 44AD

Section 44AD versus Section 44AB: What to choose ? As per recent amendments in Finance Act, 2020 where one of major amendment was made in Section 44AB by inserting a proviso to clause (a), which reads as follows:- Audit of accounts of certain persons carrying on business or profession. 44AB. Every person,— (a)  carrying on […]...

Read More
Posted Under: Income Tax |

Critical Comparison & Analysis of Presumptive Tax provisions

CRITICAL COMPARISON AND ANALYSIS OF PRESUMPTIVE TAX PROVISIONS UNDER INCOME TAX ACT 1961 – 44AD, 44ADA & 44AE I. APPLICABILITY 1. Section 44AD clearly specifies the ‘Eligible Assessee’ as ‘all resident Individuals, HUFs, or Firms (excluding Limited Liability Partnership Firms)’ engaged in ‘Eligible Business’, which i...

Read More
Posted Under: Income Tax |

Whether GST is to be included in gross turnover in presumptive taxation- An unending issue.

Whether the GST component will be calculated while calculating the Gross turnover for the applicability of the 44AD. Of late many assesses are seeking an opinion that whether the GST component will be included while calculating the threshold limit of the 2 crore as provided in the section 44AD and whether the 8 percent threshold […...

Read More
Posted Under: Income Tax |

MEF empanelment date extended – Firms under Presumptive Taxation not to submit Financial Statements

There is no requirement for submitting the Financial Statements i.e. Balance Sheets and Income & Expenditure Account for the applicants who have opted for the Presumptive Taxation Scheme under Section 44ADA of Income Tax Act, 1961 and have filed their ITR accordingly for the financial year 2018-19....

Read More
Posted Under: Income Tax |

Applicability of Section 44AB

There is lots of confusion in mind of professional or accountant that when they have to get their client account audited due to different slab under section 44AB and 44AD? As per section 44 AB every person require to get their account audited from accountant in following condition (a) Total sales or turnover or gross […]...

Read More
Posted Under: Income Tax |

Key Issues In Presumptive Taxation under Income Tax

Presumptive taxation is being followed by the huge number of the small taxpayers throughout the country. However ironically they are of the opinion that the government has relieved them with all the provisions of the income tax act and therefore does not take into the consideration the relevant provisions of the income tax act and [&helli...

Read More
Posted Under: Income Tax |

Section 44AD Presumptive Scheme to be opted for at least 5 years?

Whether Presumptive Scheme under Section 44AD of IT Act, 1961 to be opted for at least 5 years? It is notable that a new condition has been added to Presumptive Income by Finance Act, 2016, w.e.f. 01.04.2017 by substituting sub-section (4) of Section 44AD of Income Tax Act, 1961 (‘the IT Act’). Sub Section (4) […]...

Read More
Posted Under: Income Tax |

Section 44AB vs 44AD – Presumptive Taxation (With Examples)

When we talk about Presumptive Taxation, then it automatically relates to Tax Audit under Income Tax Act, 1961. At professional as well as student level, I have seen students getting confused in Sections 44AB & 44AD because 44AB says about the limit of Rs. 1 crore and 5 crore while Section 44AD says about the limit […]...

Read More
Posted Under: Income Tax | ,

Section 44AE: Special Provisions for Computing Profits & Gains of Business of Plying, Hiring or Leasing Goods Carriage

Section 44AE: Special Provisions for Computing Profits & Gains of Business of Plying, Hiring or Leasing Goods Carriage Applicable to whom ? An assessee, who owns not more than 10 goods carriages at any time during the P.Y. and who is engaged in the business of plying, hiring or leasing such goods carriages. (The provisions […]...

Read More
Posted Under: Income Tax |

All You Need To Know About Presumptive Taxation Scheme!

The Presumptive Taxation Scheme, according to sections 44AA of the Income-tax Act, 1961, was introduced to relieve the small business owners and income professionals from maintaining a book of accounts. They will now be enabled to declare their total taxable income at a predefined rate....

Read More
Posted Under: Income Tax |

Browse All Categories

CA, CS, CMA (5,054)
Company Law (6,720)
Custom Duty (8,088)
DGFT (4,389)
Excise Duty (4,412)
Fema / RBI (4,453)
Finance (4,699)
Income Tax (35,143)
SEBI (3,759)
Service Tax (3,628)

Search Posts by Date

December 2020
M T W T F S S
 123456
78910111213
14151617181920
21222324252627
28293031