Presumptive Taxation Scheme

Section 44AE Presumptive Taxation Scheme for Plying, Hiring, or Leasing Goods Carriages

Income Tax - Presumptive Taxation Scheme for Plying, Hiring, or Leasing Goods Carriages – Section 44AE For simplifying the complications involved in calculating the taxable income for small business owners, the Presumptive Taxation Scheme was construed under the Income Tax Act. Section 44AE offers this Presumptive Taxation scheme which allows for a ...

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All you need to know about Presumptive Taxation for Professional – Section 44ADA

Income Tax - For extending the benefits of presumptive taxation to specified professionals, Section 44ADA was inserted into the Income Tax Act. Earlier, this scheme was only applicable to small business owners. This tax scheme reduces the burden of compliance for the small professions and reinforces the ease of doing business. Under this scheme of tax...

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Presumptive Taxation Scheme | Income Tax | Section 44AD

Income Tax - For reducing the income tax burden and for providing relief from tedious taxation work to the small taxpayers, the Indian government incorporated the presumptive taxation scheme under Section 44AD. Taxpayers opting for the presumptive taxation scheme can declare their income at the prescribed rate and aren’t required to maintain the boo...

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Presumptive Taxation Scheme For Professionals – Section 44ADA

Income Tax - Article explains Concept of Presumptive Taxation For Professionals, Applicability of Presumptive Taxation For Professionals, Presumptive income from Profession under Section 44ADA, Expenses not allowed against Income deemed as Presumptive under Section 44ADA, Maintenance of books of account for professionals Opting for Presumptive Taxatio...

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Tax Treatment & Applicability of Audit for Intraday Trading in India

Income Tax - Indians are shedding the traditional misconception that share trading is all about speculation and gambling. Many have now realized that intraday trading is similar to any other profession and should be treated as such.  With the rise in online trading avenues as well as investor awareness, a larger number of people are now channeling th...

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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....

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AO can make addition u/s 68/69C despite estimation of Income U/s 44AF

Atul Dinesh Seth Vs ITO (ITAT Bnagalore) - Atul Dinesh Seth Vs ITO (ITAT Bnagalore) The contention of the A.R. is that once the income of the assessee estimated by applying the section 44AF of the Act, there cannot be any further addition for any lapse in the books of accounts. In these assessment years, except AY 2011-12, the turnover of t...

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No Section 68 addition if Assessee under Presumptive Scheme not maintains Books

Dineshkumar Verma Vs ITO (ITAT Mumbai) - Dineshkumar Verma Vs ITO (ITAT Mumbai) Under the provisions of section 44AD of the Act, where the assessee is engaged in eligible business and has total turnover or gross receipts in the previous year not exceeding Rs.60,00,000/-, the assessee is eligible to file return of income on the basis of pre...

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No invocation of section 68 in case return of income filed u/s 44AD

Dineshkumar Verma Vs ITO (ITAT Mumbai) - Since section 44AD did not obligate assessee to maintain books, the provisions of section 68 could not be invoked where assessee had filed return of income under the provisions of section 44AD without maintaining books of account....

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Presumptive Taxation Scheme’s Popular Posts

Recent Posts in "Presumptive Taxation Scheme"

AO can make addition u/s 68/69C despite estimation of Income U/s 44AF

Atul Dinesh Seth Vs ITO (ITAT Bnagalore)01/01/1970

Atul Dinesh Seth Vs ITO (ITAT Bnagalore) The contention of the A.R. is that once the income of the assessee estimated by applying the section 44AF of the Act, there cannot be any further addition for any lapse in the books of accounts. In these assessment years, except AY 2011-12, the turnover of the assessee is […]...

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No Section 68 addition if Assessee under Presumptive Scheme not maintains Books

Dineshkumar Verma Vs ITO (ITAT Mumbai)01/01/1970

Dineshkumar Verma Vs ITO (ITAT Mumbai) Under the provisions of section 44AD of the Act, where the assessee is engaged in eligible business and has total turnover or gross receipts in the previous year not exceeding Rs.60,00,000/-, the assessee is eligible to file return of income on the basis of presumptive income @ 8% of […]...

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Section 44AE Presumptive Taxation Scheme for Plying, Hiring, or Leasing Goods Carriages

01/01/1970

Presumptive Taxation Scheme for Plying, Hiring, or Leasing Goods Carriages – Section 44AE For simplifying the complications involved in calculating the taxable income for small business owners, the Presumptive Taxation Scheme was construed under the Income Tax Act. Section 44AE offers this Presumptive Taxation scheme which allows for a ...

Read More
Posted Under: Income Tax |

All you need to know about Presumptive Taxation for Professional – Section 44ADA

01/01/1970

For extending the benefits of presumptive taxation to specified professionals, Section 44ADA was inserted into the Income Tax Act. Earlier, this scheme was only applicable to small business owners. This tax scheme reduces the burden of compliance for the small professions and reinforces the ease of doing business. Under this scheme of tax...

Read More
Posted Under: Income Tax | ,

Presumptive Taxation Scheme | Income Tax | Section 44AD

01/01/1970

For reducing the income tax burden and for providing relief from tedious taxation work to the small taxpayers, the Indian government incorporated the presumptive taxation scheme under Section 44AD. Taxpayers opting for the presumptive taxation scheme can declare their income at the prescribed rate and aren’t required to maintain the boo...

Read More
Posted Under: Income Tax |

Presumptive Taxation Scheme For Professionals – Section 44ADA

01/01/1970

Article explains Concept of Presumptive Taxation For Professionals, Applicability of Presumptive Taxation For Professionals, Presumptive income from Profession under Section 44ADA, Expenses not allowed against Income deemed as Presumptive under Section 44ADA, Maintenance of books of account for professionals Opting for Presumptive Taxatio...

Read More
Posted Under: Income Tax |

Tax Treatment & Applicability of Audit for Intraday Trading in India

01/01/1970

Indians are shedding the traditional misconception that share trading is all about speculation and gambling. Many have now realized that intraday trading is similar to any other profession and should be treated as such.  With the rise in online trading avenues as well as investor awareness, a larger number of people are now channeling th...

Read More
Posted Under: Income Tax |

No invocation of section 68 in case return of income filed u/s 44AD

Dineshkumar Verma Vs ITO (ITAT Mumbai)01/01/1970

Since section 44AD did not obligate assessee to maintain books, the provisions of section 68 could not be invoked where assessee had filed return of income under the provisions of section 44AD without maintaining books of account....

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LLP not allowed to take section 44ADA benefit (Presumptive taxation)

01/01/1970

Rationalisation of the provision of presumptive taxation for professionals under section 44ADA Section 44ADA of the Act relates to special provision for computing profits and gains of profession on presumptive basis. Sub-section (1) of the said section provides that notwithstanding anything contained in sections 28 to 43C, in case of an a...

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Posted Under: Income Tax |

Presumptive Taxation under Section 44AD of Income Tax Act

01/01/1970

Why Presumptive Taxation required? Considering the various compliances problems faced by small taxpayers (like Shopkeepers, Small Traders, Professionals, Good Transport Agencies etc.) regarding maintenance of Book of Accounts and requirement of Audit under Income Tax Act. Government has introduced a Presumptive Taxation Scheme for Small T...

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Posted Under: Income Tax |

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