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 ...
Read MoreIncome 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...
Read MoreIncome 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...
Read MoreIncome 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...
Read MoreIncome 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...
Read MoreIncome 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 MoreAtul 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...
Read MoreDineshkumar 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...
Read MoreDineshkumar 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....
Read MoreAtul Dinesh Seth Vs ITO (ITAT Bnagalore) - 01/01/1970
Dineshkumar Verma Vs ITO (ITAT Mumbai) - 01/01/1970
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Dineshkumar Verma Vs ITO (ITAT Mumbai) - 01/01/1970
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01/01/1970