Income Tax : The Income Tax Act, 2025 replaces Sections 44AD, 44ADA, and 44AE with a unified Section 58 framework. While the structure has been...
Income Tax : The issue addresses the consolidation of multiple presumptive taxation provisions into a single section. The framework simplifies ...
Income Tax : The Income Tax Act, 2025 introduces Section 58, consolidating earlier presumptive taxation schemes into one unified framework. It ...
Income Tax : The amendment removes MAT for additional specified non-resident businesses taxed on a presumptive basis. This ensures uniform tax ...
Income Tax : The issue examines how presumptive taxation is consolidated under Section 58. The key takeaway is that structural simplicity masks...
CA, CS, CMA : There is no requirement for submitting the Financial Statements i.e. Balance Sheets and Income & Expenditure Account for the appli...
Income Tax : The ITAT Delhi held that once income higher than the presumptive rate under Section 44AD was declared, the assessee was not requir...
Income Tax : The Tribunal held that GST collected is not part of income for presumptive taxation under section 44B. It ruled that GST is a stat...
Income Tax : The Tribunal held that once income is declared under the presumptive taxation scheme of Section 44AD, individual cash deposits can...
Income Tax : ITAT held that cash deposits during demonetization were explained as business sales declared under Section 44AD. Without disprovin...
Income Tax : The Tribunal held that cash deposits could not be fully treated as undisclosed when income was declared under section 44AD. The ke...
Taxpayers can learn more about Amendment in Section 44AD & 44ADA in this post. Get info on gross turnover, minimum taxable sum, digital transactions & more
Where an assessee declares profits and gains of business for any previous year in accordance with the provisions of presumptive taxation, no set off of unabsorbed depreciation and brought forward loss shall be allowed to the assessee for such previous year.
Under section 44AB of the Act, every person carrying on business is required to get his accounts audited, if his total sales, turnover or gross receipts, in business exceeds one crore rupees in any previous year. The limit is raised to ten crore rupees where at least 95% of receipts/payments are in non-cash mode.
Hotel Deepak Vs ACIT (ITAT Mumbai) The brief facts are that the assessee firm is engaged in the restaurant business. Pursuant to the survey action u/s.133A of the Act conducted in the business premises of the assessee dated 22.01.2018, the partner of the assessee firm Shri Chandrakant Ramanna Shetty made a voluntary declaration of Rs.26,27,872/- […]
Whether Remission Of Trading Liability Separately Taxable Where Income From Business Has Been Declared On Presumptive Basis U/S 44AD, 44ADA Or 44AE of Income Tax Act, 1961
Only because the ld Pr. CIT being a higher authority and more wiser in experience considered that enquiry in some other aspects would have resulted in different opinion, does not give jurisdiction to exercise revisional power u/s 263. That being so the grounds raised are allowed and the impugned order of revisional authority is set aside.
Explore the Presumptive Taxation Scheme under the Income Tax Act, 1961. Understand the provisions of Sec 44AB, recent amendments, and key considerations for tax audit.
Kumar Construction Vs DCIT (ITAT Patna) Claim of the assessee firm rejected by the AO merely on the ground that capital has not been introduced by the partners through banking account is unjustified. Therefore, it is perverse and liable to be rejected and to substantiate the claim of assessee, the AR relied on the decision […]
Sarabjeet Singh Vs ITO (ITAT Amritsar) The brief fact of the case that the assessee is a trader &filed his return u/s 139(1) by taking the benefit of presumptive scheme u/s 44AD of the Act. During the F.Y. 2010-11 related A.Y. 2011-12 the turnover was 15,50,000/- & declared total income of Rs.1,40,880/-. The notice u/s […]
Euro Home Vs DCIT (ITAT Chennai) CIT(A) held that the provisions of Sec.44AD would not apply to commission income and the rental income received would be assessed under Income from House Property. Accordingly, the appeal was dismissed against which the assessee is in further appeal before us. ITAT find that commission income would not come […]
