Income Tax : The article argues that Section 58(3) of the Income-tax Act, 2025 does not independently mandate books of account or tax audit for...
Income Tax : The article examines whether Section 58(3) of the Income-tax Act, 2025 makes tax audit compulsory whenever profits fall below 6%, ...
Income Tax : This guide explains the presumptive taxation schemes available under the Income-tax Act, including Sections 44AD, 44ADA, and 44AE....
Income Tax : The Income-tax Act provides presumptive taxation schemes under Sections 44AD, 44ADA, and 44AE to reduce compliance burdens by allo...
Income Tax : The issue concerns whether declaring profits below the presumptive rate automatically triggers tax audit or whether turnover thres...
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 Tribunal held that deduction of tax under Section 194J cannot automatically classify receipts as professional income. Tax auth...
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...
Understand the comparison of Tax Audit (Section 44AB) with Sections 44AD and 44ADA post Finance Bill 2023. Learn the eligibility criteria, conditions, and benefits of each section.
Explore the computation of profits and gains of business on a presumptive basis under Section 44AD of the Income Tax Act, 1961. Understand the eligible criteria, conditions for presuming business profit at 6%, and the types of businesses that qualify. Know who is an eligible assessee, what constitutes an eligible business, and the provisions for continuity. Learn about the exceptions, implications of discontinuation, and the documentation and auditing requirements for eligible assesses.
Explore the intricacies of Presumptive Taxation under the Income Tax Act of 1961, focusing on Sections 44AD, 44ADA, and 44AE. Delve into a critical analysis, understanding the schemes applicable to residents in India. Discover the criteria for eligibility, consequences of opting for presumptive taxation, and the quantification of presumed income. Uncover the nuances of each section and gain insights into the implications for businesses, professionals, and carriage owners.
Where income was offered on presumptive basis under section 44AD, there was no need to maintain books of accounts therefore addition made against the vegetable vendor was deleted for failure to substantiate the unexplained cash deposit.
Understand Presumptive Taxation for Professionals under Section 44ADA of the Income Tax Act, including eligibility, thresholds, provisions, and proposed changes in Budget 2023.
Section 44AD applies to Assesses who are resident individuals, Hindu Undivided Family, Partnership firm and has not claimed deduction u/s 10A, 10B, 10AA, or under chapter VI A in respect of certain incomes.
Taxpayers opting for presumptive taxation schemes can enjoy relief from accounting and auditing with the Income-tax Act. Learn what sections 44AD, 44ADA, and 44AE have in store for you.
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.
