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Presumptive Taxation Scheme

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An Overview of ITR 4 – Presumptive Taxation Scheme

Income Tax : Learn how to file ITR-4 for FY 2023-24 (AY 2024-25) under the presumptive taxation scheme. Detailed analysis, eligibility, procedu...

April 22, 2024 14706 Views 2 comments Print

Presumptive Taxation Guide for Non-Residents under Sections 44B to 44BBB

Income Tax : Explore presumptive taxation for non-residents under Sections 44B, 44BB, 44BBA, and 44BBB of the Income Tax Act, 1961, for streaml...

March 7, 2024 1695 Views 0 comment Print

Impact of Interim Budget 2024: Presumptive Tax, Tax Regimes & Faceless Assessment

Income Tax : Explore potential amendments to presumptive taxation, concerns about the New Tax Regime impact, and insights on Faceless Assessmen...

February 2, 2024 1287 Views 0 comment Print

Cash Deposits & Taxation: Section 69A vs. Section 44AD: Key Case Laws

Income Tax : Explore the impact of demonetization on cash deposits in India and the key legal insights from Section 69A vs. Section 44AD cases....

November 7, 2023 14013 Views 0 comment Print

Presumptive Taxation: Simplifying Taxes for Small Businesses

Income Tax : Discover the simplicity of Presumptive Taxation for small businesses! Unraveling Sections 44AD, 44ADA, and 44AE of the Income Tax ...

October 18, 2023 1044 Views 0 comment Print


Latest News


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

CA, CS, CMA : There is no requirement for submitting the Financial Statements i.e. Balance Sheets and Income & Expenditure Account for the appli...

October 9, 2020 1017 Views 0 comment Print


Latest Judiciary


ITAT deletes section 69A addition for Income Declared under section 44AD

Income Tax : Appellant contended that since he had filed income tax returns under section 44AD of the Act, which does not require maintenance o...

May 11, 2024 16581 Views 0 comment Print

No section 68 addition based on turnover declared under section 44AD

Income Tax : ITAT Mumbai rules no addition under section 68 based on turnover declared under section 44 AD of Income Tax Act for Kalpesh Kantil...

April 4, 2024 9321 Views 0 comment Print

Service Tax Reimbursement cannot be included for presumptive taxable income (Section 44BB)

Income Tax : Explore the interpretation of Sections 44 BB(1) and 44 BB(2) of the Income Tax Act in the case of CIT Vs B.J. Services Co. Me Ltd....

February 20, 2024 387 Views 0 comment Print

Service Tax Not Included in Gross Receipts for Presumptive Income (Sec. 44BBA): Kolkata ITAT

Income Tax : ITAT Kolkata rules service tax collected for rendering services does not form part of gross receipts under Sec 44BBA, benefiting C...

February 14, 2024 417 Views 0 comment Print

Addition without considering Submission of Assessee: ITAT directs CIT(A) to re-adjudicate

Income Tax : ITAT directed the CIT(A) to re-examine the matter, taking into account the written submission filed by the assessee during e-proce...

November 26, 2023 375 Views 0 comment Print


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

March 2, 2021 11202 Views 4 comments Print

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 system to estimate the income of […]

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

February 25, 2021 12930 Views 3 comments Print

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 taxation, the profit […]

Presumptive Taxation Scheme | Income Tax | Section 44AD

February 22, 2021 8643 Views 3 comments Print

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 books of accounts. As per […]

Presumptive Taxation Scheme For Professionals – Section 44ADA

February 20, 2021 10674 Views 0 comment Print

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 Taxation, Audit Requirements under Section 44AB for Professionals. Payment of Advance tax by […]

Tax Treatment & Applicability of Audit for Intraday Trading in India

February 13, 2021 240411 Views 16 comments Print

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 their […]

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

February 5, 2021 5250 Views 0 comment Print

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.

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

February 3, 2021 10107 Views 0 comment Print

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 assessee, being a resident […]

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

December 28, 2020 2487 Views 0 comment Print

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 […]

Presumptive Taxation under Section 44AD of Income Tax Act

December 16, 2020 11877 Views 0 comment Print

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 Taxpayers. Who can claimed benefits under this Scheme? SECTION 44AD- […]

Combined Study of Section 44AB with Section 44AD

December 14, 2020 18909 Views 3 comments Print

Currently, businesses having turnover of more than one crore rupees are required to get their books of accounts audited by an accountant. In order to reduce the compliance burden on small retailers, traders, shopkeepers who comprise the MSME sector, the Finance Act 2020 has raised the limit of audit by five times the turnover threshold […]

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