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Presumptive Taxation Scheme

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Computation of business profits & gains on presumptive basis: Section 44AD

Income Tax : Learn about Section 44AD, a simplified method to compute business income, excluding some entities. Thresholds and tax implications...

May 24, 2024 1488 Views 0 comment Print

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 15276 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 2094 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 1374 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 14604 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 1026 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 17829 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 9453 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 432 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 474 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 411 Views 0 comment Print

Combined Study of Section 44AB with Section 44AD

December 14, 2020 18975 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 […]

Presumptive Taxation Scheme under Section 44ADA

December 14, 2020 10107 Views 0 comment Print

The Scheme of Presumptive Taxation for Professionals was introduced under Section 44ADA in the Finance Act 2016 and is applicable from Financial Year 2016-17 onwards. Need for Introduction of Section 44ADA Before 2016, the benefits of Presumptive Taxation were only given to Businesses under Section 44AD and to Transporters under Section 44AE. Specified professionals were […]

Section 44AA, 44AB & 44AD when turnover is up to Rs. 1 crore

December 14, 2020 89856 Views 5 comments Print

Applicability of provisions of sec 44AA, 44AB and 44AD when turnover is up to Rs. 1 crore Broadly speaking, provisions of Section 44AD of the Act are applicable to Resident Individual or HUF or Partnership Firm engaged in the business other than specified (excluded) business whose total turnover/ gross receipts are Rs.2 Crores or less. […]

Section 44AD Computing profits & gains of business on presumptive basis

December 13, 2020 41907 Views 1 comment Print

A. Meaning of terms used in section 44AD(1) To understand the provisions of sec 44AD(1) of the Act, we must study the meaning of following terms: 1. Eligible assessee: 1) Resident Individual 2) Resident Hindu Undivided Family 3) Resident Partnership Firm (not a Limited LiabilityPartnership Firm as defined under LLP Act, 2008) Note: While explaining […]

Some special things related to Tax Audit

October 26, 2020 20730 Views 2 comments Print

1. Tax Audit is mandatory if ‘business’ is having total sales, turnover or gross receipts more than Rs. 1 crore in any Previous Year (‘PY’). [Read clause (a) of Section 44AB of the Income Tax Act, 1961 (‘the IT Act’)]. 2. However, the aforesaid limit of Rs. 1 crore shall be read as 5 crores […]

Section 44AB vs Section 44AD

October 24, 2020 8373 Views 0 comment Print

Section 44AD versus Section 44AB: What to choose ? As per recent amendments in Finance Act, 2020 where one of major amendment was made in Section 44AB by inserting a proviso to clause (a), which reads as follows:- Audit of accounts of certain persons carrying on business or profession. 44AB. Every person,— (a)  carrying on […]

Critical Comparison & Analysis of Presumptive Tax provisions

October 16, 2020 3414 Views 0 comment Print

CRITICAL COMPARISON AND ANALYSIS OF PRESUMPTIVE TAX PROVISIONS UNDER INCOME TAX ACT 1961 – 44AD, 44ADA & 44AE I. APPLICABILITY 1. Section 44AD clearly specifies the ‘Eligible Assessee’ as ‘all resident Individuals, HUFs, or Firms (excluding Limited Liability Partnership Firms)’ engaged in ‘Eligible Business’, which is defined by an exclusive clause by specifying the businesses […]

Whether GST is to be included in gross turnover in presumptive taxation- An unending issue.

October 12, 2020 31719 Views 2 comments Print

Whether the GST component will be calculated while calculating the Gross turnover for the applicability of the 44AD. Of late many assesses are seeking an opinion that whether the GST component will be included while calculating the threshold limit of the 2 crore as provided in the section 44AD and whether the 8 percent threshold […]

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

October 9, 2020 1026 Views 0 comment Print

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.

Applicability of Section 44AB

October 7, 2020 5181 Views 2 comments Print

There is lots of confusion in mind of professional or accountant that when they have to get their client account audited due to different slab under section 44AB and 44AD? As per section 44 AB every person require to get their account audited from accountant in following condition (a) Total sales or turnover or gross […]

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June 2024