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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 14649 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 1671 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 1284 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 13941 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 16278 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 9303 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 44AD Presumptive Scheme to be opted for at least 5 years?

October 2, 2020 82854 Views 1 comment Print

Whether Presumptive Scheme under Section 44AD of IT Act, 1961 to be opted for at least 5 years? It is notable that a new condition has been added to Presumptive Income by Finance Act, 2016, w.e.f. 01.04.2017 by substituting sub-section (4) of Section 44AD of Income Tax Act, 1961 (‘the IT Act’). Sub Section (4) […]

Section 44AB vs 44AD – Presumptive Taxation (With Examples)

August 28, 2020 102924 Views 35 comments Print

When we talk about Presumptive Taxation, then it automatically relates to Tax Audit under Income Tax Act, 1961. At professional as well as student level, I have seen students getting confused in Sections 44AB & 44AD because 44AB says about the limit of Rs. 1 crore and 5 crore while Section 44AD says about the limit […]

Section 44AE: Special Provisions for Computing Profits & Gains of Business of Plying, Hiring or Leasing Goods Carriage

August 28, 2020 5118 Views 1 comment Print

Section 44AE: Special Provisions for Computing Profits & Gains of Business of Plying, Hiring or Leasing Goods Carriage Applicable to whom ? An assessee, who owns not more than 10 goods carriages at any time during the P.Y. and who is engaged in the business of plying, hiring or leasing such goods carriages. (The provisions […]

All You Need To Know About Presumptive Taxation Scheme!

August 27, 2020 2061 Views 0 comment Print

The Presumptive Taxation Scheme, according to sections 44AA of the Income-tax Act, 1961, was introduced to relieve the small business owners and income professionals from maintaining a book of accounts. They will now be enabled to declare their total taxable income at a predefined rate.

Presumptive Taxation for Small Tax Payers in Business or Profession

November 30, 2019 294 Views 0 comment Print

Presumptive Taxation of Certain Eligible Businesses Or Professions Under The Income Tax Act 1961 1. What is presumptive Taxation? To give relief to small taxpayers from the tedious job of maintenance of books of account and getting the books of account audited, the Income tax Act has framed the Presumptive Taxation Scheme under sections 44A0, […]

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May 2024