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...
Atul Dinesh Seth Vs ITO (ITAT Bnagalore) The contention of the A.R. is that once the income of the assessee estimated by applying the section 44AF of the Act, there cannot be any further addition for any lapse in the books of accounts. In these assessment years, except AY 2011-12, the turnover of the assessee is […]
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 […]
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 […]
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 […]
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 […]
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 […]
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.
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 […]
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 […]
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- […]
