Income Tax : To give relief to small taxpayers from tedious job of maintaining of books of account and getting accounts audited, Income-tax Act...
Income Tax : Understand Section 44AD of the Income Tax Act: presumptive business income, eligibility, turnover limits, and tax implications for...
CA, CS, CMA : Learn about Section 58 of the Income Tax Bill 2025, which simplifies presumptive taxation for non-residents, including turnover li...
Finance : #AD Taxation is essential for businesses, but for small enterprises and professionals, it can be complex and time-consuming. Micro...
Income Tax : Section 44ADA of Income Tax Act, 1961 offers a presumptive taxation scheme for professionals, simplifying tax compliance by allowi...
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 : ITAT Jaipur applies Section 44AD, taxing retail business gross deposits at 8%. Addition of Rs. 25.56 lakh reduced; appeal partly a...
Income Tax : ITAT Pune rules that taxpayers must disclose cash-in-hand, bank balances, and receivables, even under the Presumptive Taxation Sch...
Income Tax : ITAT Mumbai allows Hotel Deepak's appeal, holding that a survey statement u/s 133A can't be the sole basis for income addition wh...
Income Tax : Appellant contended that since he had filed income tax returns under section 44AD of the Act, which does not require maintenance o...
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...
India introduces presumptive taxation for non-residents providing services in electronics manufacturing, reducing tax liability from 2026.
Finance Bill 2025 introduces presumptive taxation for non-residents providing services to India’s electronics manufacturing sector, effective from 2026.
Learn how Presumptive Taxation under Section 44ADA helps Indian freelancers with simplified compliance, tax relief on foreign income, and audit exemption.
Learn about taxation on derivatives and F&O transactions, their treatment as business income, audit requirements, and presumptive taxation options.
Understand presumptive taxation schemes under sections 44AD, 44ADA, and 44AE, including eligibility, computation, and maintenance requirements for small taxpayers.
We’ve just wrapped up the non-audit tax filing season, and now we’re entering the critical and often confusing period of Tax Audits. Why do I call it confusing? Despite over several years of writing about Tax Audits, including numerous articles and full-length books, I still receive the queries around the applicability of tax audit in […]
Learn about the Madras High Court’s landmark ruling quashing an income tax reassessment notice for a medical professional under Section 44ADA. Find out why proper classification of professional services is crucial.
Budget 2024 brings into focus the complexities and challenges surrounding presumptive taxation in India, particularly under sections 44AD, 44ADA, and 44AE of the Income Tax Act. These sections, aimed at simplifying tax compliance for certain taxpayers, face scrutiny for their applicability, concessions, and implications on business operations. WHETHER THE PROBLEMS IN THE PRESUMPTIVE TAXATION WILL […]
Learn about Section 44AD, a simplified method to compute business income, excluding some entities. Thresholds and tax implications are explained here.
Appellant contended that since he had filed income tax returns under section 44AD of the Act, which does not require maintenance of books of account, section 69A was not applicable.
