Income Tax : The article argues that Section 58(3) of the Income-tax Act, 2025 does not independently mandate books of account or tax audit for...
Income Tax : The article examines whether Section 58(3) of the Income-tax Act, 2025 makes tax audit compulsory whenever profits fall below 6%, ...
Income Tax : This guide explains the presumptive taxation schemes available under the Income-tax Act, including Sections 44AD, 44ADA, and 44AE....
Income Tax : The Income-tax Act provides presumptive taxation schemes under Sections 44AD, 44ADA, and 44AE to reduce compliance burdens by allo...
Income Tax : The issue concerns whether declaring profits below the presumptive rate automatically triggers tax audit or whether turnover thres...
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 Tribunal held that deduction of tax under Section 194J cannot automatically classify receipts as professional income. Tax auth...
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...
The Income Tax Act, 2025 replaces Sections 44AD, 44ADA, and 44AE with a unified Section 58 framework. While the structure has been simplified, presumptive taxation rates and turnover limits largely remain unchanged.
The issue addresses the consolidation of multiple presumptive taxation provisions into a single section. The framework simplifies compliance while retaining key conditions and safeguards for taxpayers.
The Income Tax Act, 2025 introduces Section 58, consolidating earlier presumptive taxation schemes into one unified framework. It simplifies compliance for small businesses and professionals while imposing structured eligibility and lock-in conditions.
The Tribunal held that GST collected is not part of income for presumptive taxation under section 44B. It ruled that GST is a statutory levy and cannot be treated as revenue.
The Tribunal held that once income is declared under the presumptive taxation scheme of Section 44AD, individual cash deposits cannot be separately added. The sustained addition was set aside and deleted.
ITAT held that cash deposits during demonetization were explained as business sales declared under Section 44AD. Without disproving turnover, addition under Section 69A was unsustainable.
The amendment removes MAT for additional specified non-resident businesses taxed on a presumptive basis. This ensures uniform tax treatment across all eligible activities and avoids unintended MAT exposure.
The Tribunal held that cash deposits could not be fully treated as undisclosed when income was declared under section 44AD. The key takeaway is acceptance of presumptive business income.
The issue examines how presumptive taxation is consolidated under Section 58. The key takeaway is that structural simplicity masks stricter eligibility and compliance rules.
The dispute involved taxability of large cash deposits made during demonetisation. The appellate authority granted relief for deposits in regular notes while sustaining the balance as unexplained income. The Tribunal upheld this approach, finding it consistent with law and facts.
