Income Tax : Explore presumptive taxation for non-residents under Sections 44B, 44BB, 44BBA, and 44BBB of the Income Tax Act, 1961, for streaml...
Income Tax : Explore potential amendments to presumptive taxation, concerns about the New Tax Regime impact, and insights on Faceless Assessmen...
Income Tax : Explore the impact of demonetization on cash deposits in India and the key legal insights from Section 69A vs. Section 44AD cases....
Income Tax : Discover the simplicity of Presumptive Taxation for small businesses! Unraveling Sections 44AD, 44ADA, and 44AE of the Income Tax ...
Income Tax : Learn about India's Presumptive Taxation Scheme, offering relief from complex accounting and audits for small taxpayers under sect...
CA, CS, CMA : There is no requirement for submitting the Financial Statements i.e. Balance Sheets and Income & Expenditure Account for the appli...
Explore the benefits and implications of presumptive taxation under section 44ADA for professionals. Understand the eligibility criteria, specified professions, and simplified tax compliance, empowering individuals and partnership firms in managing their income tax obligations efficiently.
ITAT Mumbai rules in favor of a production supervisor, declaring no illegality in adopting presumptive tax under section 44AD. Full analysis of the case.
Explore the Presumptive Taxation Scheme under Sections 44ADA and 44AE of the Income Tax Act 1961. Learn how individuals and partnership firms in specified professions can declare income at a prescribed rate, simplifying tax compliance. Understand the eligibility criteria, computation methods, ITR form usage, and the benefits of adopting these schemes for small business owners and professionals.
Learn about taxability under Section 44AD of Income Tax Act 1961. Understand eligibility, computation, deductions, consequences, and ITR filing under presumptive taxation scheme.
Explore the intricacies of tax audit and the interlink between sections 44AB, 44AD, and 44ADA of the Income Tax Act for the Assessment Year 2023-24. Understand the applicability conditions, thresholds, and amendments that impact businesses and professionals. A comprehensive flowchart is provided to help assess the necessity of a tax audit. Stay informed for informed financial decisions.
The provisions of section 44AD/44AF of the Act apply only to presumptive assessment, where the turnover is Rs.40.00 lacs or less and not the cases, where turnover is more than that.
Explore the case of Western Geco International Ltd vs. DDIT (ITAT Delhi) and decision regarding exclusion of reimbursement of service tax from gross turnover for computation of taxable income under Section 44BB of Income Tax Act.
Learn how small business owners can benefit from the presumptive taxation scheme under Section 44AD. Find out the eligibility criteria, calculation method, and advantages of this scheme. Discover how it can simplify tax compliance for small businesses.
Dive into the concept of presumptive taxation in India and explore its benefits for small businesses. Learn about the provisions of Section 44AD, 44ADA, and 44AE, and their applicability. Understand the advantages of opting for presumptive taxation and its impact on tax audits and bookkeeping requirements.
Explore the simplified Presumptive Taxation Scheme under the Indian Income Tax Act. Sections 44AD, 44ADA, and 44AE offer eligible individuals and entities a convenient way to declare income without maintaining detailed accounts. Understand the applicability, limits, and rates for each section, ensuring compliance with advance tax and audit requirements.