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Presumptive Taxation Scheme

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Computation of business profits & gains on presumptive basis: Section 44AD

Income Tax : Learn about Section 44AD, a simplified method to compute business income, excluding some entities. Thresholds and tax implications...

May 24, 2024 1092 Views 0 comment Print

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 14784 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 1743 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 1305 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 14097 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 16869 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 9345 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 420 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 381 Views 0 comment Print

Presumptive Taxation: Simplifying Taxes for Small Businesses

October 18, 2023 1044 Views 0 comment Print

Discover the simplicity of Presumptive Taxation for small businesses! Unraveling Sections 44AD, 44ADA, and 44AE of the Income Tax Act, this article explains how this streamlined approach eases tax complexities, benefits small businesses, and simplifies the filing process. Learn about eligibility criteria, computation methods, and the potential impact of opting in or out. Simplify your tax journey with Presumptive Taxation.

Ease of Taxation for Small Taxpayers (Presumptive Taxation)

October 14, 2023 1083 Views 0 comment Print

Learn about India’s Presumptive Taxation Scheme, offering relief from complex accounting and audits for small taxpayers under sections 44AD, 44ADA, and 44AE.

Understanding Section 44ADA: Presumptive Tax for Professionals

September 20, 2023 33018 Views 6 comments Print

Explore Section 44ADA of Income Tax Act, a presumptive taxation scheme for professionals. Learn eligibility, deductions, and implications for freelancers and business owners.

Presumptive Taxation Scheme for Business Section 44AD of Income Tax Act

September 18, 2023 24300 Views 12 comments Print

Discover simplified taxation scheme under Section 44AD of Income Tax Act. Learn eligibility criteria, exemptions, and key insights into this taxpayer-friendly approach.

Presumptive Taxation under section 44ADA for professional

August 13, 2023 12414 Views 0 comment Print

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.

Section 44AD: Production supervisor can adopt Presumptive Taxation scheme

July 31, 2023 1929 Views 0 comment Print

ITAT Mumbai rules in favor of a production supervisor, declaring no illegality in adopting presumptive tax under section 44AD. Full analysis of the case.

Presumptive Taxation Scheme Under Section 44ADA and Section 44AE

July 25, 2023 2832 Views 0 comment Print

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.

Presumptive Income Taxation: Section 44AD Explained

July 24, 2023 60624 Views 8 comments Print

Learn about taxability under Section 44AD of Income Tax Act 1961. Understand eligibility, computation, deductions, consequences, and ITR filing under presumptive taxation scheme.

Applicability of Tax Audit and Inter-link between Section 44AB, 44AD & 44ADA

July 20, 2023 78999 Views 4 comments Print

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.

Section 44AD/44AF apply to presumptive assessment & not apply to Companies

July 19, 2023 3435 Views 0 comment Print

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.

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May 2024