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...
Explore Section 44ADA of Income Tax Act, a presumptive taxation scheme for professionals. Learn eligibility, deductions, and implications for freelancers and business owners.
Discover simplified taxation scheme under Section 44AD of Income Tax Act. Learn eligibility criteria, exemptions, and key insights into this taxpayer-friendly approach.
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.
