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Presumptive Taxation Scheme

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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 14706 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 1695 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 1290 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 14016 Views 0 comment Print

Presumptive Taxation: Simplifying Taxes for Small Businesses

Income Tax : Discover the simplicity of Presumptive Taxation for small businesses! Unraveling Sections 44AD, 44ADA, and 44AE of the Income Tax ...

October 18, 2023 1044 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 16599 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 9324 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 417 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 375 Views 0 comment Print


Interest on deposits cannot be treated as business Income for Section 44AD

May 3, 2023 2544 Views 0 comment Print

Assessee cannot include interest received on deposits as business receipts and estimate net profit under section 44AD on such interest income

Section 44ADA Computing Profits & Gains of Professions on Presumptive Basis

April 1, 2023 816 Views 0 comment Print

Unlock insights into Section 44ADA of the Income Tax Act, 1961, governing presumptive taxation for certain professions. Learn about taxable profits, eligibility criteria, and the impact of Budget 2023 amendments. A comprehensive guide for professionals and businesses.

Tax Audit (44AB) and Section 44AD and Section 44ADA Comparison

March 30, 2023 3627 Views 4 comments Print

Understand the comparison of Tax Audit (Section 44AB) with Sections 44AD and 44ADA post Finance Bill 2023. Learn the eligibility criteria, conditions, and benefits of each section.

Computing Profits and Gains of Business on Presumptive Basis

March 25, 2023 4290 Views 0 comment Print

Explore the computation of profits and gains of business on a presumptive basis under Section 44AD of the Income Tax Act, 1961. Understand the eligible criteria, conditions for presuming business profit at 6%, and the types of businesses that qualify. Know who is an eligible assessee, what constitutes an eligible business, and the provisions for continuity. Learn about the exceptions, implications of discontinuation, and the documentation and auditing requirements for eligible assesses.

Presumptive Taxation applicable to Residents Under Income Tax Act 1961 – A Critical Analysis

March 24, 2023 1434 Views 0 comment Print

Explore the intricacies of Presumptive Taxation under the Income Tax Act of 1961, focusing on Sections 44AD, 44ADA, and 44AE. Delve into a critical analysis, understanding the schemes applicable to residents in India. Discover the criteria for eligibility, consequences of opting for presumptive taxation, and the quantification of presumed income. Uncover the nuances of each section and gain insights into the implications for businesses, professionals, and carriage owners.

No books of accounts to be maintained If Income was offered on Presumptive Basis u/s 44AD

March 8, 2023 5880 Views 0 comment Print

Where income was offered on presumptive basis under section 44AD, there was no need to maintain books of accounts therefore addition made against the vegetable vendor was deleted for failure to substantiate the unexplained cash deposit.

Presumptive Taxation for Professionals

March 3, 2023 2208 Views 0 comment Print

Understand Presumptive Taxation for Professionals under Section 44ADA of the Income Tax Act, including eligibility, thresholds, provisions, and proposed changes in Budget 2023.

FAQs on Presumptive Taxation for Businessmen – Section 44AD

February 25, 2023 6645 Views 2 comments Print

Section 44AD applies to Assesses who are resident individuals, Hindu Undivided Family, Partnership firm and has not claimed deduction u/s 10A, 10B, 10AA, or under chapter VI A in respect of certain incomes.

Taxation of taxpayers opting for presumptive taxation schemes

February 23, 2023 3096 Views 1 comment Print

Taxpayers opting for presumptive taxation schemes can enjoy relief from accounting and auditing with the Income-tax Act. Learn what sections 44AD, 44ADA, and 44AE have in store for you.

Amendment in Section 44AD & 44ADA – Simplified

February 11, 2023 40275 Views 0 comment Print

Taxpayers can learn more about Amendment in Section 44AD & 44ADA in this post. Get info on gross turnover, minimum taxable sum, digital transactions & more

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