Income Tax : The Income Tax Act, 2025 replaces Sections 44AD, 44ADA, and 44AE with a unified Section 58 framework. While the structure has been...
Income Tax : The issue addresses the consolidation of multiple presumptive taxation provisions into a single section. The framework simplifies ...
Income Tax : The Income Tax Act, 2025 introduces Section 58, consolidating earlier presumptive taxation schemes into one unified framework. It ...
Income Tax : The amendment removes MAT for additional specified non-resident businesses taxed on a presumptive basis. This ensures uniform tax ...
Income Tax : The issue examines how presumptive taxation is consolidated under Section 58. The key takeaway is that structural simplicity masks...
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 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...
Income Tax : The Tribunal held that cash deposits could not be fully treated as undisclosed when income was declared under section 44AD. The ke...
Understand income tax rules for cash deposits in businesses using presumptive taxation (Sec 44AD, 44AE). Learn about unexplained credits and bank statements.
Finance Act 2025 proposes presumptive taxation (Section 44BBD) for non-residents supporting India’s electronics manufacturing.
Learn about the revised Section 44ADA, eligibility, new ₹75L threshold, benefits, and compliance rules for professionals under presumptive taxation in India.
To give relief to small taxpayers from tedious job of maintaining of books of account and getting accounts audited, Income-tax Act has framed presumptive taxation scheme under section 44ADA
Understand Section 44AD of the Income Tax Act: presumptive business income, eligibility, turnover limits, and tax implications for FY 2025-26.
ITAT Jaipur applies Section 44AD, taxing retail business gross deposits at 8%. Addition of Rs. 25.56 lakh reduced; appeal partly allowed.
Learn about Section 58 of the Income Tax Bill 2025, which simplifies presumptive taxation for non-residents, including turnover limits, profit calculation, and compliance.
#AD Taxation is essential for businesses, but for small enterprises and professionals, it can be complex and time-consuming. Micro, Small, and Medium Enterprises (MSMEs) often struggle with bookkeeping, tax compliance, and audits, which can lead to financial inefficiencies and penalties for non-compliance. Recognizing these challenges, the Indian government introduced the Presumptive Taxation Scheme (PTS) under […]
Section 44ADA of Income Tax Act, 1961 offers a presumptive taxation scheme for professionals, simplifying tax compliance by allowing them to declare 50% of their gross receipts as income without maintaining detailed books of accounts.
ITAT Pune rules that taxpayers must disclose cash-in-hand, bank balances, and receivables, even under the Presumptive Taxation Scheme, for accurate tax assessment.
