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...
Income Tax : Explore the implications of the New Income Tax Bill 2025, including changes to deductions and losses under Section 58(4), aimed at...
Income Tax : Simplify taxes with Section 44AD's presumptive taxation for small businesses. Learn eligibility, rates, and conditions for maintai...
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 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...
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....
ITAT Mumbai held that as service tax doesn’t partake the character of income, the same cannot be included in the gross receipt of the assessee for the purpose of computing the presumptive taxation u/s 44AD of the Income Tax Act.
Explore the Presumptive Taxation Scheme: Eligibility, Benefits, and Computation. Understand the concept introduced by the government for small taxpayers, eligibility criteria for professions and businesses, benefits of disclosing income, and computation methods for different sections. Learn who is not eligible and implications of opting out. Stay informed for educational purposes.
Explore Section 44AD and Section 44ADA of the Income Tax Act, offering presumptive taxation schemes for businesses and professionals. Learn eligibility, calculation methods, deductions, filing requirements, and examples. Make informed decisions with insights into these tax provisions. Case study included. Consult a tax professional for personalized guidance.
Explore special provisions for computing profits and gains under the Income Tax Act, 1961, covering diverse areas such as mineral oil exploration, small businesses on presumptive basis, professions, goods carriage operations, shipping, aircraft operation, turnkey power projects, and royalty income of non-residents. Stay updated on amendments and key details for effective tax planning.
Understand the linkage between Sections 44AA, 44AD, 44ADA, and 44AB in the Income Tax Act. Explore the distinctions, turnover criteria, and compliance requirements for businesses and professionals. Stay informed to ensure proper compliance with tax regulations.
Presumptive taxation scheme is a simplified tax system that is designed to provide relief to small taxpayers from the burden of complying with the complex tax laws. Under this scheme, taxpayers are allowed to declare their income based on a presumptive income, which is determined by the tax authorities based on certain presumptions about the taxpayer’s income and expenses.
Assessee cannot include interest received on deposits as business receipts and estimate net profit under section 44AD on such interest income
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.
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.
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.
