Income Tax : The article argues that Section 58(3) of the Income-tax Act, 2025 does not independently mandate books of account or tax audit for...
Income Tax : The article examines whether Section 58(3) of the Income-tax Act, 2025 makes tax audit compulsory whenever profits fall below 6%, ...
Income Tax : This guide explains the presumptive taxation schemes available under the Income-tax Act, including Sections 44AD, 44ADA, and 44AE....
Income Tax : The Income-tax Act provides presumptive taxation schemes under Sections 44AD, 44ADA, and 44AE to reduce compliance burdens by allo...
Income Tax : The issue concerns whether declaring profits below the presumptive rate automatically triggers tax audit or whether turnover thres...
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 Tribunal held that deduction of tax under Section 194J cannot automatically classify receipts as professional income. Tax auth...
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...
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.
Explore the implications of the New Income Tax Bill 2025, including changes to deductions and losses under Section 58(4), aimed at simplifying tax computation while raising concerns over consistency with existing provisions.
ITAT Mumbai allows Hotel Deepak’s appeal, holding that a survey statement u/s 133A can’t be the sole basis for income addition when discrepancies exist and expenses are substantiated. The tribunal cites a prior similar ruling.
