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...
Dive into the concept of presumptive taxation in India and explore its benefits for small businesses. Learn about the provisions of Section 44AD, 44ADA, and 44AE, and their applicability. Understand the advantages of opting for presumptive taxation and its impact on tax audits and bookkeeping requirements.
Explore the simplified Presumptive Taxation Scheme under the Indian Income Tax Act. Sections 44AD, 44ADA, and 44AE offer eligible individuals and entities a convenient way to declare income without maintaining detailed accounts. Understand the applicability, limits, and rates for each section, ensuring compliance with advance tax and audit requirements.
Section 44AD of the Income tax Act is one of the most important sections which come in to use most frequently. There is a misconception / issue regarding the interpretation of the provisions of this section, regarding declaration of profits at minimum 8% / 6% rate even though the actual net profit earned is more.
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.
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.
