Income Tax : Understand key reporting requirements for Tax Audit Reports under Sections 44AA and 44AB, including forms, clauses, and disclosure...
Income Tax : Understand who must maintain books of accounts, specific requirements for professionals, and penalties for non-compliance under In...
Income Tax : Learn about Section 44AD, a simplified method to compute business income, excluding some entities. Thresholds and tax implications...
Income Tax : Understanding who must maintain books of accounts, specific requirements, and penalties for non-compliance. A detailed guide for b...
Income Tax : Discover simplified taxation scheme under Section 44AD of Income Tax Act. Learn eligibility criteria, exemptions, and key insights...
Income Tax : Assessee was not liable to deduct TDS under section 194H as relationship between e-commerce platform and assessee was not of an ...
Income Tax : ITAT Jaipur held that when the cash found in books are more then physically found no further addition is required to be made in th...
Income Tax : Chhattisgarh High Court held that addition u/s. 68 r.w.s. 69A of the Income Tax Act towards unexplained income sustained since ass...
Income Tax : ITAT Delhi held that agriculturist are not required to maintain books of accounts as provisions of section 44AA of the Income Tax ...
Income Tax : ITAT Bangalore held that as per provisions of section 44AA of the Income Tax Act, an agriculturist is not required to maintain boo...
Read the detailed analysis of Amey Pravinbhai Brahmbhatt Vs ITO case where ITAT Ahmedabad deleted the penalty under section 271A for failure to fulfill conditions u/s 44 AA of Income Tax Act.
Understanding who must maintain books of accounts, specific requirements, and penalties for non-compliance. A detailed guide for businesses and professionals.
ITAT Bangalore held that as income is estimated under section 44AD of the Income Tax Act, so addition under section 68/69A of the Income Tax Act is impermissible.
ITAT Jaipur held that penalty under section 271B of the Income Tax Act not leviable as the assessee is eligible to avail the benefit of presumptive taxation up to Rs. 2 Crores as per section 44D of the Income Tax Act.
Discover simplified taxation scheme under Section 44AD of Income Tax Act. Learn eligibility criteria, exemptions, and key insights into this taxpayer-friendly approach.
The ITAT Bangalore in the case of Suresh Sharma vs ITO reaffirms the principle that penalty proceedings under Section 271A of the Income Tax Act cannot be initiated if the Books of Account are properly maintained
ITAT Mumbai held that rejection of books of accounts of the assessee being a corporate assessee and subjected to statutory audits cannot be done in a light manner. Accordingly, matter remitted back to AO for re-adjudication.
Article examines contrast between sections 44AA and 44AB of Income Tax Act 1961, highlighting confusion it creates. Gain insights into requirements for maintaining books of account and audit, and explore suggestions to address disparity
Understand the provisions of Section 44AA(2)(i)&(ii) of the Income Tax Act, which outline the conditions for maintaining books in business and professions. Learn about the differences between existing businesses and newly set up ones and explore suggestions for simplification.
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.
