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 : Article examines contrast between sections 44AA and 44AB of Income Tax Act 1961, highlighting confusion it creates. Gain insights ...
Income Tax : Understand the provisions of Section 44AA(2)(i)&(ii) of the Income Tax Act, which outline the conditions for maintaining books in ...
Income Tax : ITAT Jaipur held that assessee failed to get its books of accounts audited based on a reasonable cause. Accordingly, penalty under...
Income Tax : Read the detailed analysis of Amey Pravinbhai Brahmbhatt Vs ITO case where ITAT Ahmedabad deleted the penalty under section 271A f...
Income Tax : 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 : ITAT Jaipur held that penalty under section 271B of the Income Tax Act not leviable as the assessee is eligible to avail the benef...
Income Tax : The ITAT Bangalore in the case of Suresh Sharma vs ITO reaffirms the principle that penalty proceedings under Section 271A of the ...
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.
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.
ITAT Jaipur held that once the penalty is levied for non-maintenance of book of accounts, there cannot be further default for not getting the same audited as required u/s 44AB of the Act.
ITAT Hyderabad held that payment to contract teachers doesn’t qualify as ‘fee for professional services’ and accordingly TDS under section 194J of the Income Tax Act not deductible.
ITAT Jaipur held that once the penalty is levied for non-maintenance of book of accounts, there cannot be further default for not getting the same audited as required u/s 44AB of the Act and therefore, the penalty levied u/s 271B is not justified.
Devki Nandan Bindal Vs ITO (ITAT Delhi) The Board has clarified that the turnover does not include the sales affected on behalf of the principals and only the gross commission has to be considered for the purposes of section 44AB where the agents act only as an agent of his constituent and never acts as […]
Explore the Presumptive Taxation Scheme under the Income Tax Act, 1961. Understand the provisions of Sec 44AB, recent amendments, and key considerations for tax audit.
Understanding tax audit criteria normal and presumptive. Learn about the provisions under section 44AB and 44AD for beneficial taxation schemes.
Explore the essentials of Section 44AA of the Income Tax Act, 1961, with recent amendments. Learn about the obligations for professionals in legal, medical, engineering, architectural, accountancy, technical consultancy, interior decoration, and other notified professions. Understand the criteria for maintaining books of accounts based on income, turnover, and business setup.
