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 ...
As a medical professional, you need to be aware of taxation rules and regulations that are relevant to you. Following them is important for not only paying your taxes correctly but also availing of the relevant benefits.
1. If the Sales from your Business/Profession is more than Rs. 25 Lakhs or Income from Business/Profession is more than Rs. 2.5 Lakhs in any of 3 preceding years, then Books of Accounts will be compulsory maintained 2. Following Professions are also mandatorily required to maintain Books of Accounts if their Income more than Rs. […]
Section 44AA of the Income Tax Act specifies the books of accounts that an assessee is required to maintain for Income Tax. Section 44AA together with Rule 6F lays down the provisions concerning maintaining these books of accounts. As per this section, every person carrying on Legal, Medical, Engineering, Architectural, Accountancy, Technical consultancy, Interior decoration, […]
Why Presumptive Taxation required? Considering the various compliances problems faced by small taxpayers (like Shopkeepers, Small Traders, Professionals, Good Transport Agencies etc.) regarding maintenance of Book of Accounts and requirement of Audit under Income Tax Act. Government has introduced a Presumptive Taxation Scheme for Small Taxpayers. Who can claimed benefits under this Scheme? SECTION 44AD- […]
Applicability of provisions of sec 44AA, 44AB and 44AD when turnover is up to Rs. 1 crore Broadly speaking, provisions of Section 44AD of the Act are applicable to Resident Individual or HUF or Partnership Firm engaged in the business other than specified (excluded) business whose total turnover/ gross receipts are Rs.2 Crores or less. […]
Section 44AA of the Act requires certain persons to maintain books of account. The provisions of this section read with Rule 6F of the Income Tax Rules, 1962 relate to maintenance of books by assessee as well as prescribe the list of books to be maintained. The provisions of Sec 44AA are as: 44AA. (1) […]
Maintenance of books of accounts by Professionals: Section 44AA of Income Tax Act and rule 6F of Income Tax rules deal with the provisions regarding maintenance of books of accounts under Income tax Act. As per section 44AA(1) read with rule 6F the persons carrying on any of the profession as mentioned below are required to maintain books of accounts and other documents as may enable the assessing officer to compute his total income, if yearly gross receipts of the profession exceeded Rs 150000.
Article explains Maintenance of accounts by certain persons carrying on profession, Maintenance of accounts by certain persons carrying on business, Limits for Individual & HUF for maintenance of accounts in case of business or profession, Maintenance of accounts by other person, Penalty for contravention of provisions related to Maintenance of accounts and Important Notes related […]
I have covered only relevant compliances/information useful for Small Manufacturer, Traders only through this article which includes TDS Rate, TDS Return, TDS Certificate and TDS payment due dates, Advance Tax due dates, Income Tax Return Due Dates, Penalty for Late Return Filing, Important Income Tax Deductions, Presumptive Taxation Scheme, Tax Audit and Maintenance of Books.
The Presumptive Taxation Scheme, according to sections 44AA of the Income-tax Act, 1961, was introduced to relieve the small business owners and income professionals from maintaining a book of accounts. They will now be enabled to declare their total taxable income at a predefined rate.
