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 : Understand every reporting requirement under Form 3CD as amended by the Finance Act, 2026. This guide explains clause-wise disclos...
Income Tax : This guide explains who is required to maintain books of account under Section 44AA based on business, profession, turnover, and i...
Income Tax : Section 44AA mandates maintenance of books by specified professionals and eligible businesses based on income or turnover limits. ...
Income Tax : Explore special provisions for computing profits and gains under the Income Tax Act, 1961, covering diverse areas such as mineral ...
Income Tax : ITAT Delhi held legal services are not FTS under Section 9(1)(vii) and directed partner-wise DTAA examination. FTS addition was de...
Income Tax : Delhi High Court held the ITAT failed to properly examine the ‘make available’ test for secondment payments, set aside its ord...
Income Tax : The Tribunal sent the issue of deduction for political donations back to the Assessing Officer after finding that bank transaction...
Income Tax : The Tribunal held that entries found in third-party ERP software during a search cannot alone justify unexplained investment addit...
Income Tax : The Tribunal held that the CIT(A) improperly admitted additional evidence without satisfying Rule 46A conditions or recording reas...
Learn about Section 44AD, a simplified method to compute business income, excluding some entities. Thresholds and tax implications are explained here.
ITAT Jaipur held that assessee failed to get its books of accounts audited based on a reasonable cause. Accordingly, penalty under section 271B of the Income Tax Act for failure to get books of account audited not leviable as assessee reasonable cause shown.
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.
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.
