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...
Private healthcare sector: Income tax incentives, Legal Provisions and Judgments This article covers various sections related to healthcare sector such as Section 10(23C), Section 44A, Section 44AB, Section 11, Section 12, Section 35AD, Section 194I, Section 194h, Section J and many more along with various related case laws. Legal Provisions with respect to tax incentives […]
As the Finance Act, 2016 introduced new section 44ADA for computation of profit of Profession on Presumptive basis. As I have seen many people who are unaware of this section and they are declaring their profit below the presumptive basis and their income exceeds the maximum amount not chargeable to tax. As per Section 44AB Audit of Accounts is mandatory if following conditions are satisfied
Section 44AA, talks about the various provisions related to maintenance of books of accounts, which books are required to maintain and the period for which such books to maintained. So we will analyse the provisions of section 44AA, in details – Sub-section (1) of section 44AA, says, all persons, which are carrying on specified profession […]
Ashok Kumar Dutta Vs DCIT (ITAT Kolkata) Notice u/s 274 read with section 271A of the Income Tax Act, 1961. The word maintained and retained has been used in section 271A of the Act .If assesseee fails to maintain or fails to retain such books of accounts and other documents . The Income tax authority […]
