Income Tax : Only specified professionals can opt for presumptive taxation under Section 44ADA. Declaring less than 50% profit may trigger mand...
Income Tax : The Tribunal ruled that penalty under Section 271A cannot be levied merely because books were rejected and income was estimated. S...
Income Tax : Section 44AA mandates maintenance of books of accounts by specified professionals and businesses exceeding prescribed limits. Lear...
Income Tax : Section 44AA mandates books for professionals and businesses exceeding income thresholds. Details presumptive tax rules, required ...
Income Tax : Form 3CD requires mandatory reporting on taxpayer identity, business status, accounting methods (ICDS), depreciation, inadmissible...
Income Tax : The Tribunal held that the CIT(A) improperly admitted additional evidence without satisfying Rule 46A conditions or recording reas...
Income Tax : The Tribunal held that absence of bills for agricultural sales cannot justify addition under Section 69A. Where cultivation and la...
Income Tax : The Tribunal ruled that section 44ADA applies only to specified professions and cannot be invoked for business income covered unde...
Income Tax : The dispute centered on a statutory obligation to maintain books of account. The tribunal confirmed that non-compliance attracts p...
Income Tax : The tribunal held that once penalty is imposed for non-maintenance of books, a second penalty for non-audit cannot be levied. Levy...
Section 44AAof Income tax Act,1961- Maintenance of accounts by certain persons carrying on profession or business 1. Section 44AA prescribes two categories of books of accounts and other documents:- Category A: Such books of accounts as may enable the Assessing Officer to compute total income in accordance with the provisions of Income Tax Act, 1961. […]
Note on Preparing books of accounts to be maintained under Section 44AA of Income Tax Act, 1961 Some important points to be considered white completing the Books of Accounts and preparing of the Balance sheet for business or profession by an accountant and an assessee. Sometimes it is seen that when an assessee is required […]
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 […]
