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Income Tax - When we talk about Presumptive Taxation, then it automatically relates to Tax Audit under Income Tax Act, 1961. At student level, I have seen students getting confused in Sections 44AB & 44AD because 44AB says about the limit of Rs. 1 crore while Section 44AD says about the limit of Rs. 2 crore. Don’t worry; […]...
Read MoreIncome Tax - The Tax Audit in India relates its history back to year 1984 when it was introduced with a view to check the accuracy of the books of accounts which are infact the basis while assessing the income of the assesses belonging to business class. During past so many years a lot of changes have been […]...
Read MoreIncome Tax - This article is about how trading in derivatives & Intra-day trading is to be treated under the Income tax. We will briefly discuss the following: 1. Basic understanding of the concept 2. Computation of income- F&O & Intra-day trading 3. Calculation of turnover- F&O 4. Set-off & Carry forward of losses 5. Applicability...
Read MoreIncome Tax - As said earlier, the scrutiny selection date is fast approaching for cases to be selected for the A.Y.2018-19 by 30th September, 2019. The Finance Act, 2017 has made a slew of changes in various heads of income. Business incomes and Other incomes are the most toughest of all other sources that leads to additions, disallowances […...
Read MoreIncome Tax - To give relief to small taxpayers from the tedious job of maintenance of books of account and from getting the accounts audited, the Income-tax Act has framed the presumptive taxation scheme under sections 44AD, section 44ADA and section 44AE. In this part you can gain knowledge about various provisions of the presumptive taxation scheme ...
Read MoreIncome Tax - Dear Taxpayer, As per the section 44AB of Income Tax Act, the books of accounts for the relevant previous year are required to be audited by a Chartered Accountant and the audit report has to be electronically filed prior to or along with the return of income before the due date. In order to assist to […]...
Read MoreIncome Tax - ICAI decided to exclude audit conducted under section 44ADA of Income-tax Act, 1961 for reckoning the specified number of tax audit assignments...
Read MoreIncome Tax - Small Taxpayers (Businesses&Professionals) should file their return on or before 31st july 2018 (Due date for filing Income Tax Return for A.Y. 2018-19). File Early Beat The Rush...
Read MoreIncome Tax - Section 44AD relating to presumptive taxation applies only to businesses run by residents Individual, HUF and Firms excluding LLP. Tax on presumptive basis should be extended to all assessees, including a LLP. Only section 44AD excludes LLP, for which there appears to be no cogent reason. Otherwise under the Act, a LLP and a Firm are tre...
Read MoreIncome Tax - According to the new provisions, in case of an eligible assessee engaged in eligible business, income shall be deemed equal to a sum @ 8% of the turnover or higher income as per books. Section 44AD is applicable to any business except the business of plying...
Read MoreMr. A. Anandkumar Vs ACIT (ITAT Chennai) - Partners’ remuneration from firm should not be subject to the application of presumptive interest rate under section 44AD as the same could not be construed as gross receipts or turnover of a business independently carried on by a partner. ...
Read MoreP.D. Usha Rani Vs. The Income Tax Officer (ITAT Hyderabad) - Penalty u/s. 271B is attracted for failure to get accounts audited u/s. 44AB. Even though the law prescribes the levy of penalty, in case of default, the same is not automatic as provisions of Section 273B gives relief, when there is a reasonable cause....
Read MoreCommissioner of Income Tax-XII Vs Subodh Gupta (Delhi High Court) - In the case in hand, the appellate authorities have not applied Section 44AD as such. Difficulty arose as they had to estimate reasonable rate of net profit. In the absence of any data and details, they applied the net profit rate as mentioned in Section 44AD....
Read MoreAll Gujarat Federation of Tax Consultants Vs CBDT (Gujarat High Court) - CBDT is directed to modify the notification dated 20th August, 2014 issued in exercise of powers under section 119 of the Act by extending the due date for furnishing the return of income to 30th November, 2014....
Read MoreShri Rattan Singh Rathod Vs Jt. CIT-25(2), Mumbai & Others (ITAT Mumbai) - Section 44AD deems the net profit rate at 8% in cases where accounts are not maintained and turnover is up to Rs. 40.00 lacs. This however, does not mean that profit will lower when the turnover is more than Rs. 40.00 lacs....
Read MoreF.No.153/53/2014-TPL (Pt.I) - (26/09/2014) - In compliance to the judgments of various High Courts and after considering the representations received for extension of the due date, the Board, in exercise of its power conferred by section 119 of the Act, has extended the 'due-date' for furnishing return of income from 30th September, 2014 to 30...
Read MoreNotification No. 33/2014-Income Tax - (25/07/2014) - Notification No. 33/2014-Income Tax S.O. 1902 (E).. In exercise of the powers conferred by section 295 read with section 44AB of the Income Tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income Tax Rules, 1962, namely:- 1. (1) ...
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Mr. A. Anandkumar Vs ACIT (ITAT Chennai) -
