Section 44AD

Tax Audit for A.Y. 2020-21 U/s. 44AB vis-à-vis 44AD / 44ADA

Income Tax - Tax Audit Applicability for A.Y. 2020-21 under Section 44AB vis-à-vis Section 44AD / Section 44ADA of the Income Tax Act, 1961 We have attempted to provide a compendious view of Tax Audit Applicability for A.Y. 2020-21 under Section 44AB vis-à-vis Section 44AD / Section 44ADA of the Income Tax Act, 1961. Tax Audit Applicability for [&he...

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Amendment in Section 44AB & applicability for AY 2020/21- Analysis

Income Tax - As per Section 44AB of the Income Tax Act, 1961, every person carrying on business is required to get his accounts audited , if his total sales, turnover or gross receipts in business exceeds Rs. 1 crore in the previous year. In case of a person carrying on profession, tax audit is required if his […]...

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Ashtavinayaka, what are the Astha Mahima of Tax Audit?

Income Tax - According to income tax law, for the financial year 2015-16, the businessmen whose annual turnover exceeds Rs.1 Crore and the professionals for example; doctors, engineers, advocates, etc. whose annual income exceeds Rs.25 lakhs will have to get their books audited....

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Tax Audit Under Section 44AB V/s. Section 44AD 

Income Tax - Article explains provision of Section 44AB and Section 44AD of Income Tax Act, 1961 with reference to Income Tax Audit. While presenting the Union Budget for 2020-21, the Finance Minister announced that currently, businesses having turnover of more than one crore rupees are required to get their books of accounts audited by an accountant....

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Section 44AD Linkage with Tax Audit under section 44AB updated by Finance Act, 2020

Income Tax - Critical Analysis of interrelation between Provisions of Section 44AD & Section 44AB along with other ancillary aspects of Income Tax Act, 1961 The provisions of Section 44AD was introduced in the Chapter of Profits & Gains from Business or profession with an objective to reduce the compliance burden of resident small Tax payers. ...

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CPC advisory on applicability of Tax Audit to business and profession

Income 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 […]...

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Audit U/s. 44ADA not to be counted for Tax Audit Limit Calculation: ICAI

Income Tax - ICAI decided to exclude audit conducted under section 44ADA of Income-tax Act, 1961 for reckoning the specified number of tax audit assignments...

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Small Taxpayers- Avail benefits of Presumptive Taxation Scheme- CBDT

Income 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...

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Allow Benefit of presumptive taxation U/s. 44AD to LLP: ICAI

Income 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...

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Section 44AD Presumptive Income – amend definition of eligible business

Income 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...

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Non filing of return | Section 44AD | Application of 8% Rate by AO justified

Unity Automation Solution Ltd. Vs ITO (ITAT Delhi) - The assessee company was in the business of Sale and Service of CCTV cameras and other security equipment’s. Total receipts for the year under consideration was Rs. 3,54,30,497/- and still they have not filed return under income tax....

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Order passed by AO against directions issued by Tribunal is not sustainable in law

Engineering Professional Co. Pvt. Ltd. Vs DCIT (Gujarat High Court) - Engineering Professional Co. Pvt. Ltd. Vs DCIT (Gujarat High Court) In the given case, Assessee has filed appeal before ITAT against the order passed by the A.O. u/s 44AD. With respect to that appeal ITAT passed the order and state that “the Assessee is directed to attend the assessment procee...

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Section 44AD: Mere submission of Balance sheet not proves Maintenance of Books of Accounts

Mr. Pradeep Jain Vs ITO (ITAT Delhi) - Mr. Pradeep Jain Vs ITO (ITAT Delhi) The assessee has filed the return of income for assessment year under appeal declaring income of Rs.9,63,920/-, out of which, income was declared at Rs.9 lakhs under section 44AD of the I.T. Act, 1961. In subsequent A.Y. 2016-2017 also, assessee declared income u...

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Presumptive income cannot be estimated U/s. 44AD for partners remuneration

Mr. 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. ...

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No penalty for failure to get books audited for Bonafide belief of non-applicability of Audit

P.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....

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CBDT notifies more modes of e-payments; 6DD limit reduced to ₹ 10000

Notification No. 08/2020-Income-Tax [G.S.R. 56(E)] - (29/01/2020) - Notification No. 8/2020-Income-Tax- CBDT has notified Other electronic modes by inserting New Income TAx Rule 6ABBA. It also amended marginal heading of rule 6DD and in rule 6DD for the words ‘account payee bank draft, exceeds twenty thousand rupees’, the words, figures and letters ̵...

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CBDT extends return of Income / ITR Due date to 30.11.2014

F.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...

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CBDT Notifies new Form 3CA, 3CB & 3CD – Format of Tax Audit Report Revised

Notification 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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Recent Posts in "Section 44AD"

Tax Audit for A.Y. 2020-21 U/s. 44AB vis-à-vis 44AD / 44ADA

Tax Audit Applicability for A.Y. 2020-21 under Section 44AB vis-à-vis Section 44AD / Section 44ADA of the Income Tax Act, 1961 We have attempted to provide a compendious view of Tax Audit Applicability for A.Y. 2020-21 under Section 44AB vis-à-vis Section 44AD / Section 44ADA of the Income Tax Act, 1961. Tax Audit Applicability for [&he...

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Posted Under: Income Tax |

Amendment in Section 44AB & applicability for AY 2020/21- Analysis

As per Section 44AB of the Income Tax Act, 1961, every person carrying on business is required to get his accounts audited , if his total sales, turnover or gross receipts in business exceeds Rs. 1 crore in the previous year. In case of a person carrying on profession, tax audit is required if his […]...

Read More
Posted Under: Income Tax |

Ashtavinayaka, what are the Astha Mahima of Tax Audit?

According to income tax law, for the financial year 2015-16, the businessmen whose annual turnover exceeds Rs.1 Crore and the professionals for example; doctors, engineers, advocates, etc. whose annual income exceeds Rs.25 lakhs will have to get their books audited....

Read More
Posted Under: Income Tax | ,

Tax Audit Under Section 44AB V/s. Section 44AD 

Article explains provision of Section 44AB and Section 44AD of Income Tax Act, 1961 with reference to Income Tax Audit. While presenting the Union Budget for 2020-21, the Finance Minister announced that currently, businesses having turnover of more than one crore rupees are required to get their books of accounts audited by an accountant....

Read More
Posted Under: Income Tax | ,

Section 44AD Linkage with Tax Audit under section 44AB updated by Finance Act, 2020

Critical Analysis of interrelation between Provisions of Section 44AD & Section 44AB along with other ancillary aspects of Income Tax Act, 1961 The provisions of Section 44AD was introduced in the Chapter of Profits & Gains from Business or profession with an objective to reduce the compliance burden of resident small Tax payers. ...

Read More
Posted Under: Income Tax | ,

Special Provisions for Computing Profits & Gains of Business on Presumptive Basis [Section 44AD]

Special Provisions For Computing Profits And Gains of Business On Presumptive Basis [Section 44AD] (1) Introduction: – To reduce the tax burden and to provide relief from tedious work to small tax assesses, the government of India has incorporated a scheme of presumptive taxation. Businesses adopting the presumptive taxation scheme ...

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Posted Under: Income Tax |

Analysis of Recent Amendments in Sections 44AB & 44AD

The recent changes in sections 44AB and 44AD have left these sections quite convoluted. The turnover threshold limit to get books of accounts audited has also been increased to Rs. 5 Crores provided minimum criteria of digital transactions is satisfied. Moreover, certain scenarios which required an assessee to get his books of accounts au...

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Posted Under: Income Tax |

Special Provisions for computing Profits & Gains of Business on Presumptive Basis ( Section 44AD )

Special Provisions for computing Profits and Gains Of Business on Presumptive Basis (Section 44AD) Eligible Business  The presumptive Taxation scheme under Section 44AD covers all small businesses with total turnover/gross receipts of up to ₹ 200 Lakh (Except the business of plying, hiring and leasing goods carriages covered under sect...

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Posted Under: Income Tax |

Income Tax Law Relating To Cash Transactions

A number of new provisions have been introduced in the Income Tax Act from time to time to put restrictions on cash transactions as well as to incentivise the non-cash transactions. Cash transactions have always played a major role in the Indian Economy and consistently were responsible for generation and accumulation of Black Money. The ...

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Posted Under: Income Tax |

Income Tax Provision for Doctors

Among the busiest of professionals, doctors have little time to learn about the latest tax law. Tax planning is often neglected in the crush of other obligations. Being India’s Top 10s income earners, they have need to give more attention to their financial planning and taxation. Here we are providing some necessary documentation and le...

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Posted Under: Income Tax | ,

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