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Section 44AD

Applicability of Tax Audit under section 44AB

Income Tax - Here, in this article I have made an attempt to solve the practical issues that are arising to the Tax Professionals in day to day practice (by decoding Income Tax Act Sec. 44AB along with 44AA, 44AD, 44ADA & 44AE). This article mainly focuses on Individual & HUF assessees....

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Future & Options (F&O) Accounting, Audit and Taxation

Income Tax - Share trading and, Derivative trading (F & O trading) is normal now a days. You will not believe nearly 14.3 million new investors added by the depositories in the year ended 31 march 2021. Further, we cannot deny the role of digitalization and platforms available to invest in stock and derivative market. Most of people […]...

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Tax Audit Applicability with Intricacies of Section 44AB, 44AD & 44ADA

Income Tax - TAX AUDIT PROVISIONS ARE GOVERNED BY SECTION 44AB, 44AD AND 44ADA. If you see Section 44AB, then it provides that every business need to go for Tax audit if more than Rs. 1 crore Turnover in Previous year. However from AY 2021-22 every person carrying on business, whose turnover does not exceed Rs. 10 Crore, is not required to get t...

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Tax Audit Series-4 Presumptive Taxation Schemes

Income Tax - PRESUMPTIVE TAXATION SCHEMES SECTION 44AD: SPECIAL PROVISIONS FOR COMPUTATION OF INCOME ON ESTIMATION BASIS Notwithstanding anything to contrary contained in sections 28 to 43C, -in case of a resident assessee being an individual, HUF, or a partnership firm excluding LLP; -engaged in a -a sum equal to 8% (6%*) of the total turnover or gro...

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Presumptive Taxation scheme Section 44AD of Income Tax Act

Income Tax - Section 44AD of the Act has a superior position vis-à-vis the other provisions of the Income Tax Act 1961. Nevertheless, Section 44AD(2) of the Act also specifically mentions that any deductions allowable under Section 30 to 38 shall be deemed to have been given full effect. Therefore, there are no specific deductions available for the a...

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13 Reasons why due date of ITR & Tax Audit should be extended- Representation

Income Tax - Representation for extension of Due date of Income Tax Returns And Audit Report For A.Y. 2021-2022 (F.Y.  2020-2021. It is requested that The due date of furnishing of Return of Income for the Assessment Year 2021-22, should be extended to 28th February, 2022....

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Income Tax Portal – Erratic & Irresponsible approach towards IT Infrastructure

Income Tax - CAAS has made a representation to Union Finance Minister and brought to her attention the Flaws in New Income Tax Portal which are still exist even after almost 3 years. They claimed that the front end of the new portal shows brainless design with various missing drop down menus...

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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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ITAT restricts addition to 10% for assessee engaged in business of manpower

Santi Ranjan Biswas Vs ITO (ITAT Delhi) - If a person adopts the provisions of section 44AD and declares income @ 8% of the turnover, then the assessee is not required to maintain the books of account as provided for under section 44AA in respect of business covered under the presumptive taxation scheme of section 44AD....

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Addition not valid when Cash Deposit is included in Turnover offered For Tax under Section 44AD

Virender Kumar Vs ITO (ITAT Jaipur) - Virender Kumar Vs ITO (ITAT Jaipur) It is noted that the assessee is in the diary business in the name and style of M/s Mohan Diary, Tijara and in pursuant to notice u/s 148, he has filed his return of income u/s 44AD declaring gross receipts from his diary business amounting to Rs 14,56,230/-. The ...

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AO can make addition u/s 68/69C despite estimation of Income U/s 44AF

Atul Dinesh Seth Vs ITO (ITAT Bnagalore) - Atul Dinesh Seth Vs ITO (ITAT Bnagalore) The contention of the A.R. is that once the income of the assessee estimated by applying the section 44AF of the Act, there cannot be any further addition for any lapse in the books of accounts. In these assessment years, except AY 2011-12, the turnover of t...

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No invocation of section 68 in case return of income filed u/s 44AD

Dineshkumar Verma Vs ITO (ITAT Mumbai) - Since section 44AD did not obligate assessee to maintain books, the provisions of section 68 could not be invoked where assessee had filed return of income under the provisions of section 44AD without maintaining books of account....

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No Section 68 addition if Assessee under Presumptive Scheme not maintains Books

Dineshkumar Verma Vs ITO (ITAT Mumbai) - Dineshkumar Verma Vs ITO (ITAT Mumbai) Under the provisions of section 44AD of the Act, where the assessee is engaged in eligible business and has total turnover or gross receipts in the previous year not exceeding Rs.60,00,000/-, the assessee is eligible to file return of income on the basis of pre...

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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"

Applicability of Tax Audit under section 44AB

Here, in this article I have made an attempt to solve the practical issues that are arising to the Tax Professionals in day to day practice (by decoding Income Tax Act Sec. 44AB along with 44AA, 44AD, 44ADA & 44AE). This article mainly focuses on Individual & HUF assessees....

Read More
Posted Under: Income Tax |

Future & Options (F&O) Accounting, Audit and Taxation

Share trading and, Derivative trading (F & O trading) is normal now a days. You will not believe nearly 14.3 million new investors added by the depositories in the year ended 31 march 2021. Further, we cannot deny the role of digitalization and platforms available to invest in stock and derivative market. Most of people […]...

Read More
Posted Under: Income Tax |

13 Reasons why due date of ITR & Tax Audit should be extended- Representation

Representation for extension of Due date of Income Tax Returns And Audit Report For A.Y. 2021-2022 (F.Y.  2020-2021. It is requested that The due date of furnishing of Return of Income for the Assessment Year 2021-22, should be extended to 28th February, 2022....

Read More
Posted Under: Income Tax | ,

Income Tax Portal – Erratic & Irresponsible approach towards IT Infrastructure

CAAS has made a representation to Union Finance Minister and brought to her attention the Flaws in New Income Tax Portal which are still exist even after almost 3 years. They claimed that the front end of the new portal shows brainless design with various missing drop down menus...

Read More
Posted Under: Income Tax | ,

Tax Audit Applicability with Intricacies of Section 44AB, 44AD & 44ADA

TAX AUDIT PROVISIONS ARE GOVERNED BY SECTION 44AB, 44AD AND 44ADA. If you see Section 44AB, then it provides that every business need to go for Tax audit if more than Rs. 1 crore Turnover in Previous year. However from AY 2021-22 every person carrying on business, whose turnover does not exceed Rs. 10 Crore, is not required to get t...

Read More
Posted Under: Income Tax |

Tax Audit Series-4 Presumptive Taxation Schemes

PRESUMPTIVE TAXATION SCHEMES SECTION 44AD: SPECIAL PROVISIONS FOR COMPUTATION OF INCOME ON ESTIMATION BASIS Notwithstanding anything to contrary contained in sections 28 to 43C, -in case of a resident assessee being an individual, HUF, or a partnership firm excluding LLP; -engaged in a -a sum equal to 8% (6%*) of the total turnover or gro...

Read More
Posted Under: Income Tax |

ITAT restricts addition to 10% for assessee engaged in business of manpower

Santi Ranjan Biswas Vs ITO (ITAT Delhi)

If a person adopts the provisions of section 44AD and declares income @ 8% of the turnover, then the assessee is not required to maintain the books of account as provided for under section 44AA in respect of business covered under the presumptive taxation scheme of section 44AD....

Read More

Presumptive Taxation scheme Section 44AD of Income Tax Act

Section 44AD of the Act has a superior position vis-à-vis the other provisions of the Income Tax Act 1961. Nevertheless, Section 44AD(2) of the Act also specifically mentions that any deductions allowable under Section 30 to 38 shall be deemed to have been given full effect. Therefore, there are no specific deductions available for the a...

Read More
Posted Under: Income Tax | ,

What is Income Tax Audit & what does different section indicates

What is Income Tax Audit & what does different section indicates under Income Tax Audit (Section like 44AB OR 44AD OR 44ADA) WHAT IS TAX AUDIT? There are different types of audit under different laws such as company audit, statutory audit, cost audit conducted under Companies Act, 2013, Income Tax Act etc. In Income Tax […]...

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Posted Under: Income Tax |

Turnover below Rs. 10 Crore – Tax Audit Applicability

Clarification on Tax Audit requirement for the persons whose turnover does not exceed 10 Crore Section 44AB Every person carrying on business, whose turnover does not exceed Rs. 10 Crore, is not required to get their books of accounts audited subject to following conditions: a. Aggregate of all amount received including amount received fo...

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Posted Under: Income Tax |

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