Section 44AD

Income Tax Practices: Common Mistakes and Solutions

Income Tax - Explore crucial issues in income tax practices, including Section 44AD, TDS obligations, LTCG exemptions, cash deposits, and tax deductions under Section 80G in India....

Presumptive Taxation Scheme for Business Section 44AD of Income Tax Act

Income Tax - Discover simplified taxation scheme under Section 44AD of Income Tax Act. Learn eligibility criteria, exemptions, and key insights into this taxpayer-friendly approach....

How Tax Audits Ease Business Journeys & helps as ‘Vighna-harta!

Income Tax - Discover the parallels between Ganesh Chaturthi and income tax audits. Learn how audits remove uncertainties, boost financial transparency, and pave the way for success....

Tax Audit under Income Tax Act,1961

Income Tax - Explore intricacies of Tax Audit under Income Tax Act 1961. Dive deep into its applicability, tax report components, filing deadlines, penalties, and more....

Presumptive Income Taxation: Section 44AD Explained

Income Tax - Learn about taxability under Section 44AD of Income Tax Act 1961. Understand eligibility, computation, deductions, consequences, and ITR filing under presumptive taxation scheme....

Draft Revised ‘Guidance Note on Tax Audit under section 44AB

Income Tax - Exposure Draft of Revised ‘Guidance Note on Tax Audit under section 44AB of Income-tax Act, 1961’ is issued by ICAI Direct Taxes Committee. ...

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....

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...

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 […]...

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...

No Section 44ADA Addition for Consultancy Income by 10th-Passed Assessee

Vishnu Dattatraya Ponkshe Vs Central Processing Centre (ITAT Mumbai) - ITAT Mumbai rules that income earned from a consultancy business, even with TDS deductions, should not be taxed under Section 44ADA of the Income Tax Act....

Deeming section 69 doesn’t apply when source of surrendered income proved to be business income

Sharp Chucks and Machines Pvt. Ltd. Vs DCIT (ITAT Amritsar) - ITAT Amritsar held that once source of surrendered income is proved to be business income, the same cannot be taxed as deemed income under section 69 read with section 115BBE of the Income Tax Act....

Reopening of assessment without any fresh tangible material unsustainable

Nainudevi A. Prajapati Vs ITO (ITAT Ahmedabad) - ITAT Ahmedabad held that reopening of assessment under section 147 of the Income Tax Act initiated on a mere change of opinion without any fresh tangible material unsustainable in law....

Profit estimation of 10% instead of 8% adopted under presumptive taxation scheme justified

Shiv Shakti Construction Vs ACIT (ITAT Delhi) - ITAT Delhi held that estimation of profit at 10%, instead of 8% as adopted under presumptive scheme of taxation provided u/s. 44AD, justified as the same is guided by the principles of objectivity, fairness and consideration of justice....

Additional disallowance without converting limited scrutiny to complete scrutiny unsustainable

Muniyappa Muniraju Vs ITO (ITAT Bangalore) - ITAT Bangalore held that disallowance of deduction claimed u/s 54F unjustified as no steps were taken to convert the limited scrutiny into complete scrutiny. Accordingly, disallowance deleted....

CBDT amends rules pertaining to registration, approval & activities of Institutions, trusts & funds

Notification No. 45/2023-Income-Tax [G.S.R. 457(E)] - (23/06/2023) - The amendments brought about by Notification No. 45/2023 – Income-Tax (Income-tax (Eleventh Amendment) Rules, 2023) encompass multiple provisions and rules within the Income-tax Act, 1961. The notification details changes to rule 2C, rule 11AA and rule 17A of Income-tax Rules, 1962, under diff...

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 ̵...

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...

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)...

Recent Posts in "Section 44AD"

No Section 44ADA Addition for Consultancy Income by 10th-Passed Assessee

Vishnu Dattatraya Ponkshe Vs Central Processing Centre (ITAT Mumbai)

ITAT Mumbai rules that income earned from a consultancy business, even with TDS deductions, should not be taxed under Section 44ADA of the Income Tax Act....

Deeming section 69 doesn’t apply when source of surrendered income proved to be business income

Sharp Chucks and Machines Pvt. Ltd. Vs DCIT (ITAT Amritsar)

ITAT Amritsar held that once source of surrendered income is proved to be business income, the same cannot be taxed as deemed income under section 69 read with section 115BBE of the Income Tax Act....

Income Tax Practices: Common Mistakes and Solutions

Explore crucial issues in income tax practices, including Section 44AD, TDS obligations, LTCG exemptions, cash deposits, and tax deductions under Section 80G in India....

Posted Under: Income Tax |

Presumptive Taxation Scheme for Business Section 44AD of Income Tax Act

Discover simplified taxation scheme under Section 44AD of Income Tax Act. Learn eligibility criteria, exemptions, and key insights into this taxpayer-friendly approach....

Posted Under: Income Tax | ,

How Tax Audits Ease Business Journeys & helps as ‘Vighna-harta!

Discover the parallels between Ganesh Chaturthi and income tax audits. Learn how audits remove uncertainties, boost financial transparency, and pave the way for success....

Posted Under: Income Tax |

Reopening of assessment without any fresh tangible material unsustainable

Nainudevi A. Prajapati Vs ITO (ITAT Ahmedabad)

ITAT Ahmedabad held that reopening of assessment under section 147 of the Income Tax Act initiated on a mere change of opinion without any fresh tangible material unsustainable in law....

Profit estimation of 10% instead of 8% adopted under presumptive taxation scheme justified

Shiv Shakti Construction Vs ACIT (ITAT Delhi)

ITAT Delhi held that estimation of profit at 10%, instead of 8% as adopted under presumptive scheme of taxation provided u/s. 44AD, justified as the same is guided by the principles of objectivity, fairness and consideration of justice....

Additional disallowance without converting limited scrutiny to complete scrutiny unsustainable

Muniyappa Muniraju Vs ITO (ITAT Bangalore)

ITAT Bangalore held that disallowance of deduction claimed u/s 54F unjustified as no steps were taken to convert the limited scrutiny into complete scrutiny. Accordingly, disallowance deleted....

Tax Audit under Income Tax Act,1961

Explore intricacies of Tax Audit under Income Tax Act 1961. Dive deep into its applicability, tax report components, filing deadlines, penalties, and more....

Posted Under: Income Tax |

Section 44AD: Production supervisor can adopt Presumptive Taxation scheme

Mehjabeen Masood Khan Vs ITO (ITAT Mumbai)

ITAT Mumbai rules in favor of a production supervisor, declaring no illegality in adopting presumptive tax under section 44AD. Full analysis of the case....

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