Section 44AD

Analysis of applicability of section 44AD, 44AB for (F&O) transactions

Income Tax - Applicability of 44AD and 44AB in case of Derivative (F&O) transactions: Para 5.14 of Guidance Note on Tax Audit under Section 44AB of the Income-tax Act, 1961 provides for method of calculating the turnover or gross receipts to ascertain whether tax audit will be applicable or not. The same is reproduced as under: Derivatives, future...

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Section 44AD of Income Tax Act, 1961 post amendment by finance act, 2016

Income Tax - All about Section 44AD of the Income Tax Act, 1961 post amendment by finance act, 2016: (More specifically post replacement of Sub-Section 4 and 5 of 44AD) Before going into the discussion, it is better to understand the gist of this section for the benefit of readers as per current position of the provision: Section […]...

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Section 44AD- A comprehensive coverage

Income Tax - SECTION 44AD Who is eligible to adopt Section 44AD? Section 44AD is a well-known presumptive taxation scheme available to individuals, HUF and partnership firms (not including limited liability partnerships) for declaring their income on a presumptive basis which is not less than 8% of total turnover declared for the financial year. Secti...

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Section 44AD (Presumptive Taxation (AY 2018-19)

Income Tax - 1. Applicability of Section 44AD  Any business which has a turnover of less than Rs. 2 crores can opt for presumptive taxation under this section. Following class of businesses are out of scope of Section 44AD. – Life Insurance Agents – Commission of any kind – Running the business of Plying, Hiring or leasing Goods […]...

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5 Things You Must Know About Tax Audit

Income Tax - CA Brijesh Baranwal 1. As per the provisions of section 44AB/44AD of the Income Tax Act, 1961, every person carrying a business whose turnover exceeds Rs.1Cr./ 2 Cr. (as the case may be) or carrying a profession whose receipts exceeds Rs. 50 Lakhs in the financial year 2017-2018, must get his accounts audited before filing […]...

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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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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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Construction Business- In absence of Books 8% Net Profit held reasonable in Tax Audit case

Commissioner 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....

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Download Gujarat HC Judgment on Extension of ITR Due Date

All 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....

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Non Applicability of S. 44AD does not mean that profit will lower than 8% when turnover is more than Rs. 40.00 lacs

Shri 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....

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If assessee disclosed Profit U/s. 44AD no disallowance u/s 40(a)(ia) can be made

I.T.O. Vs Mark Construction (ITAT Kolkata) - Once under the special provision of section 44AD of the IT Act exemption from maintenance of books of accounts have been provided and the presumptive tax at 8% of the gross receipts itself is the basis for determining the taxable income, the assessee was not under obligation to explain individual en...

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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"

Analysis of applicability of section 44AD, 44AB for (F&O) transactions

Applicability of 44AD and 44AB in case of Derivative (F&O) transactions: Para 5.14 of Guidance Note on Tax Audit under Section 44AB of the Income-tax Act, 1961 provides for method of calculating the turnover or gross receipts to ascertain whether tax audit will be applicable or not. The same is reproduced as under: Derivatives, future...

Read More
Posted Under: Income Tax |

Section 44AD of Income Tax Act, 1961 post amendment by finance act, 2016

All about Section 44AD of the Income Tax Act, 1961 post amendment by finance act, 2016: (More specifically post replacement of Sub-Section 4 and 5 of 44AD) Before going into the discussion, it is better to understand the gist of this section for the benefit of readers as per current position of the provision: Section […]...

Read More
Posted Under: Income Tax |

Section 44AD- A comprehensive coverage

SECTION 44AD Who is eligible to adopt Section 44AD? Section 44AD is a well-known presumptive taxation scheme available to individuals, HUF and partnership firms (not including limited liability partnerships) for declaring their income on a presumptive basis which is not less than 8% of total turnover declared for the financial year. Secti...

Read More
Posted Under: Income Tax |

Section 44AD (Presumptive Taxation (AY 2018-19)

1. Applicability of Section 44AD  Any business which has a turnover of less than Rs. 2 crores can opt for presumptive taxation under this section. Following class of businesses are out of scope of Section 44AD. – Life Insurance Agents – Commission of any kind – Running the business of Plying, Hiring or leasing Goods […]...

Read More
Posted Under: Income Tax |

5 Things You Must Know About Tax Audit

CA Brijesh Baranwal 1. As per the provisions of section 44AB/44AD of the Income Tax Act, 1961, every person carrying a business whose turnover exceeds Rs.1Cr./ 2 Cr. (as the case may be) or carrying a profession whose receipts exceeds Rs. 50 Lakhs in the financial year 2017-2018, must get his accounts audited before filing […]...

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Posted Under: Income Tax |

Quick Insight on sec 44AA, 44AB, 44AD – Presumptive Taxation

CA Tarannum Khatri Section 44AA: Maintenance of Books of Accounts WHO SHOULD MAINTAIN: Person  carrying on business / profession whose total income exceeds INR 1,20,000 in any one of the three years immediately preceding the previous year; In case of in case of individual or HUF provisions are applicable in case total income exceeds INR ...

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Posted Under: Income Tax |

PPT on Presumptive Taxation under Income Tax Act

PRESUMPTIVE TAX INTRODUCTION Sections 44AD, 44ADA & 44AE Introduced to help small business men, Traders and Professionals i. Section 44AD – Small Business/Traders for Turnover up to Rs. 2 Crores ii. Section 44ADA – Professionals – Gross receipts up to Rs. 50 Lakhs iii. Section 44AE – Truck owners owning not more than 10 trucks...

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Posted Under: Income Tax |

Income Tax audit under section 44AB​: FAQs

​Articles deals with Income Tax Audit Provisions in India. It explains What is tax audit, objective of tax audit, who is compulsorily required to get his accounts audited, What are Form Nos. 3CA/3CB and 3CD, Due Date for Tax Audit, penalty for not getting the accounts audited as required by section 44AB....

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Posted Under: Income Tax | ,

Presumptive Taxation Scheme- 25 Things You Must Know

As per sections 44AA of the Income-tax Act, 1961, a person engaged in business is required to maintain regular books of account under certain circumstances. To give relief to small taxpayers from this tedious work, the Income-tax Act has framed the presumptive taxation scheme under sections 44AD, sections 44ADA and sections 44AE....

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CPC advisory on applicability of Tax Audit to business and profession

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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