Income Tax : Understand income tax rules for cash deposits in businesses using presumptive taxation (Sec 44AD, 44AE). Learn about unexplained c...
Income Tax : Understand Section 44AD of the Income Tax Act: presumptive business income, eligibility, turnover limits, and tax implications for...
CA, CS, CMA : CBDT notifies amendments in Form 3CD from AY 2025–26, covering MSME interest, buy-backs, presumptive tax, and cross-border payme...
Income Tax : Understand advance tax rules, due dates, and penalties for non-compliance. Learn how to avoid interest charges under sections 234B...
Income Tax : Learn the differences between TDS and Advance Tax, their applicability, payment schedules, penalties, and tax planning tips to ens...
Income Tax : Join our 5-day live course from Sept 8-12, 2024, for an in-depth understanding of tax audits under Section 44AB, with practical in...
Income Tax : Join our live course from Aug 23-25, 2024, to master tax audits, including Form 3CD, financial statements, and GST, with practical...
Income Tax : Exposure Draft of Revised ‘Guidance Note on Tax Audit under section 44AB of Income-tax Act, 1961’ is issued by ICAI Direct Tax...
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 reques...
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...
Income Tax : Income Tax appeal dismissed. Tribunal upholds CIT(A)'s order allowing 8% profit estimation on Kirana store turnover against unexpl...
Income Tax : Additions under Section 69A could not be sustained without concrete evidence and due process and AO had not brought any tangible e...
Income Tax : ITAT Mumbai held that presumptive taxation scheme under section 44AD of the Income Tax Act is duly applicable to nursing home sinc...
Income Tax : ITAT Pune held that estimation of profit at 8% in case of contract work for government department, by taking provisions of section...
Income Tax : ITAT Delhi held that CIT(E) has rejected application for registration u/s. 80G(5)(iii) of the Income Tax Act without giving cogent...
Income Tax : The amendments brought about by Notification No. 45/2023 – Income-Tax (Income-tax (Eleventh Amendment) Rules, 2023) encompas...
Income Tax : Notification No. 8/2020-Income-Tax- CBDT has notified Other electronic modes by inserting New Income TAx Rule 6ABBA. It also amend...
Income Tax : In compliance to the judgments of various High Courts and after considering the representations received for extension of the due ...
Income Tax : Notification No. 33/2014-Income Tax S.O. 1902 (E).. In exercise of the powers conferred by section 295 read with section 44AB of t...
In the case of Bulu Ghosh vs. ITO, the ITAT Kolkata ruled that profit cannot be estimated without rejecting books of account. Read the full text of the order here.
Explore the impact of demonetization on cash deposits in India and the key legal insights from Section 69A vs. Section 44AD cases. Get valuable tax information.
ITAT Delhi rules in favor of Narendra Kumar Gupta, stating that books of account and vouchers are not required in a 44AD return, deleting additions u/s 69A.
Gujarat High Court held that reopening of assessment under section 147 of the Income Tax Act merely based on ‘borrowed satisfaction’ as against statutory requirement of ‘independent satisfaction’ is bad-in-law.
ITAT Raipur held that interest income earned is not equal to the percentage of interest expenditure incurred cannot be reason for disqualifying expenditure within the provision of section 57(iii) of the Income Tax Act.
Understanding who must maintain books of accounts, specific requirements, and penalties for non-compliance. A detailed guide for businesses and professionals.
ITAT Raipur held that revisionary proceedings cannot be termed as illegal or not maintainable when the assessee have not responded and remain non-compliant in explaining his case before the PCIT.
In a significant victory for the assessee, ITAT Ahmedabad rules in favor, deleting disallowance of vehicle, telephone, and salary expenses. Full analysis here.
The ITAT Chennai rules that an assessment order passed without proper examination of evidence can be deemed erroneous and prejudicial to the interest of the Revenue.
Discover the simplicity of Presumptive Taxation for small businesses! Unraveling Sections 44AD, 44ADA, and 44AE of the Income Tax Act, this article explains how this streamlined approach eases tax complexities, benefits small businesses, and simplifies the filing process. Learn about eligibility criteria, computation methods, and the potential impact of opting in or out. Simplify your tax journey with Presumptive Taxation.
