Income Tax : The Income Tax Act, 2025 replaces Sections 44AD, 44ADA, and 44AE with a unified Section 58 framework. While the structure has been...
Income Tax : Explains when professionals must undergo tax audit based on Sections 44ADA, 44AD, and 44AB. Key takeaway: audit depends on profess...
Income Tax : The Income Tax Act, 2025 introduces Section 58, consolidating earlier presumptive taxation schemes into one unified framework. It ...
Income Tax : The tribunal ruled that business income under section 44AD cannot be taxed using section 44ADA provisions. Presumptive schemes mus...
CA, CS, CMA : The calendar lists all major statutory deadlines across laws. It helps businesses track filings and avoid penalties through timely...
CA, CS, CMA : The ICAI has updated guidelines for tax audit limits, retaining a 60-audit cap per member per financial year. The rule is effectiv...
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 : The ITAT Delhi held that once income higher than the presumptive rate under Section 44AD was declared, the assessee was not requir...
Income Tax : ITAT Kolkata held that presumptive taxation under Section 44AD was wrongly invoked where the assessee’s turnover exceeded ₹2 c...
Income Tax : The ITAT held that reassessment notices issued on 25.07.2022 were time-barred since the Revenue had only one surviving day left un...
Income Tax : The case dealt with rejection of books due to unverifiable expenses and lack of supporting records. The ITAT upheld rejection but ...
Income Tax : The Tribunal held that interest expenses cannot be disallowed when the trust merely facilitates transactions and costs are reimbur...
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...
Understand the provisions of tax audit under Section 44AB of the Income Tax Act, including its objectives, applicability, prescribed forms, due dates, and penalties for non-compliance by businesses and professionals.
Overview of presumptive taxation under the Income Tax Act covering sections 44AD, 44ADA, and 44AE—eligibility, ineligible businesses, income computation, record maintenance, and advance tax rules.
The ITAT restored the ₹1.11 Cr capital gains addition for the sale of alleged agricultural land back to the AO for fresh verification. The matter was sent back due to the assessee’s non-compliance and non-submission of evidence in prior proceedings.
ITAT Pune set aside an addition of Rs.38.26 lakh, accepting new evidence (affidavits from the assessee and a clerk) that the agricultural income shown in the return was a clerical error. The Tribunal ruled that no person should be taxed on income that never existed and remanded the case to the AO for fresh verification and de novo assessment.
Section 44AA mandates books for professionals and businesses exceeding income thresholds. Details presumptive tax rules, required records, retention period, and ₹25,000 penalty.
The ITAT Delhi confirmed the addition of Rs.25.35 lakh as unexplained investment for a house purchase under Section 69, ruling that the assessee failed to discharge the initial onus to prove the creditworthiness and genuineness of loans allegedly received from his mother and sister. The lenders lacked sufficient bank balances, and documentation was incomplete.
ITAT Indore deleted a ₹2 lakh addition for cash deposited during demonetisation, citing CBDT Instruction No. 3/2017 which bars verification for deposits up to ₹2.5 lakhs by individuals.
Delhi ITAT set aside income addition under Section 44AD, holding that Assessing Officer acted beyond his powers in a limited scrutiny case meant only for verifying cash deposits.
Understand Sections 234A, 234B, 234C, and 234D of the Income Tax Act covering interest on late filing, short payment, delayed advance tax, and excess refunds, including rates, calculation, and applicable periods.
Bombay High Court quashed reassessment proceedings initiated using data from a valid IDS declaration, holding that once accepted under the Income Disclosure Scheme, the Revenue cannot revisit or reassess the same income.
