Income Tax : Section 44AA mandates maintenance of books by specified professionals and eligible businesses based on income or turnover limits. ...
Income Tax : The Income Tax Act 2025 has merged old presumptive taxation provisions into a single Section 58 framework. The change simplifies c...
Income Tax : Explore special provisions for computing profits and gains under the Income Tax Act, 1961, covering diverse areas such as mineral ...
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...
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 Tribunal held that deposits received and remitted by the assessee as a Bank of India business correspondent could not be treat...
Income Tax : Pune ITAT observed that the Revenue had accepted the assessee's scrap business in earlier and later years by estimating profit on ...
Income Tax : The assessee contended that cash deposits in the bank account represented sales proceeds from a medicine business. The ITAT remand...
Income Tax : The Pune ITAT held that estimating net profit at 18% of contract receipts was excessive in the absence of supporting material. App...
Income Tax : The Tribunal observed that taxpayers opting for presumptive taxation are not required to maintain books of account and therefore S...
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...
Delhi ITAT held that cash credits recorded in a cash book attract Section 68 even under presumptive taxation. The Tribunal sustained ₹78 lakh addition but deleted profit addition.
The Tribunal directed estimation of income at 8% under Section 44AD after disallowing expenses due to lack of evidence in Friends Transport Carrier vs ITO.
The Tribunal held that income declared under Sections 44AE and 44AD by a transport HUF owning 10 trucks was valid. Additions for alleged profit diversion were deleted as the AO’s suspicion of tax evasion lacked evidence.
ITAT Chandigarh deleted a wrongful addition, condemning tax authorities’ misuse of authority for taxing income a consultant mistakenly declared. The ruling asserts that Income Tax Authorities must assist taxpayers in determining their correct income rather than penalize bona fide errors.
Understand key provisions of advance tax under the Income Tax Act — who is liable, due dates, revision of estimates, payment procedure, capital gains treatment, TDS credit, Form 28A requirements, and computation rules.
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.
