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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...
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Rajesh Mittal Vs ITO (ITAT Dehradun) The only issue pertains to application of provisions u/s 44AD of the Income Tax Act, 1961. The assessee earned income from sale & purchase of derivatives which the AO held that the same should be treated as business income. The assessee has also incurred losses in the derivatives trading […]
Shri Selvaperumal Govindraj Vs ITO (ITAT Chennai) We noted that the legal position is very clear that profit rate as mentioned in the provisions of Section 44AD of the Act, cannot be applied to commission agents who are doing business of agency commission or earning commission income only in view of provisions of Section 44AD(6)(iii) […]
Admittedly, the assessee who was an individual in that case was not carrying on any business and the remuneration and interest received by the assessee from the partnership firm cannot be termed to be a turn over of the assessee (individual).
The issue under consideration in this write up is whether disallowance u/s 40(a)(ia), 40A & 43B of Income Tax Act, 1961 are attracted in case of an eligible assessee declaring income under presumptive taxation scheme contained in section 44AD, 44ADA & 44AE. Section 44AD, 44ADA & 44AE starts with a non-obstante clause reading as ”Notwithstanding […]
Here, in this article I have made an attempt to solve the practical issues that are arising to the Tax Professionals in day to day practice (by decoding Income Tax Act Sec. 44AB along with 44AA, 44AD, 44ADA & 44AE). This article mainly focuses on Individual & HUF assessees.
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.
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
TAX AUDIT PROVISIONS ARE GOVERNED BY SECTION 44AB, 44AD AND 44ADA. If you see Section 44AB, then it provides that every business need to go for Tax audit if more than Rs. 1 crore Turnover in Previous year. However from AY 2021-22 every person carrying on business, whose turnover does not exceed Rs. 10 Crore, is not required to get their […]
PRESUMPTIVE TAXATION SCHEMES SECTION 44AD: SPECIAL PROVISIONS FOR COMPUTATION OF INCOME ON ESTIMATION BASIS Notwithstanding anything to contrary contained in sections 28 to 43C, -in case of a resident assessee being an individual, HUF, or a partnership firm excluding LLP; -engaged in a -a sum equal to 8% (6%*) of the total turnover or gross […]
If a person adopts the provisions of section 44AD and declares income @ 8% of the turnover, then the assessee is not required to maintain the books of account as provided for under section 44AA in respect of business covered under the presumptive taxation scheme of section 44AD.
