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...
Income Tax : Only specified professionals can opt for presumptive taxation under Section 44ADA. Declaring less than 50% profit may trigger mand...
Income Tax : Section 44AA mandates maintenance of books of accounts by specified professionals and businesses exceeding prescribed limits. Lear...
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 interest expenses cannot be disallowed when the trust merely facilitates transactions and costs are reimbur...
Income Tax : ITAT Hyderabad holds that Section 249(4)(b) cannot bar appeal where no income is admitted and no advance tax is payable; sets asid...
Income Tax : The Tribunal held that mere suspicion of bogus transactions without supporting evidence cannot justify addition under section 68. ...
Income Tax : The issue revolved around expansion of scrutiny from cash deposits to entire bank credits. The Tribunal ruled that such expansion ...
Income Tax : The Tribunal held that unsigned excel sheets without supporting evidence cannot justify additions. It ruled that absence of corrob...
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 High Court dismisses Ravinder Kumar’s appeal, affirming tax addition for unexplained bank cash deposits due to lack of evidence for Kirana business sales.
ITAT Delhi held that addition under section 68 of the Income Tax Act towards unexplained cash credit cannot be sustained as cash deposit already included in turnover declared by the assessee in return of income. Accordingly, addition is directed to be deleted.
ITAT Delhi held that addition under section 69A of the Income Tax Act towards cash deposited during demonetization cannot be sustained as source of cash deposited is cash sales and the same is already offered to tax. Accordingly, the appeal is allowed and addition is deleted.
Understand the penalties, interest, and disallowance of expenditure under Section 201 for failure to comply with TDS provisions in India.
The ITAT Bangalore ruled in favor of Lakshmanram Bheemaji Purohit, deleting an addition for alleged bogus purchases. The court held that no disallowance can be made when an assessee files income under Section 44AD without exceeding turnover limits.
ITAT Delhi rules no books or vouchers are needed for Section 44AD income, deleting a Rs. 20.58 lakh cash deposit addition, citing a binding precedent.
Understand income tax & GST rules for freelancers in India, including Sections 44ADA, 44AD, TDS, ITR filing, and tax-saving measures for FY 2025-26.
Overview of Income Tax Returns (ITR) in India, detailing different forms (ITR-1 to ITR-7) based on taxpayer categories and income sources, plus current filing deadlines and verification tips.
ITAT Mumbai rules presumptive taxation under Section 44AD doesn’t bar Section 68 additions for unexplained cash credits from suspicious transactions.
Income Tax appeal dismissed. Tribunal upholds CIT(A)’s order allowing 8% profit estimation on Kirana store turnover against unexplained bank deposits.
