Income Tax : This guide explains the presumptive taxation schemes available under the Income-tax Act, including Sections 44AD, 44ADA, and 44AE....
Income Tax : This guide explains who is required to maintain books of account under Section 44AA based on business, profession, turnover, and i...
Income Tax : The Income Tax Department explains when interest is payable for delayed return filing, advance tax defaults, deferment of instalme...
Income Tax : The Income-tax Act provides presumptive taxation schemes under Sections 44AD, 44ADA, and 44AE to reduce compliance burdens by allo...
Income Tax : The issue concerns whether declaring profits below the presumptive rate automatically triggers tax audit or whether turnover thres...
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 : ITAT Ahmedabad upheld reassessment proceedings after finding that seized diaries recorded unaccounted cash transactions exceeding ...
Income Tax : The Tribunal held that business promotion and development expenses cannot be disallowed without concrete evidence establishing the...
Income Tax : The ITAT Agra declined to condone an extraordinary delay of 2,799 days in filing the quantum appeal, holding that the explanation ...
Income Tax : ITAT Delhi set aside the assessment after finding that the assessees additional evidence had not been properly scrutinized by the ...
Income Tax : The Tribunal held that deduction of tax under Section 194J cannot automatically classify receipts as professional income. Tax auth...
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...
ITAT Mumbai held that presumptive taxation scheme under section 44AD of the Income Tax Act is duly applicable to nursing home since the assessee cannot be classified as a ‘person’ engaged in the ‘medical profession’.
ITAT Pune held that estimation of profit at 8% in case of contract work for government department, by taking provisions of section 44AD of the Income Tax Act as parameter, is justifiable. Accordingly, order of CIT(A) uphold.
Understand Section 44AD of the Income Tax Act: presumptive business income, eligibility, turnover limits, and tax implications for FY 2025-26.
ITAT Delhi held that CIT(E) has rejected application for registration u/s. 80G(5)(iii) of the Income Tax Act without giving cogent reason by disposing the matter in hyper technical manner without discussing on merits is not tenable in law.
ITAT Bangalore deletes additions under Section 69 citing presumptive taxation under Section 44AD and lack of supporting evidence by the AO.
CBDT notifies amendments in Form 3CD from AY 2025–26, covering MSME interest, buy-backs, presumptive tax, and cross-border payments.
Gujarat High Court rules write-back of provisions isn’t ‘turnover’ or ‘gross receipts’ under Sec 44AB, quashing tax return invalidation. Cites ICAI notes.
8% deemed profit rate as specified u/s 44AD is not a fixed standard & may vary depending on nature of business – Reduces profit margin on milk sales from 8% to 3%
ITAT Jaipur applies Section 44AD, taxing retail business gross deposits at 8%. Addition of Rs. 25.56 lakh reduced; appeal partly allowed.
Understand advance tax rules, due dates, and penalties for non-compliance. Learn how to avoid interest charges under sections 234B & 234C.
