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...
ITAT Bangalore held that addition u/s. 69A unjustified as cash deposited in bank account is from business income and the same is already considered under the Profits & gains of business or profession.
ITAT Chennai held that approval of large number of cases in a single day cannot be reason for faulting reopening of assessment since the case was reopened u/s. 148 of the Income Tax Act after due application of mind.
Addition of cash deposit under section 68 was not justified as the same could only be invoked if the taxpayer maintained books of accounts and assessee filed an income tax return under Section 44AD which did not require books of accounts.
Learn about taxation on derivatives and F&O transactions, their treatment as business income, audit requirements, and presumptive taxation options.
The ITAT Jaipur ruled in ACIT vs Naresh Jain, addressing Section 115BBE, unexplained income, and the benefit of telescoping in tax assessments.
Discover the right ITR form for senior and super senior citizens, including tax rates, exemptions, and filing conditions for FY 2024-25.
ITAT Ahmedabad held that initiation of proceedings u/s. 147 of the Income Tax Act based on material found during search of another company is untenable as proceedings should be initiated u/s. 153C and not u/s. 147.
Understand when to pay advance tax, the due dates, and the consequences of late payments, including interest charges under sections 234B and 234C.
Join our 5-day live course from Sept 8-12, 2024, for an in-depth understanding of tax audits under Section 44AB, with practical insights and ethical guidelines.
Join our live course from Aug 23-25, 2024, to master tax audits, including Form 3CD, financial statements, and GST, with practical insights from CA Sachin Jain.
