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 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 Tribunal held that deposits received and remitted by the assessee as a Bank of India business correspondent could not be treat...
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 Jaipur held that disallowance of cash payment under section 40A(3) of the Income Tax Act deleted since genuineness of the transactions and the payment and identity of the receiver are established. Accordingly, appeal allowed.
ITAT Pune held that addition toward unexplained expenditure is liable to be deleted since assessee inadvertently mentioned ‘commission expense’ instead of actual ‘construction expenses. Accordingly, appeal allowed.
Assessee didnot file return for the year under consideration. As per AIMS module information received that assessee has deposited the amount of Rs.16,84,100/- as cash during the demonetization period. Case was reopened notice was issued accordingly.
It was argued on behalf of assessee that PCIT is wrong in concluding that return filed u/s 44AD did not envisage the maintenance of any Books of Accounts. Section 68 can be invoked only if there is any entry in the Books of Accounts.
ITAT Surat held that disallowance of unaccounted purchases restricted to 12.5% of purchases instead of 25% as held by CIT(A). Accordingly, addition towards unaccounted purchases restricted.
In the matter abovementioned ITAT remanded the matter to CIT (A) after observing that no proper opportunity was given to assessee and assessee was able to substantiate the additions made by AO if opportunity may be granted.
ITAT Ranchi remanded the matter regarding addition under section 69A of the Income Tax Act back to the file of CIT(A) since paper books was not produced before AO or CIT(A).
Entire cash deposits made during demonetization could not be treated as unexplained credit and a reasonable addition of 20% of total cash deposit would be sufficient to avoid the possibility of revenue leakage.
Kerala High Court held that penalty under section 271B of the Income Tax Act, for non-compliance with provisions of section 44AB, not imposable since reasonable cause for belated filing of audit report established.
ITAT Chennai directs entire bank credits to be treated as business receipts under Section 44AD for income estimation. Cash deposit addition adjusted.
