Income Tax : Understand income tax rules for cash deposits in businesses using presumptive taxation (Sec 44AD, 44AE). Learn about unexplained c...
Income Tax : Understand Section 44AD of the Income Tax Act: presumptive business income, eligibility, turnover limits, and tax implications for...
CA, CS, CMA : CBDT notifies amendments in Form 3CD from AY 2025–26, covering MSME interest, buy-backs, presumptive tax, and cross-border payme...
Income Tax : Understand advance tax rules, due dates, and penalties for non-compliance. Learn how to avoid interest charges under sections 234B...
Income Tax : Learn the differences between TDS and Advance Tax, their applicability, payment schedules, penalties, and tax planning tips to ens...
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 : CAAS has made a representation to Union Finance Minister and brought to her attention the Flaws in New Income Tax Portal which are...
Income Tax : Income Tax appeal dismissed. Tribunal upholds CIT(A)'s order allowing 8% profit estimation on Kirana store turnover against unexpl...
Income Tax : Additions under Section 69A could not be sustained without concrete evidence and due process and AO had not brought any tangible e...
Income Tax : ITAT Mumbai held that presumptive taxation scheme under section 44AD of the Income Tax Act is duly applicable to nursing home sinc...
Income Tax : ITAT Pune held that estimation of profit at 8% in case of contract work for government department, by taking provisions of section...
Income Tax : ITAT Delhi held that CIT(E) has rejected application for registration u/s. 80G(5)(iii) of the Income Tax Act without giving cogent...
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...
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.
Learn the differences between TDS and Advance Tax, their applicability, payment schedules, penalties, and tax planning tips to ensure compliance and avoid fines.
Explore our analysis on including Company Secretaries as Accountants under the Income-Tax Bill 2025. Benefits include improved compliance, cost efficiency, and governance.
Understand whether director remuneration is taxed as salary or business income. Learn about tax implications, employer-employee relationships, and GST applicability.
#AD Taxation is essential for businesses, but for small enterprises and professionals, it can be complex and time-consuming. Micro, Small, and Medium Enterprises (MSMEs) often struggle with bookkeeping, tax compliance, and audits, which can lead to financial inefficiencies and penalties for non-compliance. Recognizing these challenges, the Indian government introduced the Presumptive Taxation Scheme (PTS) under […]
Section 263 could not be used merely to impose a different view on the estimation rate. Since the declared income exceeded the presumptive tax threshold, there was no loss to revenue, making the revision unjustified.
Aggrieved by the order passed by AO, assessee moved on with an appeal to CIT(A), where assessee challenged the reopening of the assessment, arguing that Section 148 was not justified.
Explore the implications of the New Income Tax Bill 2025, including changes to deductions and losses under Section 58(4), aimed at simplifying tax computation while raising concerns over consistency with existing provisions.
