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...
Section 44AA mandates maintenance of books by specified professionals and eligible businesses based on income or turnover limits. Non-compliance can attract a ₹25,000 penalty.
The Tribunal held that deposits received and remitted by the assessee as a Bank of India business correspondent could not be treated as unexplained money. The addition of ₹2.31 crore under Section 69A was therefore deleted.
Pune ITAT observed that the Revenue had accepted the assessee’s scrap business in earlier and later years by estimating profit on turnover. The ruling held that this history must be considered before treating deposits as unexplained income.
The assessee contended that cash deposits in the bank account represented sales proceeds from a medicine business. The ITAT remanded the matter to the Assessing Officer to verify turnover details and determine taxable income on a reasonable basis.
The Pune ITAT held that estimating net profit at 18% of contract receipts was excessive in the absence of supporting material. Applying principles similar to presumptive taxation under Section 44AD, the Tribunal restricted the profit rate to 8% and granted substantial relief.
The Income Tax Act 2025 has merged old presumptive taxation provisions into a single Section 58 framework. The change simplifies compliance for businesses, professionals, and transport operators under one codified structure.
The Tribunal observed that taxpayers opting for presumptive taxation are not required to maintain books of account and therefore Section 68 could not be applied merely on the basis of bank statements.
The ITAT held that cash deposits during demonetisation could not be treated as unexplained when the assessee had disclosed sales and provided debtor details. The Tribunal ruled that taxing the same receipts again under Section 68 would amount to double taxation.
ITAT Agra held that reopening beyond three years under Section 149 was invalid because the final escapement of income determined by the Assessing Officer was only Rs.27 lakh. The statutory threshold of Rs.50 lakh was therefore not satisfied.
Explore special provisions for computing profits and gains under the Income Tax Act, 1961, covering diverse areas such as mineral oil exploration, small businesses on presumptive basis, professions, goods carriage operations, shipping, aircraft operation, turnkey power projects, and royalty income of non-residents. Stay updated on amendments and key details for effective tax planning.
