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...
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...
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 ITAT Delhi held that once income higher than the presumptive rate under Section 44AD was declared, the assessee was not requir...
Income Tax : ITAT Kolkata held that presumptive taxation under Section 44AD was wrongly invoked where the assessee’s turnover exceeded ₹2 c...
Income Tax : The ITAT held that reassessment notices issued on 25.07.2022 were time-barred since the Revenue had only one surviving day left un...
Income Tax : The case dealt with rejection of books due to unverifiable expenses and lack of supporting records. The ITAT upheld rejection but ...
Income Tax : The Tribunal held that interest expenses cannot be disallowed when the trust merely facilitates transactions and costs are reimbur...
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...
The Tribunal held that unsigned excel sheets without supporting evidence cannot justify additions. It ruled that absence of corroboration and cross-examination renders such documents unreliable.
The Income Tax Act, 2025 introduces Section 58, consolidating earlier presumptive taxation schemes into one unified framework. It simplifies compliance for small businesses and professionals while imposing structured eligibility and lock-in conditions.
The tribunal ruled that business income under section 44AD cannot be taxed using section 44ADA provisions. Presumptive schemes must be applied strictly as per law.
The calendar lists all major statutory deadlines across laws. It helps businesses track filings and avoid penalties through timely compliance.
The Tribunal held that GST collected is not part of income for presumptive taxation under section 44B. It ruled that GST is a statutory levy and cannot be treated as revenue.
The issue involved revision of assessment where income was declared under Section 44AD. The Tribunal held that absence of books makes Section 68 inapplicable. The takeaway is that revision cannot be based on lack of records not required by law.
Tribunal held that once income is computed under section 44AD using stamp duty value as turnover, a separate addition under section 43CA leads to double taxation and is not permissible.
The Tribunal ruled that section 44ADA applies only to specified professions and cannot be invoked for business income covered under section 44AD. Arbitrary substitution of a higher rate by the AO was held unsustainable.
The Tribunal held that a notice issued under section 148 beyond the six-year limitation under the old law is invalid. It clarified that the first proviso to section 149 bars such reopening even under the amended regime.
The case examined if failure to conduct audit permits arbitrary profit estimation. The ITAT ruled that absence of audit alone cannot justify 8% estimation when books are maintained and not rejected.
