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 deposits received and remitted by the assessee as a Bank of India business correspondent could not be treat...
Income Tax : Pune ITAT observed that the Revenue had accepted the assessee's scrap business in earlier and later years by estimating profit on ...
Income Tax : The assessee contended that cash deposits in the bank account represented sales proceeds from a medicine business. The ITAT remand...
Income Tax : The Pune ITAT held that estimating net profit at 18% of contract receipts was excessive in the absence of supporting material. App...
Income Tax : The Tribunal observed that taxpayers opting for presumptive taxation are not required to maintain books of account and therefore S...
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 noted that CIT(A)’s decision was reasoned, considering discrepancies in repayment timelines and absence of proper documentation or corroborative evidence. It concluded that CIT(A)’s findings were based on facts and did not merely rely on suspicion.
Read the full text of the ITAT Mumbai order in the case of Krimesh Ramesh Divecha Vs DCIT for A.Y. 2015-16. Understand the assessment details and implications.
Stay updated with key changes and precautions in filing your Income Tax Return for FY 2023-24 to avoid penalties and ensure accurate reporting.
Decode tax intricacies on derivatives transactions, understand income classification, tax audit applicability, and potential legislative changes for effective tax planning.
ITAT Mumbai invalidates income tax assessment for a merged entity, emphasizing the legal principle against actions on non-existent entities.
Discover the intricacies of Income Tax Returns (ITR) in India, from types of forms to required documents and compliance measures, ensuring smooth tax filing.
Learn about Section 44AD, a simplified method to compute business income, excluding some entities. Thresholds and tax implications are explained here.
Navigate complexities of personal income tax in India for FY 2023-2024. Learn about filing returns, responding to notices, and optimizing your tax obligations. Get expert insights and avoid common pitfalls.
Appellant contended that since he had filed income tax returns under section 44AD of the Act, which does not require maintenance of books of account, section 69A was not applicable.
Hyderabad ITAT grants additional opportunity to taxpayer to explain nature & source of cash deposits made during demonetization. Read full text.
