Income Tax : Budget 2024 brings into focus the complexities and challenges surrounding presumptive taxation in India, particularly under sectio...
Income Tax : Stay updated with key changes and precautions in filing your Income Tax Return for FY 2023-24 to avoid penalties and ensure accura...
Income Tax : Decode tax intricacies on derivatives transactions, understand income classification, tax audit applicability, and potential legis...
Income Tax : Discover the intricacies of Income Tax Returns (ITR) in India, from types of forms to required documents and compliance measures, ...
Income Tax : Learn about Section 44AD, a simplified method to compute business income, excluding some entities. Thresholds and tax implications...
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 : Dear Taxpayer, As per the section 44AB of Income Tax Act, the books of accounts for the relevant previous year are required to be...
CA, CS, CMA : ICAI decided to exclude audit conducted under section 44ADA of Income-tax Act, 1961 for reckoning the specified number of tax audi...
Income Tax : ITAT noted that CIT(A)'s decision was reasoned, considering discrepancies in repayment timelines and absence of proper documentati...
Income Tax : 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 assessm...
Income Tax : ITAT Mumbai invalidates income tax assessment for a merged entity, emphasizing the legal principle against actions on non-existent...
Income Tax : Navigate complexities of personal income tax in India for FY 2023-2024. Learn about filing returns, responding to notices, and opt...
Income Tax : Appellant contended that since he had filed income tax returns under section 44AD of the Act, which does not require maintenance o...
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...
CA Brijesh Baranwal 1. As per the provisions of section 44AB/44AD of the Income Tax Act, 1961, every person carrying a business whose turnover exceeds Rs.1Cr./ 2 Cr. (as the case may be) or carrying a profession whose receipts exceeds Rs. 50 Lakhs in the financial year 2017-2018, must get his accounts audited before filing […]
CA Tarannum Khatri Section 44AA: Maintenance of Books of Accounts WHO SHOULD MAINTAIN: Person carrying on business / profession whose total income exceeds INR 1,20,000 in any one of the three years immediately preceding the previous year; In case of in case of individual or HUF provisions are applicable in case total income exceeds INR […]
PRESUMPTIVE TAX INTRODUCTION Sections 44AD, 44ADA & 44AE Introduced to help small business men, Traders and Professionals i. Section 44AD – Small Business/Traders for Turnover up to Rs. 2 Crores ii. Section 44ADA – Professionals – Gross receipts up to Rs. 50 Lakhs iii. Section 44AE – Truck owners owning not more than 10 trucks […]
Dear Taxpayer, As per the section 44AB of Income Tax Act, the books of accounts for the relevant previous year are required to be audited by a Chartered Accountant and the audit report has to be electronically filed prior to or along with the return of income before the due date. In order to assist to […]
ICAI decided to exclude audit conducted under section 44ADA of Income-tax Act, 1961 for reckoning the specified number of tax audit assignments
Once a taxpayer opts for this Scheme and files the returns of income for a year and in the subsequent year if he declares lower income than the prescribed percentage then he shall not be eligible to claim the benefit of this section for the next five years and in addition if his total income […]
The presumptive taxation scheme is framed under Three sections- Section 44AD and Section 44ADA & Section 44AE of the Income Tax Act, 1961. Person adopting presumptive taxation schemes are exempt from getting their books of account audited.
As per section 44AB of the Income tax act, certain persons are required to get their accounts audited till 30th September by the CA and furnish a report of such audit in the prescribed form duly verified and signed by the CA.
How to Pay Less Tax for Professionals and Small Businesses under Income Tax Act, Presumptive Taxation under Section 44AD and 44ADA Presumptive Taxation under 44AD There are small businessmen who are unable to keep and maintain books of accounts for various reasons, can opt for presumptive taxation and declare profits at 8% under section 44AD […]
Section 44ADA is inserted with effect from financial year 2016-17 and deals Special provision for computing profits and gains of profession on presumptive basis for Certain professionals referred to in section 44AA(1) of the Income Tax Act whose total gross receipts from profession does not exceed Rs. 50 lakhs in a financial year.
