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...
ITAT directed the CIT(A) to re-examine the matter, taking into account the written submission filed by the assessee during e-proceedings. The ITAT emphasized the importance of affording the assessee a fair opportunity to substantiate its claims with supporting evidence.
The ITAT Kolkata has deleted the penalty in Prem Kumar Goutam vs. DCIT, ruling that the AO cannot demand a Profit and Loss Account for Section 44AD income. Get the details.
In the case of Bulu Ghosh vs. ITO, the ITAT Kolkata ruled that profit cannot be estimated without rejecting books of account. Read the full text of the order here.
Explore the impact of demonetization on cash deposits in India and the key legal insights from Section 69A vs. Section 44AD cases. Get valuable tax information.
ITAT Delhi rules in favor of Narendra Kumar Gupta, stating that books of account and vouchers are not required in a 44AD return, deleting additions u/s 69A.
Gujarat High Court held that reopening of assessment under section 147 of the Income Tax Act merely based on ‘borrowed satisfaction’ as against statutory requirement of ‘independent satisfaction’ is bad-in-law.
ITAT Raipur held that interest income earned is not equal to the percentage of interest expenditure incurred cannot be reason for disqualifying expenditure within the provision of section 57(iii) of the Income Tax Act.
ITAT Raipur held that revisionary proceedings cannot be termed as illegal or not maintainable when the assessee have not responded and remain non-compliant in explaining his case before the PCIT.
In a significant victory for the assessee, ITAT Ahmedabad rules in favor, deleting disallowance of vehicle, telephone, and salary expenses. Full analysis here.
The ITAT Chennai rules that an assessment order passed without proper examination of evidence can be deemed erroneous and prejudicial to the interest of the Revenue.
