Income Tax : Understand income tax rules for cash deposits in businesses using presumptive taxation (Sec 44AD, 44AE). Learn about unexplained c...
Income Tax : Understand Section 44AD of the Income Tax Act: presumptive business income, eligibility, turnover limits, and tax implications for...
CA, CS, CMA : CBDT notifies amendments in Form 3CD from AY 2025–26, covering MSME interest, buy-backs, presumptive tax, and cross-border payme...
Income Tax : Understand advance tax rules, due dates, and penalties for non-compliance. Learn how to avoid interest charges under sections 234B...
Income Tax : Learn the differences between TDS and Advance Tax, their applicability, payment schedules, penalties, and tax planning tips to ens...
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 : 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 : Income Tax appeal dismissed. Tribunal upholds CIT(A)'s order allowing 8% profit estimation on Kirana store turnover against unexpl...
Income Tax : Additions under Section 69A could not be sustained without concrete evidence and due process and AO had not brought any tangible e...
Income Tax : ITAT Mumbai held that presumptive taxation scheme under section 44AD of the Income Tax Act is duly applicable to nursing home sinc...
Income Tax : ITAT Pune held that estimation of profit at 8% in case of contract work for government department, by taking provisions of section...
Income Tax : ITAT Delhi held that CIT(E) has rejected application for registration u/s. 80G(5)(iii) of the Income Tax Act without giving cogent...
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...
It is also noteworthy that the learned Departmental Representative (DR), during the hearing, did not point out any material differences between the facts of the present case and those of the earlier assessment years.
ITAT Jaipur remands Jai Prakash Sharma’s case for fresh hearing after CIT(A) added ₹12,06,189 as undisclosed income due to non-compliance in earlier proceedings.
ITAT Mumbai allows Hotel Deepak’s appeal, holding that a survey statement u/s 133A can’t be the sole basis for income addition when discrepancies exist and expenses are substantiated. The tribunal cites a prior similar ruling.
Simplify taxes with Section 44AD’s presumptive taxation for small businesses. Learn eligibility, rates, and conditions for maintaining compliance.
ITAT Pune remands appeal for reconsideration, citing leniency for a senior citizen taxpayer’s advance tax shortfall. Case to be decided on merits.
ITAT Chennai held that estimation of 8% as income on the total receipt by AO is justifiable since assessee failed to substantiate its claim of earning 5% commission on total receipt. Accordingly, addition confirmed and appeal dismissed.
ITAT Jaipur held that disallowance of cash payment under section 40A(3) of the Income Tax Act deleted since genuineness of the transactions and the payment and identity of the receiver are established. Accordingly, appeal allowed.
ITAT Pune held that addition toward unexplained expenditure is liable to be deleted since assessee inadvertently mentioned ‘commission expense’ instead of actual ‘construction expenses. Accordingly, appeal allowed.
Assessee didnot file return for the year under consideration. As per AIMS module information received that assessee has deposited the amount of Rs.16,84,100/- as cash during the demonetization period. Case was reopened notice was issued accordingly.
It was argued on behalf of assessee that PCIT is wrong in concluding that return filed u/s 44AD did not envisage the maintenance of any Books of Accounts. Section 68 can be invoked only if there is any entry in the Books of Accounts.
