2 Section 44AD

Section 44AD - Page 3

ITAT taxed Income of Small Businessman at a presumptive rate – Section 44AD

Mahesh K. Bhutiya Vs ITO (ITAT Rajkot)

Mahesh K. Bhutiya Vs ITO (ITAT Rajkot) We have noted that the Revenue has accepted the income returned by the assessee from his business by applying 5% profit rate to his turnover of Rs. 20,85,825/-. It is evident therefore that it is an accepted fact that the assessee is a very small businessman and it […]...

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Liability to deduct section 194R TDS on Benefit or Perquisite in Business or Profession

Any person being Individual/HUF/Company/Firm/LLP etc. providing any benefit or perquisite whether convertible into money or not, is liable w.e.f. 1-7-2022 to deduct TDS U/s 194R @ 10% on the value or aggregate value of such benefit or perquisite....

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Posted Under: Income Tax |

Draft Revised ‘Guidance Note on Tax Audit under section 44AB

Exposure Draft of Revised ‘Guidance Note on Tax Audit under section 44AB of Income-tax Act, 1961’ is issued by ICAI Direct Taxes Committee ...

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No invocation of sec 68 if assessee filed ITR u/s 44AD without maintaining books of account

Narendra Chandubhai Rafaliya Vs ITO (ITAT Ahmedabad)

Existence of books of account maintained by assessee was a condition precedent for making addition under section 68. Where assessee had not maintained books of account, there was no legal scope to invoke provisions of section 68 and as such, addition made on such premise was to be deleted....

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ITAT deletes penalty for not getting account audited in absence of determination of turnover

Yuvraj Singh Vs ITO (ITAT Delhi)

Yuvraj Singh Vs ITO (ITAT Delhi) ITAT find that reasonable cause exists for failure of the assessee to get his account audited in respect of previous year relevant to Assessment Year 2011-12 in question. The assessee has claimed turnover in business to the tune of Rs.58,42,500/-which is below the threshold of Rs.60 lac applicable at [&hel...

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List of Businesses/ Professions that cannot opt for presumptive taxation scheme covered u/s 44AD

Any resident individual; resident Hindu Undivided Family and resident Partnership Firm (not LLP) whose total turnover/ gross receipts for the year don’t exceed INR 2 Crores are eligible to opt for the presumptive taxation scheme covered u/s 44AD of the Income Tax Act. Notably, presumptive taxation scheme u/s 44AD is applicable to all th...

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Presumptive Income Taxation Scheme in India: A Detailed Analysis

In order to give relief to small businessmen and professionals from the tedious job of maintaining books of accounts to getting their accounts audited, the Income Tax Act has introduced Presumptive Taxation Scheme under Section 44AD, Section 44ADA and Section 44AE. Under Presumptive Taxation Scheme, the income is calculated on a presumpti...

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Posted Under: Income Tax |

Tax Audit- Incentives to encourage cashless business transaction

 AMENDMENT IN TAX AUDIT PROVISIONS The Finance Act, 2020 has introduced a proviso to sec 44AB(a) to encourage less-cash economy and to encourage digital transactions. If the turnover of the assessee is up to Rs.5 crores and his cash receipts are up to 5% of total receipts and the cash payments are up to 5 […]...

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Posted Under: Income Tax | ,

Presumptive taxation- Section 44AD, 44ADA, 44AEAC

To give relief to small taxpayers from the tedious job of maintenance of books of account and from getting the accounts audited, the Income-tax Act has framed the presumptive taxation scheme under sections 44AD, section 44ADA and section 44AE. In this part you can gain knowledge about various provisions of the presumptive taxation scheme ...

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Income Tax audit under section 44AB​: FAQs

​Articles deals with Income Tax Audit Provisions in India. It explains What is tax audit, objective of tax audit, who is compulsorily required to get his accounts audited, What are Form Nos. 3CA/3CB and 3CD, Due Date for Tax Audit, penalty for not getting the accounts audited as required by section 44AB....

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