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...
Income Tax : Section 44AA mandates maintenance of books by specified professionals and eligible businesses based on income or turnover limits. ...
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...
Virender Kumar Vs ITO (ITAT Jaipur) It is noted that the assessee is in the diary business in the name and style of M/s Mohan Diary, Tijara and in pursuant to notice u/s 148, he has filed his return of income u/s 44AD declaring gross receipts from his diary business amounting to Rs 14,56,230/-. The […]
Atul Dinesh Seth Vs ITO (ITAT Bnagalore) The contention of the A.R. is that once the income of the assessee estimated by applying the section 44AF of the Act, there cannot be any further addition for any lapse in the books of accounts. In these assessment years, except AY 2011-12, the turnover of the assessee is […]
For reducing the income tax burden and for providing relief from tedious taxation work to the small taxpayers, the Indian government incorporated the presumptive taxation scheme under Section 44AD. Taxpayers opting for the presumptive taxation scheme can declare their income at the prescribed rate and aren’t required to maintain the books of accounts. As per […]
Indians are shedding the traditional misconception that share trading is all about speculation and gambling. Many have now realized that intraday trading is similar to any other profession and should be treated as such. With the rise in online trading avenues as well as investor awareness, a larger number of people are now channeling their […]
Since section 44AD did not obligate assessee to maintain books, the provisions of section 68 could not be invoked where assessee had filed return of income under the provisions of section 44AD without maintaining books of account.
Dineshkumar Verma Vs ITO (ITAT Mumbai) Under the provisions of section 44AD of the Act, where the assessee is engaged in eligible business and has total turnover or gross receipts in the previous year not exceeding Rs.60,00,000/-, the assessee is eligible to file return of income on the basis of presumptive income @ 8% of […]
Whether, on the facts and circumstances of the case, the Appellate Tribunal was right in law in holding that interest and salary received by the assessee from firms in which he was a partner cannot be construed as business income u/s. 28(v) and therefore not eligible for applying the presumptive interest rate of 8% under section 44AD of the Act?
Why Presumptive Taxation required? Considering the various compliances problems faced by small taxpayers (like Shopkeepers, Small Traders, Professionals, Good Transport Agencies etc.) regarding maintenance of Book of Accounts and requirement of Audit under Income Tax Act. Government has introduced a Presumptive Taxation Scheme for Small Taxpayers. Who can claimed benefits under this Scheme? SECTION 44AD- […]
Currently, businesses having turnover of more than one crore rupees are required to get their books of accounts audited by an accountant. In order to reduce the compliance burden on small retailers, traders, shopkeepers who comprise the MSME sector, the Finance Act 2020 has raised the limit of audit by five times the turnover threshold […]
Applicability of provisions of sec 44AA, 44AB and 44AD when turnover is up to Rs. 1 crore Broadly speaking, provisions of Section 44AD of the Act are applicable to Resident Individual or HUF or Partnership Firm engaged in the business other than specified (excluded) business whose total turnover/ gross receipts are Rs.2 Crores or less. […]
