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...
ITAT Surat held that disallowance of unaccounted purchases restricted to 12.5% of purchases instead of 25% as held by CIT(A). Accordingly, addition towards unaccounted purchases restricted.
In the matter abovementioned ITAT remanded the matter to CIT (A) after observing that no proper opportunity was given to assessee and assessee was able to substantiate the additions made by AO if opportunity may be granted.
ITAT Ranchi remanded the matter regarding addition under section 69A of the Income Tax Act back to the file of CIT(A) since paper books was not produced before AO or CIT(A).
Entire cash deposits made during demonetization could not be treated as unexplained credit and a reasonable addition of 20% of total cash deposit would be sufficient to avoid the possibility of revenue leakage.
Kerala High Court held that penalty under section 271B of the Income Tax Act, for non-compliance with provisions of section 44AB, not imposable since reasonable cause for belated filing of audit report established.
ITAT Chennai directs entire bank credits to be treated as business receipts under Section 44AD for income estimation. Cash deposit addition adjusted.
ITAT Bangalore held that since assessee filed voluminous documents in paperbooks during the course of hearing before ITAT, the matter is remitted back to CIT(A) for consideration of documents furnished by the assessee and fresh decision as per law.
Learn about common irregularities in tax audit reports for AY 2023-24, including reporting gaps in Forms 3CA/3CB, SA 700, and sections 40A, 269SS, and 269T.
ITAT Delhi held that protective addition in the hands of assessee deleted as substantial addition already made in the hands of the assessee’s wife and tax is already paid on the same. Accordingly, addition deleted.
ITAT Kolkata held that duty drawback is part of gross receipts for the purpose of calculation of ‘gross receipts’ under the presumptive taxation as per section 44AD of the Income Tax Act. Thus, appeal allowed.
