Income Tax : Budget 2024 brings into focus the complexities and challenges surrounding presumptive taxation in India, particularly under sectio...
Income Tax : Stay updated with key changes and precautions in filing your Income Tax Return for FY 2023-24 to avoid penalties and ensure accura...
Income Tax : Decode tax intricacies on derivatives transactions, understand income classification, tax audit applicability, and potential legis...
Income Tax : Discover the intricacies of Income Tax Returns (ITR) in India, from types of forms to required documents and compliance measures, ...
Income Tax : Learn about Section 44AD, a simplified method to compute business income, excluding some entities. Thresholds and tax implications...
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 : Dear Taxpayer, As per the section 44AB of Income Tax Act, the books of accounts for the relevant previous year are required to be...
CA, CS, CMA : ICAI decided to exclude audit conducted under section 44ADA of Income-tax Act, 1961 for reckoning the specified number of tax audi...
Income Tax : ITAT noted that CIT(A)'s decision was reasoned, considering discrepancies in repayment timelines and absence of proper documentati...
Income Tax : Read the full text of the ITAT Mumbai order in the case of Krimesh Ramesh Divecha Vs DCIT for A.Y. 2015-16. Understand the assessm...
Income Tax : ITAT Mumbai invalidates income tax assessment for a merged entity, emphasizing the legal principle against actions on non-existent...
Income Tax : Navigate complexities of personal income tax in India for FY 2023-2024. Learn about filing returns, responding to notices, and opt...
Income Tax : Appellant contended that since he had filed income tax returns under section 44AD of the Act, which does not require maintenance o...
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 Mumbai rules that income earned from a consultancy business, even with TDS deductions, should not be taxed under Section 44ADA of the Income Tax Act.
ITAT Amritsar held that once source of surrendered income is proved to be business income, the same cannot be taxed as deemed income under section 69 read with section 115BBE of the Income Tax Act.
Explore crucial issues in income tax practices, including Section 44AD, TDS obligations, LTCG exemptions, cash deposits, and tax deductions under Section 80G in India.
Discover simplified taxation scheme under Section 44AD of Income Tax Act. Learn eligibility criteria, exemptions, and key insights into this taxpayer-friendly approach.
Discover the parallels between Ganesh Chaturthi and income tax audits. Learn how audits remove uncertainties, boost financial transparency, and pave the way for success.
ITAT Ahmedabad held that reopening of assessment under section 147 of the Income Tax Act initiated on a mere change of opinion without any fresh tangible material unsustainable in law.
ITAT Delhi held that estimation of profit at 10%, instead of 8% as adopted under presumptive scheme of taxation provided u/s. 44AD, justified as the same is guided by the principles of objectivity, fairness and consideration of justice.
ITAT Bangalore held that disallowance of deduction claimed u/s 54F unjustified as no steps were taken to convert the limited scrutiny into complete scrutiny. Accordingly, disallowance deleted.
Explore intricacies of Tax Audit under Income Tax Act 1961. Dive deep into its applicability, tax report components, filing deadlines, penalties, and more.
ITAT Mumbai rules in favor of a production supervisor, declaring no illegality in adopting presumptive tax under section 44AD. Full analysis of the case.
