Income Tax : The Income Tax Act, 2025 replaces Sections 44AD, 44ADA, and 44AE with a unified Section 58 framework. While the structure has been...
Income Tax : Explains when professionals must undergo tax audit based on Sections 44ADA, 44AD, and 44AB. Key takeaway: audit depends on profess...
Income Tax : The Income Tax Act, 2025 introduces Section 58, consolidating earlier presumptive taxation schemes into one unified framework. It ...
Income Tax : The tribunal ruled that business income under section 44AD cannot be taxed using section 44ADA provisions. Presumptive schemes mus...
CA, CS, CMA : The calendar lists all major statutory deadlines across laws. It helps businesses track filings and avoid penalties through timely...
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 Kolkata held that presumptive taxation under Section 44AD was wrongly invoked where the assessee’s turnover exceeded ₹2 c...
Income Tax : The ITAT held that reassessment notices issued on 25.07.2022 were time-barred since the Revenue had only one surviving day left un...
Income Tax : The case dealt with rejection of books due to unverifiable expenses and lack of supporting records. The ITAT upheld rejection but ...
Income Tax : The Tribunal held that interest expenses cannot be disallowed when the trust merely facilitates transactions and costs are reimbur...
Income Tax : ITAT Hyderabad holds that Section 249(4)(b) cannot bar appeal where no income is admitted and no advance tax is payable; sets asid...
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...
The issue was whether a trader declaring income under Section 44AD could face additions for unexplained cash deposits. The Tribunal ruled in favour of the assessee, holding such additions contrary to law.
The issue was whether entire cash deposits and unsecured loans could be taxed as unexplained income. The Tribunal held that only the embedded profit is taxable and restricted the addition to 10%.
The dispute involved taxability of large cash deposits made during demonetisation. The appellate authority granted relief for deposits in regular notes while sustaining the balance as unexplained income. The Tribunal upheld this approach, finding it consistent with law and facts.
The Tribunal held that additions treating shooting location receipts as house property income were premature. Authorities were directed to re-examine the claim after considering all relevant documents.
The Tribunal held that estimating business income at 10% of turnover without citing comparable cases or industry benchmarks is unsustainable. Arbitrary profit estimation must be supported by material evidence.
The Tribunal found that additions under section 69A were made without examining evidence due to non-compliance. The matter was remanded to allow verification of claimed trading and agricultural receipts.
The Tribunal held that an appeal cannot be dismissed for non-prosecution and must be decided on merits. The matter was remanded for fresh adjudication in compliance with statutory requirements.
The Tribunal examined whether delay in filing the tax audit report warranted penalty under section 271B. It held that liquidation proceedings and the illness and death of the partner constituted reasonable cause under section 273B, justifying deletion of penalty.
The issue was whether revision could stand on incorrect factual assumptions. ITAT held that misreading records makes the revision invalid, reaffirming that Section 263 needs real errors.
The issue was whether total purchases could be treated as unexplained expenditure under section 69C. The Tribunal held that only the profit element is taxable in a small retail trading business.
