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...
The ITAT Delhi held that merely because additions were sustained in quantum proceedings, penalty under Section 271(1)(c) cannot automatically follow. The Revenue must independently prove concealment or furnishing of inaccurate particulars.
ITAT held that scrap trading does not follow a fixed sales pattern and income declared under Section 44AD cannot be rejected on suspicion. Addition under Section 68 was deleted.
The Tribunal held that once income is declared under the presumptive taxation scheme of Section 44AD, individual cash deposits cannot be separately added. The sustained addition was set aside and deleted.
ITAT Indore held that in absence of evidence, expense on fuel cost occurred on deployment of JCB’s on rent needs to be ascertained by way of proper and detailed empirical analysis. Accordingly, matter remanded back to the file of AO.
The ruling explains that DVO reference is a procedural safeguard, while the safe harbour proviso grants substantive relief. Both provisions can be applied simultaneously where conditions are satisfied.
Only specified professionals can opt for presumptive taxation under Section 44ADA. Declaring less than 50% profit may trigger mandatory tax audit under Section 44AB(d).
ITAT held that cash deposits during demonetization were explained as business sales declared under Section 44AD. Without disproving turnover, addition under Section 69A was unsustainable.
The Tribunal held that cash deposits reflecting routine business transactions cannot be treated wholly as unexplained income. Only the profit element embedded in such receipts is taxable.
The Tribunal held that cash deposits could not be fully treated as undisclosed when income was declared under section 44AD. The key takeaway is acceptance of presumptive business income.
ITAT Mumbai deleted ₹20,000 yearly penalties where assessments under section 153C accepted returned income with no additions, holding notice non-compliance as merely technical.
