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Section 44ADA

Applicability of Tax Audit under section 44AB

Income Tax - Here, in this article I have made an attempt to solve the practical issues that are arising to the Tax Professionals in day to day practice (by decoding Income Tax Act Sec. 44AB along with 44AA, 44AD, 44ADA & 44AE). This article mainly focuses on Individual & HUF assessees....

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Tax Audit Applicability with Intricacies of Section 44AB, 44AD & 44ADA

Income Tax - TAX AUDIT PROVISIONS ARE GOVERNED BY SECTION 44AB, 44AD AND 44ADA. If you see Section 44AB, then it provides that every business need to go for Tax audit if more than Rs. 1 crore Turnover in Previous year. However from AY 2021-22 every person carrying on business, whose turnover does not exceed Rs. 10 Crore, is not required to get t...

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Tax Audit Series-4 Presumptive Taxation Schemes

Income Tax - PRESUMPTIVE TAXATION SCHEMES SECTION 44AD: SPECIAL PROVISIONS FOR COMPUTATION OF INCOME ON ESTIMATION BASIS Notwithstanding anything to contrary contained in sections 28 to 43C, -in case of a resident assessee being an individual, HUF, or a partnership firm excluding LLP; -engaged in a -a sum equal to 8% (6%*) of the total turnover or gro...

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Presumptive Taxation For Professionals under Section 44ADA

Income Tax - The Scheme of Presumptive Taxation for Professionals was introduced under Section 44ADA in the Finance Act 2016 and is applicable from Financial Year 2016-17 onwards. Before 2016, the benefits of Presumptive Taxation were only given to Businesses under Section 44AD and to Transporters under Section 44AE. Specified professionals were sp...

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What is Income Tax Audit & what does different section indicates

Income Tax - What is Income Tax Audit & what does different section indicates under Income Tax Audit (Section like 44AB OR 44AD OR 44ADA) WHAT IS TAX AUDIT? There are different types of audit under different laws such as company audit, statutory audit, cost audit conducted under Companies Act, 2013, Income Tax Act etc. In Income Tax […]...

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MEF empanelment date extended – Firms under Presumptive Taxation not to submit Financial Statements

Income Tax - There is no requirement for submitting the Financial Statements i.e. Balance Sheets and Income & Expenditure Account for the applicants who have opted for the Presumptive Taxation Scheme under Section 44ADA of Income Tax Act, 1961 and have filed their ITR accordingly for the financial year 2018-19....

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Audit U/s. 44ADA not to be counted for Tax Audit Limit Calculation: ICAI

Income Tax - ICAI decided to exclude audit conducted under section 44ADA of Income-tax Act, 1961 for reckoning the specified number of tax audit assignments...

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No penalty for failure to get books audited for Bonafide belief of non-applicability of Audit

P.D. Usha Rani Vs. The Income Tax Officer (ITAT Hyderabad) - Penalty u/s. 271B is attracted for failure to get accounts audited u/s. 44AB. Even though the law prescribes the levy of penalty, in case of default, the same is not automatic as provisions of Section 273B gives relief, when there is a reasonable cause....

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Recent Posts in "Section 44ADA"

Applicability of Tax Audit under section 44AB

Here, in this article I have made an attempt to solve the practical issues that are arising to the Tax Professionals in day to day practice (by decoding Income Tax Act Sec. 44AB along with 44AA, 44AD, 44ADA & 44AE). This article mainly focuses on Individual & HUF assessees....

Read More
Posted Under: Income Tax |

Tax Audit Applicability with Intricacies of Section 44AB, 44AD & 44ADA

TAX AUDIT PROVISIONS ARE GOVERNED BY SECTION 44AB, 44AD AND 44ADA. If you see Section 44AB, then it provides that every business need to go for Tax audit if more than Rs. 1 crore Turnover in Previous year. However from AY 2021-22 every person carrying on business, whose turnover does not exceed Rs. 10 Crore, is not required to get t...

Read More
Posted Under: Income Tax |

Tax Audit Series-4 Presumptive Taxation Schemes

PRESUMPTIVE TAXATION SCHEMES SECTION 44AD: SPECIAL PROVISIONS FOR COMPUTATION OF INCOME ON ESTIMATION BASIS Notwithstanding anything to contrary contained in sections 28 to 43C, -in case of a resident assessee being an individual, HUF, or a partnership firm excluding LLP; -engaged in a -a sum equal to 8% (6%*) of the total turnover or gro...

Read More
Posted Under: Income Tax |

Presumptive Taxation For Professionals under Section 44ADA

The Scheme of Presumptive Taxation for Professionals was introduced under Section 44ADA in the Finance Act 2016 and is applicable from Financial Year 2016-17 onwards. Before 2016, the benefits of Presumptive Taxation were only given to Businesses under Section 44AD and to Transporters under Section 44AE. Specified professionals were sp...

Read More
Posted Under: Income Tax |

What is Income Tax Audit & what does different section indicates

What is Income Tax Audit & what does different section indicates under Income Tax Audit (Section like 44AB OR 44AD OR 44ADA) WHAT IS TAX AUDIT? There are different types of audit under different laws such as company audit, statutory audit, cost audit conducted under Companies Act, 2013, Income Tax Act etc. In Income Tax […]...

Read More
Posted Under: Income Tax |

Applicability of Tax Audit under section 44AB or 44AD or 44ADA

Audit of accounts of certain persons carrying on business or profession: Section 44AB, first time inserted by the Finance Act, 1984, by the  Finance Minister Shri Pranav Mukharji with effect from 1st April 1985. At that time there was so opposed of this section, by business persons, professional persons and particularly by Tax Advocates ...

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Posted Under: Income Tax |

Presumptive Taxation does not create a privileged class of taxpayers

There is a misconception in the mind of business as well as professional community that if a person opts the provisions of presumptive taxation, then he is free to enjoy the difference between the actual profits and the presumptive profits. It is to be noted that the provisions of presumptive taxation are enacted to facilitate […]...

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Posted Under: Income Tax |

A 360° approach to Presumptive Taxation- Free E-Book

E- book on presumptive Taxation Titled ‘A 360° approach to Presumptive Taxation’. The book is a very well complied guide covering various aspects of the presumptive taxation. The book will certainly benefit the readers about the intricacies of presumptive taxation and will play a pivotal role in shaping and guiding the tax pr...

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Presumptive Tax Scheme for Professionals | Section 44ADA

Section 44ADA – Presumptive Tax Scheme for Professionals -A scheme for presumptive taxation was introduced under section 44ADA from the FY FY 2016-17. -Section 44ADA provides a simple method of taxation for small professionals. Section 44ADA offers a scheme of presumptive taxation of profits and gains arising from professions mentioned ...

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Posted Under: Income Tax |

What is presumptive scheme for taxation for professionals and can every professional opt for it?

The income tax laws offer a presumptive scheme of taxation for certain professionals. There are lots of doubts about what is the exact scheme and whether every professional can opt for it. I intend to explain the presumptive scheme of taxation for professional in this article. What is the presumptive scheme for taxation for professionals ...

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Posted Under: Income Tax |

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