Section 44ADA

44ADA: Special provision for computing profits and gains of profession on presumptive basis

Income Tax - As the Finance Act, 2016 introduced new section 44ADA for computation of profit of Profession on Presumptive basis. As I have seen many people who are unaware of this section and they are declaring their profit below the presumptive basis and their income exceeds the maximum amount not chargeable to tax. As per Section 44AB Audit of Accou...

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Practical issues in Presumptive Taxation – 44AD, 44ADA & 44AE

Income Tax - Under section 44AD from if the Turnover of an assessee being resident individual, HUF, Partnership Firm (not being a LLP) and who is not claiming deduction under section 10A, 10AA, 10B &10BA or deduction under Chapter VI A under the heading ‘C -Deductions in respect of certain Incomes and derives income from any business except...

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Advance Tax Provisions relaxed for professionals availing presumptive taxation benefit and for Tax on Dividend

Income Tax - Budget 2017 - It is proposed that the assessee who declares profits and gains in accordance with presumptive taxation regime provided under section 44ADA shall also be liable to pay advance tax in one instalment on or before the 15th of March....

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Section 44ADA a Provision to tax more than Actual Income

Income Tax - The professionals have been brought under the ambit of Presumptive Taxation for the first time in history of Indian Taxation by virtue of Section 44ADA proposed in the Union Budget 2016. It would be a welcome step provided that the proposed Net Profit (NP) rate would be rational. The Presumptive NP rate of 50% on […]...

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Recent Posts in "Section 44ADA"

44ADA: Special provision for computing profits and gains of profession on presumptive basis

As the Finance Act, 2016 introduced new section 44ADA for computation of profit of Profession on Presumptive basis. As I have seen many people who are unaware of this section and they are declaring their profit below the presumptive basis and their income exceeds the maximum amount not chargeable to tax. As per Section 44AB Audit of Accou...

Read More
Posted Under: Income Tax |

Practical issues in Presumptive Taxation – 44AD, 44ADA & 44AE

Under section 44AD from if the Turnover of an assessee being resident individual, HUF, Partnership Firm (not being a LLP) and who is not claiming deduction under section 10A, 10AA, 10B &10BA or deduction under Chapter VI A under the heading ‘C -Deductions in respect of certain Incomes and derives income from any business except...

Read More
Posted Under: Income Tax | ,

Advance Tax Provisions relaxed for professionals availing presumptive taxation benefit and for Tax on Dividend

Budget 2017 - It is proposed that the assessee who declares profits and gains in accordance with presumptive taxation regime provided under section 44ADA shall also be liable to pay advance tax in one instalment on or before the 15th of March....

Read More
Posted Under: Income Tax |

Section 44ADA a Provision to tax more than Actual Income

The professionals have been brought under the ambit of Presumptive Taxation for the first time in history of Indian Taxation by virtue of Section 44ADA proposed in the Union Budget 2016. It would be a welcome step provided that the proposed Net Profit (NP) rate would be rational. The Presumptive NP rate of 50% on […]...

Read More
Posted Under: Income Tax |

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