Section 44ADA

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...

Read More

Budget 2020- Demystifying hidden elements behind Budget Speech

Income Tax - Hello everyone, hope you all are doing well. This blog focuses on exploring the unknown elements of the Union Budget 2020-21 and analyses impact of proposed changes in Tax on Indian economy. Nirmala Sitharaman (Finance Minister (FM)) played very safely in his debut budget last time and kept distance from crucial issues to serve justice [&...

Read More

Section 44ADA: Compute profits 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...

Read More

Inclusion of GST in Gross Turnover for Tax Audit Limit Calculation?

Income Tax - Whether GST shall be included while calculating the gross turnover or receipt in case of Tax Audit or Presumptive Taxation ? Income-tax Act does contain section 145A which provides for inclusion of taxes, cess, etc. in the value of sale, purchase and inventory.  However, the purpose of this provision is limited to calculation of income [...

Read More

Advance tax – Precaution is better than Cure!

Income Tax - Arjuna, If the income tax liability of any taxpayer is more than Rs 10000 in a financial year, then he is liable to pay such tax in installments during the year itself rather than paying this tax at the end of the year. This tax which is payable during the year is called as Advance Tax....

Read More

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...

Read More

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....

Read More
Sorry No Post Found

Recent Posts in "Section 44ADA"

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 | ,

Budget 2020- Demystifying hidden elements behind Budget Speech

Hello everyone, hope you all are doing well. This blog focuses on exploring the unknown elements of the Union Budget 2020-21 and analyses impact of proposed changes in Tax on Indian economy. Nirmala Sitharaman (Finance Minister (FM)) played very safely in his debut budget last time and kept distance from crucial issues to serve justice [&...

Read More
Posted Under: Income Tax | ,

Section 44ADA: Compute profits 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 |

Inclusion of GST in Gross Turnover for Tax Audit Limit Calculation?

Whether GST shall be included while calculating the gross turnover or receipt in case of Tax Audit or Presumptive Taxation ? Income-tax Act does contain section 145A which provides for inclusion of taxes, cess, etc. in the value of sale, purchase and inventory.  However, the purpose of this provision is limited to calculation of income [...

Read More
Posted Under: Income Tax |

Advance tax – Precaution is better than Cure!

Arjuna, If the income tax liability of any taxpayer is more than Rs 10000 in a financial year, then he is liable to pay such tax in installments during the year itself rather than paying this tax at the end of the year. This tax which is payable during the year is called as Advance Tax....

Read More
Posted Under: Income Tax |

Presumptive taxation for small businesses & professions

To reduce the burden of various compliances, Govt. has introduced a scheme of Presumptive Taxation under section 44AD, 44ADA and 44AE of the Income Tax Act 1961....

Read More
Posted Under: Income Tax |

Presumptive Taxation Scheme- 25 Things You Must Know

As per sections 44AA of the Income-tax Act, 1961, a person engaged in business is required to maintain regular books of account under certain circumstances. To give relief to small taxpayers from this tedious work, the Income-tax Act has framed the presumptive taxation scheme under sections 44AD, sections 44ADA and sections 44AE....

Read More

Tax Audit Under Income Tax Laws

As per the combined readings of provisions of sections 44AB, 44AD and 44ADA of the Income Tax Act, 1961, every person carrying a business whose turnover exceeds Rs.1Cr./ 2 Cr. (as the case may be), or carrying on a profession whose gross receipts exceed Rs. 50 Lakh in the relevant assessment year, must get his/her accounts audited....

Read More
Posted Under: Income Tax |

Presumptive taxation U/s. 44AD, 44ADA, 44AE

To give relief to small taxpayers from the tedious job of maintenance of books of account and from getting the accounts audited, the Income-tax Act has framed the presumptive taxation scheme under sections 44AD, section 44ADA and section 44AE. In this part you can gain knowledge about various provisions of the presumptive taxation scheme ...

Read More

Section 44AD & 44ADA: Compulsory to maintain books of accounts U/s. 44AB?

There is general opinion that if an eligible assessee is opting for section 44AD and section 44ADA, he is not required to maintain books of accounts. The requirement to maintain books of accounts is governed by section 44AA of the Income Tax Act. As per section 44AD(1): Notwithstanding anything to the contrary contained in sections [&hell...

Read More
Posted Under: Income Tax |

Browse All Categories

CA, CS, CMA (4,562)
Company Law (5,627)
Custom Duty (7,678)
DGFT (4,172)
Excise Duty (4,342)
Fema / RBI (4,065)
Finance (4,217)
Income Tax (32,444)
SEBI (3,370)
Service Tax (3,544)

Search Posts by Date

April 2020
M T W T F S S
« Mar    
 12345
6789101112
13141516171819
20212223242526
27282930