Section 44ADA

Dear FM, Make Presumptive Income Tax Scheme & Dividend Taxation more Taxpayer friendly

Income Tax - Assessee cannot opt for ‘Presumptive Tax’ for six years (including the year in which he has come out of the scheme) , if he has not offered income under this scheme for consecutively for six years including the first year in which  he has opted for the scheme. Does it mean that if has opted for the scheme for six years consecutively,...

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Section 44AB vs 44ADA of Income Tax Act, 1961

Income Tax - As Section 44AD is applicable on business (click here to read in detail), Section 44ADA applies on professionals. It says that if an eligible assessee (professional) who declares 50% or more than that of his gross receipts as profit, then he is not required to get his accounts audited under the Income Tax Act, 1961. […]...

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

Income Tax - 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 ...

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Quick Insight on sec 44AA, 44AB, 44AD – Presumptive Taxation

Income Tax - CA Tarannum Khatri Section 44AA: Maintenance of Books of Accounts WHO SHOULD MAINTAIN: Person  carrying on business / profession whose total income exceeds INR 1,20,000 in any one of the three years immediately preceding the previous year; In case of in case of individual or HUF provisions are applicable in case total income exceeds INR ...

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PPT on Presumptive Taxation under Income Tax Act

Income Tax - PRESUMPTIVE TAX INTRODUCTION Sections 44AD, 44ADA & 44AE Introduced to help small business men, Traders and Professionals i. Section 44AD – Small Business/Traders for Turnover up to Rs. 2 Crores ii. Section 44ADA – Professionals – Gross receipts up to Rs. 50 Lakhs iii. Section 44AE – Truck owners owning not more than 10 trucks...

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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"

Dear FM, Make Presumptive Income Tax Scheme & Dividend Taxation more Taxpayer friendly

Assessee cannot opt for ‘Presumptive Tax’ for six years (including the year in which he has come out of the scheme) , if he has not offered income under this scheme for consecutively for six years including the first year in which  he has opted for the scheme. Does it mean that if has opted for the scheme for six years consecutively,...

Read More
Posted Under: Income Tax |

Section 44AB vs 44ADA of Income Tax Act, 1961

As Section 44AD is applicable on business (click here to read in detail), Section 44ADA applies on professionals. It says that if an eligible assessee (professional) who declares 50% or more than that of his gross receipts as profit, then he is not required to get his accounts audited under the Income Tax Act, 1961. […]...

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

Quick Insight on sec 44AA, 44AB, 44AD – Presumptive Taxation

CA Tarannum Khatri Section 44AA: Maintenance of Books of Accounts WHO SHOULD MAINTAIN: Person  carrying on business / profession whose total income exceeds INR 1,20,000 in any one of the three years immediately preceding the previous year; In case of in case of individual or HUF provisions are applicable in case total income exceeds INR ...

Read More
Posted Under: Income Tax |

PPT on Presumptive Taxation under Income Tax Act

PRESUMPTIVE TAX INTRODUCTION Sections 44AD, 44ADA & 44AE Introduced to help small business men, Traders and Professionals i. Section 44AD – Small Business/Traders for Turnover up to Rs. 2 Crores ii. Section 44ADA – Professionals – Gross receipts up to Rs. 50 Lakhs iii. Section 44AE – Truck owners owning not more than 10 trucks...

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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....

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

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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Posted Under: Income Tax |

Fine Tuning required for Presumptive Taxation- 44AD, 44ADA & 44AE

Once a taxpayer opts for this Scheme and files the returns of income for a  year and in the subsequent year if he declares lower income than the prescribed percentage then he shall not be eligible to claim the benefit of this section for the next five years and in addition if his total income […]...

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Posted Under: Income Tax |

Presumptive Taxation Scheme Section 44AD, 44ADA & 44AE

The presumptive taxation scheme is framed under Three sections- Section 44AD and Section 44ADA & Section 44AE of the Income Tax Act, 1961. Person adopting presumptive taxation schemes are exempt from getting their books of account audited....

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Posted Under: Income Tax |

Tax Audits and e-filing of Report

As per section 44AB of the Income tax act, certain persons are required to get their accounts audited till 30th September by the CA and furnish a report of such audit in the prescribed form duly verified and signed by the CA. ...

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Posted Under: Income Tax |

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