Section 44ADA

Exhaustive Criteria for Tax Audit : Normal & Presumptive

Income Tax - The tax audit provisions are contained in section 44AB clause (a) to Clause (e). Section 44AD provides for beneficial provision of presumptive taxation of declaring net profit of 6%/8% of the turnover of the business and get out of the compulsory tax audit provisions under certain circumstances. This scheme of presumptive taxation, sectio...

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Summary of Section 44ADA of Income Tax Act, 1961 with latest amendments

Income Tax - SPECIAL PROVISION FOR COMPUTING PROFITS  AND GAINS OF PROFESSION ON PRESUMPTIVE BASIS UNDER SECTION 44ADA OF INCOME TAX ACT, 1961 Wef 1.4.2017 (AY 2017-18 ) SECTION 44ADA. (1)  Notwithstanding anything contained in sections 28 to 43C , [in case of an assessee , being an individual or a partnership firm other than a limited liability pa...

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Tax Audit u/s 44ADA(4) for professionals- Net Profit less than 50% – Whether Compulsory?

Income Tax - Whether tax audit is compulsory for a specified professional whose gross receipts from the profession do not exceed Rs. 50 Lakhs but the net profit declared is less than 50% of such gross receipts?...

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Liability to deduct section 194R TDS on Benefit or Perquisite in Business or Profession

Income Tax - Any person being Individual/HUF/Company/Firm/LLP etc. providing any benefit or perquisite whether convertible into money or not, is liable w.e.f. 1-7-2022 to deduct TDS U/s 194R @ 10% on the value or aggregate value of such benefit or perquisite....

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List of Professions that cannot opt for presumptive taxation scheme u/s 44ADA

Income Tax - With a view to extend the presumptive taxation benefit to specified professionals, the presumptive taxation scheme under section 44ADA of the Income Tax Act, 1961 was introduced with effect from Financial Year 2016-2017. An individual or a partnership firm (not Limited Liability Partnership) whose total gross receipts for the year don’t...

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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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Section 44DA not applicable when the amount received doesn’t qualify as royalty/ FTS

DCIT Vs Technip France SAS (ITAT Delhi) - Held that as the amount received by the assessee is not in the nature of royalty or FTS, section 44DA of the Income Tax Act will not apply....

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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"

Exhaustive Criteria for Tax Audit : Normal & Presumptive

The tax audit provisions are contained in section 44AB clause (a) to Clause (e). Section 44AD provides for beneficial provision of presumptive taxation of declaring net profit of 6%/8% of the turnover of the business and get out of the compulsory tax audit provisions under certain circumstances. This scheme of presumptive taxation, sectio...

Read More
Posted Under: Income Tax | ,

Summary of Section 44ADA of Income Tax Act, 1961 with latest amendments

SPECIAL PROVISION FOR COMPUTING PROFITS  AND GAINS OF PROFESSION ON PRESUMPTIVE BASIS UNDER SECTION 44ADA OF INCOME TAX ACT, 1961 Wef 1.4.2017 (AY 2017-18 ) SECTION 44ADA. (1)  Notwithstanding anything contained in sections 28 to 43C , [in case of an assessee , being an individual or a partnership firm other than a limited liability pa...

Read More
Posted Under: Income Tax |

Section 44DA not applicable when the amount received doesn’t qualify as royalty/ FTS

DCIT Vs Technip France SAS (ITAT Delhi)

Held that as the amount received by the assessee is not in the nature of royalty or FTS, section 44DA of the Income Tax Act will not apply....

Read More

Tax Audit u/s 44ADA(4) for professionals- Net Profit less than 50% – Whether Compulsory?

Whether tax audit is compulsory for a specified professional whose gross receipts from the profession do not exceed Rs. 50 Lakhs but the net profit declared is less than 50% of such gross receipts?...

Read More
Posted Under: Income Tax | ,

Liability to deduct section 194R TDS on Benefit or Perquisite in Business or Profession

Any person being Individual/HUF/Company/Firm/LLP etc. providing any benefit or perquisite whether convertible into money or not, is liable w.e.f. 1-7-2022 to deduct TDS U/s 194R @ 10% on the value or aggregate value of such benefit or perquisite....

Read More
Posted Under: Income Tax |

List of Professions that cannot opt for presumptive taxation scheme u/s 44ADA

With a view to extend the presumptive taxation benefit to specified professionals, the presumptive taxation scheme under section 44ADA of the Income Tax Act, 1961 was introduced with effect from Financial Year 2016-2017. An individual or a partnership firm (not Limited Liability Partnership) whose total gross receipts for the year don’t...

Read More
Posted Under: Income Tax | ,

Presumptive Income Taxation Scheme in India: A Detailed Analysis

In order to give relief to small businessmen and professionals from the tedious job of maintaining books of accounts to getting their accounts audited, the Income Tax Act has introduced Presumptive Taxation Scheme under Section 44AD, Section 44ADA and Section 44AE. Under Presumptive Taxation Scheme, the income is calculated on a presumpti...

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Posted Under: Income Tax |

Presumptive taxation- Section 44AD, 44ADA, 44AEAC

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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Presumptive Taxation Scheme- 24 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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Posted Under: Income Tax | ,

Professionals who are eligible to opt Section 44ADA

1) How does Income Tax Act classifies professionals ? Income Tax Act classifies professionals into 2 types, a) Professionals specified u/s 44AA(1) [hereafter in this article, these professionals are referred as ‘Specified Professionals’] b) Professionals covered u/s 44AA(2) [hereafter in this article, these professionals are referred ...

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Posted Under: Income Tax |

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