Income Tax : This guide explains the presumptive taxation schemes available under the Income-tax Act, including Sections 44AD, 44ADA, and 44AE....
Income Tax : The Income Tax Department explains when interest is payable for delayed return filing, advance tax defaults, deferment of instalme...
Income Tax : The Income-tax Act provides presumptive taxation schemes under Sections 44AD, 44ADA, and 44AE to reduce compliance burdens by allo...
Income Tax : The issue concerns whether declaring profits below the presumptive rate automatically triggers tax audit or whether turnover thres...
Income Tax : Section 44AA mandates maintenance of books by specified professionals and eligible businesses based on income or turnover limits. ...
CA, CS, CMA : There is no requirement for submitting the Financial Statements i.e. Balance Sheets and Income & Expenditure Account for the appli...
CA, CS, CMA : ICAI decided to exclude audit conducted under section 44ADA of Income-tax Act, 1961 for reckoning the specified number of tax audi...
Income Tax : ITAT Cochin ruled that faculty engaged by a coaching institute were independent professionals and not employees. It held that TDS ...
Income Tax : The Tribunal held that deduction of tax under Section 194J cannot automatically classify receipts as professional income. Tax auth...
Income Tax : The Tribunal held that GST collected is not part of income for presumptive taxation under section 44B. It ruled that GST is a stat...
Income Tax : The Tribunal ruled that section 44ADA applies only to specified professions and cannot be invoked for business income covered unde...
Income Tax : The AO questioned genuineness and love and affection behind the gift. The ITAT held that once relationship and capacity are proved...
Income Tax : The amendments brought about by Notification No. 45/2023 – Income-Tax (Income-tax (Eleventh Amendment) Rules, 2023) encompas...
This guide explains the presumptive taxation schemes available under the Income-tax Act, including Sections 44AD, 44ADA, and 44AE. It outlines eligibility, turnover limits, presumptive income rates, and compliance requirements for businesses and professionals.
The Income Tax Department explains when interest is payable for delayed return filing, advance tax defaults, deferment of instalments, and excess refunds. The FAQs also clarify interest rates, calculation methods, timelines, and important statutory exceptions.
ITAT Cochin ruled that faculty engaged by a coaching institute were independent professionals and not employees. It held that TDS was correctly deducted under Section 194J, deleting the demand raised under Sections 201(1) and 201(1A).
The Income-tax Act provides presumptive taxation schemes under Sections 44AD, 44ADA, and 44AE to reduce compliance burdens by allowing eligible businesses and professionals to declare income at prescribed rates. The key takeaway is that taxpayers opting for these schemes can avoid maintaining detailed books of account and tax audits, subject to specified eligibility conditions and turnover thresholds.
The issue concerns whether declaring profits below the presumptive rate automatically triggers tax audit or whether turnover thresholds still apply. The analysis identifies a drafting anomaly that may require legislative clarification or judicial interpretation.
The Tribunal held that deduction of tax under Section 194J cannot automatically classify receipts as professional income. Tax authorities must independently examine the nature of services before denying the benefit of Section 44AD. The matter was remanded for fresh assessment.
Section 44AA mandates maintenance of books by specified professionals and eligible businesses based on income or turnover limits. Non-compliance can attract a ₹25,000 penalty.
The Income Tax Act 2025 has merged old presumptive taxation provisions into a single Section 58 framework. The change simplifies compliance for businesses, professionals, and transport operators under one codified structure.
Explore special provisions for computing profits and gains under the Income Tax Act, 1961, covering diverse areas such as mineral oil exploration, small businesses on presumptive basis, professions, goods carriage operations, shipping, aircraft operation, turnkey power projects, and royalty income of non-residents. Stay updated on amendments and key details for effective tax planning.
The Income Tax Act, 2025 replaces Sections 44AD, 44ADA, and 44AE with a unified Section 58 framework. While the structure has been simplified, presumptive taxation rates and turnover limits largely remain unchanged.
