Income Tax : The Income Tax Act, 2025 replaces Sections 44AD, 44ADA, and 44AE with a unified Section 58 framework. While the structure has been...
Income Tax : The issue addresses the consolidation of multiple presumptive taxation provisions into a single section. The framework simplifies ...
Income Tax : The Income Tax Act, 2025 introduces Section 58, consolidating earlier presumptive taxation schemes into one unified framework. It ...
Income Tax : The tribunal ruled that business income under section 44AD cannot be taxed using section 44ADA provisions. Presumptive schemes mus...
CA, CS, CMA : The calendar lists all major statutory deadlines across laws. It helps businesses track filings and avoid penalties through timely...
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 : 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 tribunal held that remuneration received by a professional partner qualifies as professional income. The key takeaway is that ...
Income Tax : The ₹8.49 lakh credited for household expenditure from husband was deleted as non-taxable. The unexplained ₹17.80 lakh in the ...
Income Tax : The amendments brought about by Notification No. 45/2023 – Income-Tax (Income-tax (Eleventh Amendment) Rules, 2023) encompas...
The tribunal held that remuneration received by a professional partner qualifies as professional income. The key takeaway is that such receipts can be taxed under Section 44ADA.
Explains when IT services qualify for 44AD or 44ADA, highlighting classification risk and compliance requirements under the “cash ≤ 5%” rule.
The ₹8.49 lakh credited for household expenditure from husband was deleted as non-taxable. The unexplained ₹17.80 lakh in the capital account is sent back to the AO for proper verification and opportunity to furnish evidence.
The Tribunal held that the ₹2.5 Cr flat investment was fully explained through agreement details and a DHFL housing loan, leaving no basis for an addition. Penalty u/s 271(1)(c) was remanded for fresh examination since the foundation for concealment no longer survived.
Section 44AA mandates maintenance of books of accounts by specified professionals and businesses exceeding prescribed limits. Learn who must maintain, which records are required, period of retention, and penalties for non-compliance.
Understand key provisions of advance tax under the Income Tax Act — who is liable, due dates, revision of estimates, payment procedure, capital gains treatment, TDS credit, Form 28A requirements, and computation rules.
Overview of presumptive taxation under the Income Tax Act covering sections 44AD, 44ADA, and 44AE—eligibility, ineligible businesses, income computation, record maintenance, and advance tax rules.
Punjab and Haryana High Court directed CBDT to issue a circular extending the ITR due date for audit cases to 30th November 2025. The extension follows Section 44AB and Explanation 2(a) to Section 139(1). Taxpayers now have sufficient time between submission of audit reports and filing of returns.
Understand Sections 234A, 234B, 234C, and 234D of the Income Tax Act covering interest on late filing, short payment, delayed advance tax, and excess refunds, including rates, calculation, and applicable periods.
Summary of Section 44AB, 44AD, and 44ADA tax audit provisions, detailing turnover thresholds (₹1 Cr to ₹10 Cr), presumptive income rates (6%/8%/50%), and the impact of digital transactions (95% rule).
