Income Tax : Learn about the Madras High Court's landmark ruling quashing an income tax reassessment notice for a medical professional under Se...
Income Tax : Budget 2024 brings into focus the complexities and challenges surrounding presumptive taxation in India, particularly under sectio...
Income Tax : Navigate moonlighting taxes efficiently. Learn how to file ITR, manage extra income, and avoid penalties in our comprehensive guid...
Finance : Explore the recent amendment to Section 43B of the Income Tax Act aimed at bolstering the financial well-being of MSMEs through ti...
Income Tax : Discover the intricacies of Income Tax Returns (ITR) in India, from types of forms to required documents and compliance measures, ...
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 : Navigate complexities of personal income tax in India for FY 2023-2024. Learn about filing returns, responding to notices, and opt...
Income Tax : ITAT Mumbai rules that income earned from a consultancy business, even with TDS deductions, should not be taxed under Section 44AD...
Income Tax : ITAT Mumbai rules in favor of a production supervisor, declaring no illegality in adopting presumptive tax under section 44AD. Ful...
Income Tax : Pramod Kumar Tiwari Vs DCIT (ITAT Allahabad) in the case in hand, the assessee has admittedly filed the return under wrong provisi...
Income Tax : 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 n...
Income Tax : The amendments brought about by Notification No. 45/2023 – Income-Tax (Income-tax (Eleventh Amendment) Rules, 2023) encompas...
Explore intricacies of Tax Audit under Income Tax Act 1961. Dive deep into its applicability, tax report components, filing deadlines, penalties, and more.
Explore the benefits and implications of presumptive taxation under section 44ADA for professionals. Understand the eligibility criteria, specified professions, and simplified tax compliance, empowering individuals and partnership firms in managing their income tax obligations efficiently.
ITAT Mumbai rules in favor of a production supervisor, declaring no illegality in adopting presumptive tax under section 44AD. Full analysis of the case.
Explore the Presumptive Taxation Scheme under Sections 44ADA and 44AE of the Income Tax Act 1961. Learn how individuals and partnership firms in specified professions can declare income at a prescribed rate, simplifying tax compliance. Understand the eligibility criteria, computation methods, ITR form usage, and the benefits of adopting these schemes for small business owners and professionals.
Explore the intricacies of tax audit and the interlink between sections 44AB, 44AD, and 44ADA of the Income Tax Act for the Assessment Year 2023-24. Understand the applicability conditions, thresholds, and amendments that impact businesses and professionals. A comprehensive flowchart is provided to help assess the necessity of a tax audit. Stay informed for informed financial decisions.
Understand the concept of presumptive taxation scheme, its eligibility criteria, and implications for taxpayers. Learn about different sections under Income-tax Act, such as 44AD, 44ADA, and 44AE, and how they provide relief to small taxpayers.
Explore the simplified Presumptive Taxation Scheme under the Indian Income Tax Act. Sections 44AD, 44ADA, and 44AE offer eligible individuals and entities a convenient way to declare income without maintaining detailed accounts. Understand the applicability, limits, and rates for each section, ensuring compliance with advance tax and audit requirements.
The amendments brought about by Notification No. 45/2023 – Income-Tax (Income-tax (Eleventh Amendment) Rules, 2023) encompass multiple provisions and rules within the Income-tax Act, 1961. The notification details changes to rule 2C, rule 11AA and rule 17A of Income-tax Rules, 1962, under different sections such as section 10, section 12A, section 80G, and more. Notification […]
Explore the Presumptive Taxation Scheme: Eligibility, Benefits, and Computation. Understand the concept introduced by the government for small taxpayers, eligibility criteria for professions and businesses, benefits of disclosing income, and computation methods for different sections. Learn who is not eligible and implications of opting out. Stay informed for educational purposes.
Explore Section 44AD and Section 44ADA of the Income Tax Act, offering presumptive taxation schemes for businesses and professionals. Learn eligibility, calculation methods, deductions, filing requirements, and examples. Make informed decisions with insights into these tax provisions. Case study included. Consult a tax professional for personalized guidance.
