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...
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.
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.
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.
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).
Bangalore ITAT rejected PR consultant’s revised return, ruling that agency business is excluded from presumptive taxation under s.44AD(6)(iii). Original income confirmed.
A detailed guide to audit obligations under Section 44AB and presumptive taxation schemes under Sections 44AD and 44ADA. Explains turnover limits, digital transaction benefits, lock-in rules, and when tax audit becomes compulsory
Indian freelancers, consultants, and creators face tax scrutiny over TDS mismatches and the use of presumptive taxation provisions. Learn about the compliance challenges.
ITAT Hyderabad held that rejection of books during assessment proceedings does not retrospectively nullify the obligation to comply with section 44AB of the Income Tax Act within the prescribed time. Accordingly, penalty under section 271B upheld.
