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 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.
Understand the linkage between Sections 44AA, 44AD, 44ADA, and 44AB in the Income Tax Act. Explore the distinctions, turnover criteria, and compliance requirements for businesses and professionals. Stay informed to ensure proper compliance with tax regulations.
Presumptive taxation scheme is a simplified tax system that is designed to provide relief to small taxpayers from the burden of complying with the complex tax laws. Under this scheme, taxpayers are allowed to declare their income based on a presumptive income, which is determined by the tax authorities based on certain presumptions about the taxpayer’s income and expenses.
Unlock insights into Section 44ADA of the Income Tax Act, 1961, governing presumptive taxation for certain professions. Learn about taxable profits, eligibility criteria, and the impact of Budget 2023 amendments. A comprehensive guide for professionals and businesses.
Understand the comparison of Tax Audit (Section 44AB) with Sections 44AD and 44ADA post Finance Bill 2023. Learn the eligibility criteria, conditions, and benefits of each section.
Explore the intricacies of Presumptive Taxation under the Income Tax Act of 1961, focusing on Sections 44AD, 44ADA, and 44AE. Delve into a critical analysis, understanding the schemes applicable to residents in India. Discover the criteria for eligibility, consequences of opting for presumptive taxation, and the quantification of presumed income. Uncover the nuances of each section and gain insights into the implications for businesses, professionals, and carriage owners.
Understand Presumptive Taxation for Professionals under Section 44ADA of the Income Tax Act, including eligibility, thresholds, provisions, and proposed changes in Budget 2023.
Taxpayers opting for presumptive taxation schemes can enjoy relief from accounting and auditing with the Income-tax Act. Learn what sections 44AD, 44ADA, and 44AE have in store for you.
Taxpayers can learn more about Amendment in Section 44AD & 44ADA in this post. Get info on gross turnover, minimum taxable sum, digital transactions & more
Under section 44AB of the Act, every person carrying on business is required to get his accounts audited, if his total sales, turnover or gross receipts, in business exceeds one crore rupees in any previous year. The limit is raised to ten crore rupees where at least 95% of receipts/payments are in non-cash mode.
