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...
A detailed guide on Sections 44AA, 44AB, 44AD, and 44ADA of the Income Tax Act, explaining rules for account maintenance, tax audits, and presumptive taxation schemes for businesses and professionals.
This guide explains key sections of the Indian Income Tax Act (44AA, 44AB, 44AD, 44ADA), covering rules for account maintenance, tax audits, and presumptive taxation.
Understand income tax & GST rules for freelancers in India, including Sections 44ADA, 44AD, TDS, ITR filing, and tax-saving measures for FY 2025-26.
Understand income tax rules for cash deposits in businesses using presumptive taxation (Sec 44AD, 44AE). Learn about unexplained credits and bank statements.
Learn how small businesses in India can optimize tax benefits through strategic structuring, presumptive taxation, deductions, MSME benefits, GST ITC, and available incentives.
Learn about the revised Section 44ADA, eligibility, new ₹75L threshold, benefits, and compliance rules for professionals under presumptive taxation in India.
To give relief to small taxpayers from tedious job of maintaining of books of account and getting accounts audited, Income-tax Act has framed presumptive taxation scheme under section 44ADA
Gujarat High Court rules write-back of provisions isn’t ‘turnover’ or ‘gross receipts’ under Sec 44AB, quashing tax return invalidation. Cites ICAI notes.
Learn the differences between TDS and Advance Tax, their applicability, payment schedules, penalties, and tax planning tips to ensure compliance and avoid fines.
Understand whether director remuneration is taxed as salary or business income. Learn about tax implications, employer-employee relationships, and GST applicability.
