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...
Section 44ADA of Income Tax Act, 1961 offers a presumptive taxation scheme for professionals, simplifying tax compliance by allowing them to declare 50% of their gross receipts as income without maintaining detailed books of accounts.
Explore the implications of the New Income Tax Bill 2025, including changes to deductions and losses under Section 58(4), aimed at simplifying tax computation while raising concerns over consistency with existing provisions.
ITAT Bangalore held that penalty under section 271B of the Income Tax Act for delay in uploading audit report set aside as reasonable cause shown and there was only technical breach without any loss to exchequer of the Government.
Learn how Presumptive Taxation under Section 44ADA helps Indian freelancers with simplified compliance, tax relief on foreign income, and audit exemption.
Discover the right ITR form for senior and super senior citizens, including tax rates, exemptions, and filing conditions for FY 2024-25.
Understand when to pay advance tax, the due dates, and the consequences of late payments, including interest charges under sections 234B and 234C.
Punjab & Haryana HC upholds Principal Commissioner’s revision under Section 263. Assessing Officer’s wrong Section 44ADA assessment found erroneous.
Explore key issues in Budget 2024, including tax rectification delays, unjust tax rates, exorbitant TCS on foreign travel, and needed reforms in presumptive taxation.
Learn about the new Section 194T, its implications on TDS for partners’ remuneration, and the interplay with Section 40(b) from the latest budget amendment.
Learn about the Madras High Court’s landmark ruling quashing an income tax reassessment notice for a medical professional under Section 44ADA. Find out why proper classification of professional services is crucial.
