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...
There is a misconception in the mind of business as well as professional community that if a person opts the provisions of presumptive taxation, then he is free to enjoy the difference between the actual profits and the presumptive profits. It is to be noted that the provisions of presumptive taxation are enacted to facilitate […]
E- book on presumptive Taxation Titled ‘A 360° approach to Presumptive Taxation’. The book is a very well complied guide covering various aspects of the presumptive taxation. The book will certainly benefit the readers about the intricacies of presumptive taxation and will play a pivotal role in shaping and guiding the tax practitioners in their […]
Section 44ADA – Presumptive Tax Scheme for Professionals -A scheme for presumptive taxation was introduced under section 44ADA from the FY FY 2016-17. -Section 44ADA provides a simple method of taxation for small professionals. Section 44ADA offers a scheme of presumptive taxation of profits and gains arising from professions mentioned under Section 44AA(1) of the […]
The income tax laws offer a presumptive scheme of taxation for certain professionals. There are lots of doubts about what is the exact scheme and whether every professional can opt for it. I intend to explain the presumptive scheme of taxation for professional in this article. What is the presumptive scheme for taxation for professionals […]
VARIOUS TAXATION ASPECTS- NRI IN INDIA Hello everyone today’s article is about taxation impact in India from all corners of law in case of people who are living in India and are working for Foreign Entity. In the light of this pandemic, we are experiencing work from home (WFH) concept where people are employed with […]
Analyze the Presumptive Taxation Scheme for Professionals-Section 44ADA under the Income Tax Act,1961. Learn how it can reduce tax liabilities and provide deductions.
Learn about the Presumptive Taxation Scheme (Section 44AD/44ADA/44AE/44B/44BB/44BBB/44BBA) and how it provides relief for small taxpayers.
To give relief to small taxpayers from maintenance of books of account and from getting the accounts audited, the Income-tax Act has framed the presumptive taxation scheme u/s 44AD, 44ADA and 44AE. Computation of Business Profit on Presumptive Basis [Sec. 44AD] Applicable to : A resident individual, resident Hindu undivided family or a resident partnership […]
Finance Act-2021-Amendments in Business or Profession related Sections of Income Tax Act, 1961 i.e. Section 32(1)-Depreciation of buildings, machinery, plant or furniture, Section 43CA-Special Provisions For Full Value Of Consideration For Transfer of Assets Other Than Capital Assets In Certain Cases, Section 44AB- Tax Audit and Section 44ADA- Presumptive Tax Scheme for Professionals. S. No […]
For extending the benefits of presumptive taxation to specified professionals, Section 44ADA was inserted into the Income Tax Act. Earlier, this scheme was only applicable to small business owners. This tax scheme reduces the burden of compliance for the small professions and reinforces the ease of doing business. Under this scheme of taxation, the profit […]
