Income Tax : Understand income tax rules for cash deposits in businesses using presumptive taxation (Sec 44AD, 44AE). Learn about unexplained c...
Income Tax : Learn how small businesses in India can optimize tax benefits through strategic structuring, presumptive taxation, deductions, MSM...
Income Tax : Learn about the revised Section 44ADA, eligibility, new ₹75L threshold, benefits, and compliance rules for professionals under p...
Income Tax : To give relief to small taxpayers from tedious job of maintaining of books of account and getting accounts audited, Income-tax Act...
Income Tax : Learn the differences between TDS and Advance Tax, their applicability, payment schedules, penalties, and tax planning tips to ens...
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 : Gujarat High Court rules write-back of provisions isn't 'turnover' or 'gross receipts' under Sec 44AB, quashing tax return invali...
Income Tax : ITAT Bangalore held that penalty under section 271B of the Income Tax Act for delay in uploading audit report set aside as reasona...
Income Tax : Punjab & Haryana HC upholds Principal Commissioner’s revision under Section 263. Assessing Officer’s wrong Section 44ADA asses...
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 : The amendments brought about by Notification No. 45/2023 – Income-Tax (Income-tax (Eleventh Amendment) Rules, 2023) encompas...
Explore the Presumptive Taxation Scheme under the Income Tax Act, 1961. Understand the provisions of Sec 44AB, recent amendments, and key considerations for tax audit.
Understanding tax audit criteria normal and presumptive. Learn about the provisions under section 44AB and 44AD for beneficial taxation schemes.
Explore Section 44ADA of the Income Tax Act, 1961, with the latest amendments. This special provision applies to individuals or partnership firms engaged in prescribed professions. Learn about presumptive taxation, allowable deductions, treatment of asset depreciation, and the audit requirement for income exceeding the tax-free limit. Stay informed with a comprehensive summary of Section 44ADA for efficient tax compliance.
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 not apply.
Whether tax audit is compulsory for a specified professional whose gross receipts from the profession do not exceed Rs. 50 Lakhs but the net profit declared is less than 50% of such gross receipts?
Any person being Individual/HUF/Company/Firm/LLP etc. providing any benefit or perquisite whether convertible into money or not, is liable w.e.f. 1-7-2022 to deduct TDS U/s 194R @ 10% on the value or aggregate value of such benefit or perquisite.
Discover which professions are not eligible for the presumptive taxation scheme under section 44ADA of the Income Tax Act.
Get a detailed analysis of the Presumptive Income Taxation Scheme in India. Learn how this scheme provides relief to small businessmen and professionals.
To give relief to small taxpayers from the tedious job of maintenance of books of account and from getting the accounts audited, the Income-tax Act has framed the presumptive taxation scheme under sections 44AD, section 44ADA and section 44AE. In this part you can gain knowledge about various provisions of the presumptive taxation scheme of section 44AD, section 44ADA and section 44AE.
Discover which professionals are eligible to opt for Section 44ADA under the Income Tax Act. Learn about the classification of professionals, including Specified and Unspecified categories. Explore the list of professionals specified under Section 44AA(1) and understand the eligibility criteria for Section 44ADA. Get insights into the books of accounts required for Specified and Unspecified professionals, and stay informed about CBDTs rules for maintenance.
