section 44AE

Section 44AE Presumptive Taxation Scheme for Plying, Hiring, or Leasing Goods Carriages

Income Tax - Presumptive Taxation Scheme for Plying, Hiring, or Leasing Goods Carriages – Section 44AE For simplifying the complications involved in calculating the taxable income for small business owners, the Presumptive Taxation Scheme was construed under the Income Tax Act. Section 44AE offers this Presumptive Taxation scheme which allows for a ...

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Presumptive Taxation Scheme under Section 44AE

Income Tax - Section 44AE(3)] The assessee will be deemed to have been allowed the deductions under sections 30 to 38. Accordingly, the written down value of any asset used for the purpose of the business of the assessee will be deemed to have been calculated as if the assessee had claimed and had actually been allowed the deduction in ....

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Critical Comparison & Analysis of Presumptive Tax provisions

Income Tax - CRITICAL COMPARISON AND ANALYSIS OF PRESUMPTIVE TAX PROVISIONS UNDER INCOME TAX ACT 1961 – 44AD, 44ADA & 44AE I. APPLICABILITY 1. Section 44AD clearly specifies the ‘Eligible Assessee’ as ‘all resident Individuals, HUFs, or Firms (excluding Limited Liability Partnership Firms)’ engaged in ‘Eligible Business’, which i...

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Section 44AE: Special Provisions for Computing Profits & Gains of Business of Plying, Hiring or Leasing Goods Carriage

Income Tax - Section 44AE: Special Provisions for Computing Profits & Gains of Business of Plying, Hiring or Leasing Goods Carriage Applicable to whom ? An assessee, who owns not more than 10 goods carriages at any time during the P.Y. and who is engaged in the business of plying, hiring or leasing such goods carriages. (The provisions […]...

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All You Need To Know About Presumptive Taxation Scheme!

Income Tax - The Presumptive Taxation Scheme, according to sections 44AA of the Income-tax Act, 1961, was introduced to relieve the small business owners and income professionals from maintaining a book of accounts. They will now be enabled to declare their total taxable income at a predefined rate....

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Audit U/s. 44ADA not to be counted for Tax Audit Limit Calculation: ICAI

Income Tax - ICAI decided to exclude audit conducted under section 44ADA of Income-tax Act, 1961 for reckoning the specified number of tax audit assignments...

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No addition for cash deposits when Assessee offered Income u/s 44AE

Bijoy Shribastab & Anr. Vs ITO (ITAT Kolkata) - Bijoy Shribastab & Anr. Vs ITO (ITAT Kolkata) It is not in dispute that the assessee had not maintained books of accounts for his transport business. It is not in dispute that the assessee owns less than 10 vehicles and is accordingly entitled to offer income u/s 44AE of the Act. It is not the [...

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No penalty for failure to get books audited for Bonafide belief of non-applicability of Audit

P.D. Usha Rani Vs. The Income Tax Officer (ITAT Hyderabad) - Penalty u/s. 271B is attracted for failure to get accounts audited u/s. 44AB. Even though the law prescribes the levy of penalty, in case of default, the same is not automatic as provisions of Section 273B gives relief, when there is a reasonable cause....

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If once income is already assessed by AO u/s. 44AE no separate addition to income can be made

Shri Amitkumar Hasmukhbhai Shah Vs DCIT (ITAT Ahmedabad) - The contention of the assessee is that he has shown income from truck under section 44AE of Rs. 2,01,000/- which includes income of Rs.1,07,890/- from M/s. Chandan Carriers, and therefore, no separate addition of Rs.1,07,890/- is warranted. None of the lower authorities has verified this contention ...

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Clarification on amendment in Section 44AE of Income Tax Act, 1961

F.No. 225/233/2019/ITA-II - (14/08/2019) - Which of the following has to be considered while calculating the presumptive income under section 44AE of the Income-tax Act.1961 (Act) in the context of amendment made in sub-section (2) of section 44AE of the Act vide Finance Act, 2018 w.e.f. 01.04.2019....

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Recent Posts in "section 44AE"

Section 44AE Presumptive Taxation Scheme for Plying, Hiring, or Leasing Goods Carriages

Presumptive Taxation Scheme for Plying, Hiring, or Leasing Goods Carriages – Section 44AE For simplifying the complications involved in calculating the taxable income for small business owners, the Presumptive Taxation Scheme was construed under the Income Tax Act. Section 44AE offers this Presumptive Taxation scheme which allows for a ...

Read More
Posted Under: Income Tax |

Presumptive Taxation Scheme under Section 44AE

Section 44AE(3)] The assessee will be deemed to have been allowed the deductions under sections 30 to 38. Accordingly, the written down value of any asset used for the purpose of the business of the assessee will be deemed to have been calculated as if the assessee had claimed and had actually been allowed the deduction in ....

Read More
Posted Under: Income Tax |

Critical Comparison & Analysis of Presumptive Tax provisions

CRITICAL COMPARISON AND ANALYSIS OF PRESUMPTIVE TAX PROVISIONS UNDER INCOME TAX ACT 1961 – 44AD, 44ADA & 44AE I. APPLICABILITY 1. Section 44AD clearly specifies the ‘Eligible Assessee’ as ‘all resident Individuals, HUFs, or Firms (excluding Limited Liability Partnership Firms)’ engaged in ‘Eligible Business’, which i...

Read More
Posted Under: Income Tax |

Section 44AE: Special Provisions for Computing Profits & Gains of Business of Plying, Hiring or Leasing Goods Carriage

Section 44AE: Special Provisions for Computing Profits & Gains of Business of Plying, Hiring or Leasing Goods Carriage Applicable to whom ? An assessee, who owns not more than 10 goods carriages at any time during the P.Y. and who is engaged in the business of plying, hiring or leasing such goods carriages. (The provisions […]...

Read More
Posted Under: Income Tax |

All You Need To Know About Presumptive Taxation Scheme!

The Presumptive Taxation Scheme, according to sections 44AA of the Income-tax Act, 1961, was introduced to relieve the small business owners and income professionals from maintaining a book of accounts. They will now be enabled to declare their total taxable income at a predefined rate....

Read More
Posted Under: Income Tax |

Presumptive Taxation under Income Tax Act, 1961

The Scheme: To provide relief to small taxpayers from tedious task of maintaining books of accounts and getting them audited, a presumptive taxation scheme is framed which allows the assessee to declare income at prescribed rates and pay tax thereon, thereby avoiding the tedious work of maintaining books of accounts and audit. Relevant Se...

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Posted Under: Income Tax |

Section 44AE – Presumptive Income Provisions for Transporters

SPECIAL PROVISIONS FOR COMPUTING PROFITS AND GAINS OF BUSINESS OF PLYING, HIRING OR LEASING GOODS CARRIAGES [SECTION 44AE] 1. Eligible Business: – Section provides for estimating business income of an owner of goods carriages from the plying, hire or leasing of such goods carriages; 2. Eligible Assesse: – Scheme applies to per...

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Posted Under: Income Tax |

All about Section 44AE of Income Tax Act, 1961

In this advance learning we will cover the provisions of the presumptive taxation scheme provided in section 44AE. The scheme of section 44AE is designed to give relief to small assessees engaged in the business of goods carriage....

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Posted Under: Income Tax | ,

Presumptive taxation- Section 44AD, 44ADA, 44AE

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 ...

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Posted Under: Income Tax | ,

Interesting issues under Section 44AD, 44ADA and 44AE

To provide relief to small taxpayers from this tedious work, lawmakers framed Special provisions for computing profit and gains on presumptive basis under sections 44AD, 44ADA and 44AE. The taxpayer can declare his income at prescribed rates or higher than that....

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Posted Under: Income Tax |

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