Income Tax - Recently, the provisions of Section 44AE of the Income Tax Act have been amended w.e.f. 01.04.2019 (i.e., from Assessment Year 2019-20) by the Finance Act, 2018. According to the amendment, in respect of heavy goods vehicle, the minimum income per vehicle shall be deemed to be rupees one thousand per ton of gross vehicle weight or unladen...
Read MoreIncome Tax - Section 44AE of The Income Tax Act, 1961 Special provision for computing profits and gains of business of plying, hiring or leasing goods carriages This section applies specifically on assessees carrying on business of plying, hiring or leasing good carriages. This section states that if an assessee is carrying on the above mentioned busi...
Read MoreIncome Tax - Assessee cannot opt for ‘Presumptive Tax’ for six years (including the year in which he has come out of the scheme) , if he has not offered income under this scheme for consecutively for six years including the first year in which he has opted for the scheme. Does it mean that if has opted for the scheme for six years consecutively,...
Read MoreIncome Tax - Section 44AA, talks about the various provisions related to maintenance of books of accounts, which books are required to maintain and the period for which such books to maintained. So we will analyse the provisions of section 44AA, in details – Sub-section (1) of section 44AA, says, all persons, which are carrying on specified professi...
Read MoreIncome Tax - 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 ...
Read MoreIncome Tax - ICAI decided to exclude audit conducted under section 44ADA of Income-tax Act, 1961 for reckoning the specified number of tax audit assignments...
Read MoreBijoy 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 [...
Read MoreP.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....
Read MoreShri 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 ...
Read MoreF.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....
Read MoreF.No. 225/233/2019/ITA-II - (14/08/2019) -
Bijoy Shribastab & Anr. Vs ITO (ITAT Kolkata) -