section 44AE

Presumptive taxation: A simplified scheme for small businesses & professions

Income Tax - To reduce the burden of various compliances, Govt. has introduced a scheme of Presumptive Taxation under section 44AD, 44ADA and 44AE of the Income Tax Act 1961....

Presumptive income U/s. 44AE in case of of heavy goods vehicle

Income Tax - Section 44AE, inter alia provides that, the profits and gains shall be deemed to be an amount equal to seven thousand five hundred rupees per month or part of a month for each goods carriage or the amount claimed to be actually earned by the assessee, whichever is higher....

Defective return notice asking to file B/S and P/L in Presumptive Income Cases

Income Tax - There are various sections in the Income Tax Act, 1961 (Act) e.g., 44AD, 44AE, 44ADA etc., (popularly known as Presumptive Income sections) according to which, the profits and gains from eligible / prescribed businesses / professions carried by the prescribed categories of assessee (known as eligible assessee) are required to be computed...

All about Section 44AE of Income Tax Act, 1961

Income Tax - The provisions of section 44AE are applicable to every person (i.e., an individual, HUF, firm, company, etc.). Unlike section 44AD, in case of section 44AE there is no restriction on which categories of assessees can opt for the scheme.. All sorts of assessees can opt from this scheme....

All about Section 44AD of Income Tax Act, 1961

Income Tax - To give relief to small assesses, the Income-tax Law has incorporated a simple scheme commonly known as Presumptive Taxation Scheme. There are two schemes, viz., the scheme of section 44AD and the scheme of section 44AE. An assesses adopting these provisions is not required to maintain the regular books of account and is also exempt [&hel...

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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....

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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Recent Posts in "section 44AE" | Total 8 Posts

Presumptive taxation: A simplified scheme for small businesses & professions

To reduce the burden of various compliances, Govt. has introduced a scheme of Presumptive Taxation under section 44AD, 44ADA and 44AE of the Income Tax Act 1961....

Posted Under: Income Tax | Articles

Presumptive income U/s. 44AE in case of of heavy goods vehicle

Section 44AE, inter alia provides that, the profits and gains shall be deemed to be an amount equal to seven thousand five hundred rupees per month or part of a month for each goods carriage or the amount claimed to be actually earned by the assessee, whichever is higher....

Posted Under: Income Tax | Articles

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....

Defective return notice asking to file B/S and P/L in Presumptive Income Cases

There are various sections in the Income Tax Act, 1961 (Act) e.g., 44AD, 44AE, 44ADA etc., (popularly known as Presumptive Income sections) according to which, the profits and gains from eligible / prescribed businesses / professions carried by the prescribed categories of assessee (known as eligible assessee) are required to be computed...

Posted Under: Income Tax | Articles, Trending

All about Section 44AE of Income Tax Act, 1961

The provisions of section 44AE are applicable to every person (i.e., an individual, HUF, firm, company, etc.). Unlike section 44AD, in case of section 44AE there is no restriction on which categories of assessees can opt for the scheme.. All sorts of assessees can opt from this scheme....

Posted Under: Income Tax | Articles, Featured

All about Section 44AD of Income Tax Act, 1961

To give relief to small assesses, the Income-tax Law has incorporated a simple scheme commonly known as Presumptive Taxation Scheme. There are two schemes, viz., the scheme of section 44AD and the scheme of section 44AE. An assesses adopting these provisions is not required to maintain the regular books of account and is also exempt [&hel...

Posted Under: Income Tax | Articles, Featured

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 of the assessee. ...

Posted Under: Income Tax | Judiciary | All ITAT, ITAT Ahmedabad

Analysis of Section 44AE of The Income Tax Act 1961

This section applies to all types of assesses whether resident or non-resident who are engaged in the business of plying , Hiring or leasing of goods carriages and owns not more than 10 goods carriages at any time during the financial year. Here the important point that is to be noted Is that the ownership of the good carriages should be...

Posted Under: Income Tax | Articles