Income Tax : Understand the provisions of tax audit under Section 44AB of the Income Tax Act, including its objectives, applicability, prescrib...
Income Tax : Overview of presumptive taxation under the Income Tax Act covering sections 44AD, 44ADA, and 44AE—eligibility, ineligible busine...
Income Tax : Section 44AA mandates books for professionals and businesses exceeding income thresholds. Details presumptive tax rules, required ...
Income Tax : This guide breaks down the complete taxation of salary income in India—covering allowances, perquisites, retirement benefits, an...
Income Tax : Form 3CD requires mandatory reporting on taxpayer identity, business status, accounting methods (ICDS), depreciation, inadmissible...
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 : The Tribunal clarified that even where the assessee owns more than ten trucks, Section 44AE can be used as a fair yardstick for in...
Income Tax : The assessee challenged jurisdiction for lack of notice under Section 143(2). The Tribunal held that once the belated return was i...
Income Tax : Andhra Pradesh held that neither the State Legislature nor the Central Legislature would have power, to levy tax on the sale of go...
Income Tax : The Tribunal held that while arbitrary disallowances are not sustainable, inadequate substantiation justifies estimation. Disallow...
Income Tax : The Tribunal examined whether GST could be included in gross receipts for presumptive income. It held that GST is a statutory levy...
Income Tax : Which of the following has to be considered while calculating the presumptive income under section 44AE of the Income-tax Act.1961...
The Tribunal clarified that even where the assessee owns more than ten trucks, Section 44AE can be used as a fair yardstick for income estimation. Arbitrary assessment and multiple additions were set aside.
The assessee challenged jurisdiction for lack of notice under Section 143(2). The Tribunal held that once the belated return was invalid, assessment under Section 144 was lawful.
Andhra Pradesh held that neither the State Legislature nor the Central Legislature would have power, to levy tax on the sale of goods made beyond the territorial waters of India. Accordingly, writ petition disposed of setting aside the assessment orders and remanded the matter back.
The Tribunal held that while arbitrary disallowances are not sustainable, inadequate substantiation justifies estimation. Disallowances were restricted to 50% to balance fairness and compliance.
The Tribunal examined whether GST could be included in gross receipts for presumptive income. It held that GST is a statutory levy with no income element and must be excluded under section 44BB.
The Tribunal held that Section 44AD could not be applied to a goods carriage business excluded under Section 44AE and restored the matter for fresh examination. The AO must verify conditions under Section 44AE and recompute income accordingly.
The Tribunal held that income declared under Sections 44AE and 44AD by a transport HUF owning 10 trucks was valid. Additions for alleged profit diversion were deleted as the AO’s suspicion of tax evasion lacked evidence.
Understand the provisions of tax audit under Section 44AB of the Income Tax Act, including its objectives, applicability, prescribed forms, due dates, and penalties for non-compliance by businesses and professionals.
Overview of presumptive taxation under the Income Tax Act covering sections 44AD, 44ADA, and 44AE—eligibility, ineligible businesses, income computation, record maintenance, and advance tax rules.
Punjab and Haryana High Court directed CBDT to issue a circular extending the ITR due date for audit cases to 30th November 2025. The extension follows Section 44AB and Explanation 2(a) to Section 139(1). Taxpayers now have sufficient time between submission of audit reports and filing of returns.
