section 44AE

Understanding Section 43B(h) of the Income Tax Act,1961

Income Tax - Understand the implications of Section 43B(h) of the Income Tax Act, 1961, on timely payments to MSMEs. Learn about benefits, applicability, due dates, and exceptions....

MSME Payments under Section 43B(h): Deductions on Actual Payment

Income Tax - Explore the implications of the recent Income Tax amendment to Section 43B affecting MSMEs. Understand how timely payments are crucial and the potential impact on tax liability....

Presumptive Taxation: Simplifying Taxes for Small Businesses

Income Tax - Discover the simplicity of Presumptive Taxation for small businesses! Unraveling Sections 44AD, 44ADA, and 44AE of the Income Tax Act, this article explains how this streamlined approach eases tax complexities, benefits small businesses, and simplifies the filing process. Learn about eligibility criteria, computation methods, and the pote...

Ease of Taxation for Small Taxpayers (Presumptive Taxation)

Income Tax - Learn about India's Presumptive Taxation Scheme, offering relief from complex accounting and audits for small taxpayers under sections 44AD, 44ADA, and 44AE....

Presumptive Taxation Scheme Under Section 44ADA and Section 44AE

Income Tax - Explore the Presumptive Taxation Scheme under Sections 44ADA and 44AE of the Income Tax Act 1961. Learn how individuals and partnership firms in specified professions can declare income at a prescribed rate, simplifying tax compliance. Understand the eligibility criteria, computation methods, ITR form usage, and the benefits of adopting t...

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...

Possession of transport vehicles sufficient for Section 194C TDS exception

Adhunik Khanan VA Parivahan Theka Sahakari Samiti Limited Vs ITO (ITAT Jodhpur) - ITAT Jodhpur rules that possession of transport vehicles is sufficient for Section 194C TDS exception, emphasizing the significance of beneficial ownership....

Revisionary proceedings not illegal when assessee remained non-compliant in explaining his case

Mahesh Prasad Singh Vs PCIT (ITAT Raipur) - ITAT Raipur held that revisionary proceedings cannot be termed as illegal or not maintainable when the assessee have not responded and remain non-compliant in explaining his case before the PCIT....

Penalty u/s 271B not leviable as benefit of presumptive taxation upto Rs. 2 Crores available

Subhash Chand Saini Vs ITO (ITAT Jaipur) - ITAT Jaipur held that penalty under section 271B of the Income Tax Act not leviable as the assessee is eligible to avail the benefit of presumptive taxation up to Rs. 2 Crores as per section 44D of the Income Tax Act....

Expenditure related to goods carriage taken on hire is allowed even if receipts taxed u/s 44AE

Shakir Ahmad Vs ITO (ITAT Delhi) - ITAT Delhi held that expenditure related to the goods carriages taken on hire from the open market for carrying out the transportation activities is available to the assessee even if the receipts are subjected to taxation under provisions of section 44AE of the Income Tax Act....

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 [...

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....

Recent Posts in "section 44AE"

Understanding Section 43B(h) of the Income Tax Act,1961

Understand the implications of Section 43B(h) of the Income Tax Act, 1961, on timely payments to MSMEs. Learn about benefits, applicability, due dates, and exceptions....

Posted Under: Income Tax |

Possession of transport vehicles sufficient for Section 194C TDS exception

Adhunik Khanan VA Parivahan Theka Sahakari Samiti Limited Vs ITO (ITAT Jodhpur)

ITAT Jodhpur rules that possession of transport vehicles is sufficient for Section 194C TDS exception, emphasizing the significance of beneficial ownership....

MSME Payments under Section 43B(h): Deductions on Actual Payment

Explore the implications of the recent Income Tax amendment to Section 43B affecting MSMEs. Understand how timely payments are crucial and the potential impact on tax liability....

Posted Under: Income Tax | ,

Revisionary proceedings not illegal when assessee remained non-compliant in explaining his case

Mahesh Prasad Singh Vs PCIT (ITAT Raipur)

ITAT Raipur held that revisionary proceedings cannot be termed as illegal or not maintainable when the assessee have not responded and remain non-compliant in explaining his case before the PCIT....

Presumptive Taxation: Simplifying Taxes for Small Businesses

Discover the simplicity of Presumptive Taxation for small businesses! Unraveling Sections 44AD, 44ADA, and 44AE of the Income Tax Act, this article explains how this streamlined approach eases tax complexities, benefits small businesses, and simplifies the filing process. Learn about eligibility criteria, computation methods, and the pote...

Posted Under: Income Tax |

Ease of Taxation for Small Taxpayers (Presumptive Taxation)

Learn about India's Presumptive Taxation Scheme, offering relief from complex accounting and audits for small taxpayers under sections 44AD, 44ADA, and 44AE....

Posted Under: Income Tax |

Penalty u/s 271B not leviable as benefit of presumptive taxation upto Rs. 2 Crores available

Subhash Chand Saini Vs ITO (ITAT Jaipur)

ITAT Jaipur held that penalty under section 271B of the Income Tax Act not leviable as the assessee is eligible to avail the benefit of presumptive taxation up to Rs. 2 Crores as per section 44D of the Income Tax Act....

Presumptive Taxation Scheme Under Section 44ADA and Section 44AE

Explore the Presumptive Taxation Scheme under Sections 44ADA and 44AE of the Income Tax Act 1961. Learn how individuals and partnership firms in specified professions can declare income at a prescribed rate, simplifying tax compliance. Understand the eligibility criteria, computation methods, ITR form usage, and the benefits of adopting t...

Posted Under: Income Tax |

Small Businessmen Can opt Presumptive Taxation Scheme under section 44AD

Learn how small business owners can benefit from the presumptive taxation scheme under Section 44AD. Find out the eligibility criteria, calculation method, and advantages of this scheme. Discover how it can simplify tax compliance for small businesses....

Posted Under: Income Tax |

Presumptive Taxation Scheme: Meaning, Eligibility & Implications – Explained

Understand the concept of presumptive taxation scheme, its eligibility criteria, and implications for taxpayers. Learn about different sections under Income-tax Act, such as 44AD, 44ADA, and 44AE, and how they provide relief to small taxpayers....

Posted Under: Income Tax | ,

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