Income Tax : Understand every reporting requirement under Form 3CD as amended by the Finance Act, 2026. This guide explains clause-wise disclos...
Income Tax : Understand who must undergo a tax audit under Section 44AB, the applicable turnover limits, audit forms, filing procedure, due dat...
Income Tax : This guide explains the presumptive taxation schemes available under the Income-tax Act, including Sections 44AD, 44ADA, and 44AE....
Income Tax : This guide explains who is required to maintain books of account under Section 44AA based on business, profession, turnover, and i...
Income Tax : The Income-tax Act provides presumptive taxation schemes under Sections 44AD, 44ADA, and 44AE to reduce compliance burdens by allo...
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 : ITAT Delhi set aside the assessment after finding that the assessees additional evidence had not been properly scrutinized by the ...
Income Tax : The Tribunal held that GST collected is not part of income for presumptive taxation under section 44B. It ruled that GST is a stat...
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 : Which of the following has to be considered while calculating the presumptive income under section 44AE of the Income-tax Act.1961...
Understand every reporting requirement under Form 3CD as amended by the Finance Act, 2026. This guide explains clause-wise disclosures, compliance obligations, and key tax audit reporting requirements.
Understand who must undergo a tax audit under Section 44AB, the applicable turnover limits, audit forms, filing procedure, due date, and penalties for non-compliance. This guide explains the key compliance requirements for businesses and professionals.
This guide explains the presumptive taxation schemes available under the Income-tax Act, including Sections 44AD, 44ADA, and 44AE. It outlines eligibility, turnover limits, presumptive income rates, and compliance requirements for businesses and professionals.
This guide explains who is required to maintain books of account under Section 44AA based on business, profession, turnover, and income thresholds. It also outlines the consequences of non-compliance and the prescribed record-keeping requirements.
The Income-tax Act provides presumptive taxation schemes under Sections 44AD, 44ADA, and 44AE to reduce compliance burdens by allowing eligible businesses and professionals to declare income at prescribed rates. The key takeaway is that taxpayers opting for these schemes can avoid maintaining detailed books of account and tax audits, subject to specified eligibility conditions and turnover thresholds.
ITAT Delhi set aside the assessment after finding that the assessees additional evidence had not been properly scrutinized by the tax authorities. The Tribunal emphasized adherence to principles of natural justice before sustaining additions.
The Income Tax Act 2025 has merged old presumptive taxation provisions into a single Section 58 framework. The change simplifies compliance for businesses, professionals, and transport operators under one codified structure.
Explore special provisions for computing profits and gains under the Income Tax Act, 1961, covering diverse areas such as mineral oil exploration, small businesses on presumptive basis, professions, goods carriage operations, shipping, aircraft operation, turnkey power projects, and royalty income of non-residents. Stay updated on amendments and key details for effective tax planning.
The Income Tax Act, 2025 replaces Sections 44AD, 44ADA, and 44AE with a unified Section 58 framework. While the structure has been simplified, presumptive taxation rates and turnover limits largely remain unchanged.
The issue addresses the consolidation of multiple presumptive taxation provisions into a single section. The framework simplifies compliance while retaining key conditions and safeguards for taxpayers.
