Income Tax : The Income Tax Act, 2025 replaces Sections 44AD, 44ADA, and 44AE with a unified Section 58 framework. While the structure has been...
Income Tax : The issue addresses the consolidation of multiple presumptive taxation provisions into a single section. The framework simplifies ...
Income Tax : The Income Tax Act, 2025 introduces Section 58, consolidating earlier presumptive taxation schemes into one unified framework. It ...
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...
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 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 : The Tribunal held that while arbitrary disallowances are not sustainable, inadequate substantiation justifies estimation. Disallow...
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 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.
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 of the assessees.
