Income Tax : Explore key issues in Budget 2024, including tax rectification delays, unjust tax rates, exorbitant TCS on foreign travel, and nee...
Income Tax : Budget 2024 brings into focus the complexities and challenges surrounding presumptive taxation in India, particularly under sectio...
Income Tax : Stay updated with key changes and precautions in filing your Income Tax Return for FY 2023-24 to avoid penalties and ensure accura...
Income Tax : Discover the intricacies of Income Tax Returns (ITR) in India, from types of forms to required documents and compliance measures, ...
Income Tax : Learn about Section 44AD, a simplified method to compute business income, excluding some entities. Thresholds and tax implications...
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...
Corporate Law : Read the detailed analysis of Orissa High Court's decision to revise compensation under Section 44-AE of Income Tax Act in a motor...
Income Tax : Navigate complexities of personal income tax in India for FY 2023-2024. Learn about filing returns, responding to notices, and opt...
Income Tax : ITAT Jodhpur rules that possession of transport vehicles is sufficient for Section 194C TDS exception, emphasizing the significanc...
Income Tax : ITAT Raipur held that revisionary proceedings cannot be termed as illegal or not maintainable when the assessee have not responded...
Income Tax : ITAT Jaipur held that penalty under section 271B of the Income Tax Act not leviable as the assessee is eligible to avail the benef...
Income Tax : Which of the following has to be considered while calculating the presumptive income under section 44AE of the Income-tax Act.1961...
Presumptive taxation scheme is a simplified tax system that is designed to provide relief to small taxpayers from the burden of complying with the complex tax laws. Under this scheme, taxpayers are allowed to declare their income based on a presumptive income, which is determined by the tax authorities based on certain presumptions about the taxpayer’s income and expenses.
Taxpayers opting for presumptive taxation schemes can enjoy relief from accounting and auditing with the Income-tax Act. Learn what sections 44AD, 44ADA, and 44AE have in store for you.
Whether Remission Of Trading Liability Separately Taxable Where Income From Business Has Been Declared On Presumptive Basis U/S 44AD, 44ADA Or 44AE of Income Tax Act, 1961
Explore the Presumptive Taxation Scheme under the Income Tax Act, 1961. Understand the provisions of Sec 44AB, recent amendments, and key considerations for tax audit.
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.
Understand Section 44AE of the Income Tax Act, 1961 with the latest amendments. Learn about profit computation, deductions, and key provisions for businesses owning up to 10 goods carriages.
Understanding tax audit criteria normal and presumptive. Learn about the provisions under section 44AB and 44AD for beneficial taxation schemes.
To give relief to small taxpayers from the tedious job of maintenance of books of account and from getting the accounts audited, the Income-tax Act has framed the presumptive taxation scheme under sections 44AD, section 44ADA and section 44AE. In this part you can gain knowledge about various provisions of the presumptive taxation scheme of section 44AD, section 44ADA and section 44AE.
Here, in this article I have made an attempt to solve the practical issues that are arising to the Tax Professionals in day to day practice (by decoding Income Tax Act Sec. 44AB along with 44AA, 44AD, 44ADA & 44AE). This article mainly focuses on Individual & HUF assessees.
PRESUMPTIVE TAXATION SCHEMES SECTION 44AD: SPECIAL PROVISIONS FOR COMPUTATION OF INCOME ON ESTIMATION BASIS Notwithstanding anything to contrary contained in sections 28 to 43C, -in case of a resident assessee being an individual, HUF, or a partnership firm excluding LLP; -engaged in a -a sum equal to 8% (6%*) of the total turnover or gross […]