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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, appl...

February 19, 2024 18858 Views 0 comment Print

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 cru...

January 20, 2024 25392 Views 1 comment Print

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 ...

October 18, 2023 1026 Views 0 comment Print

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 sect...

October 14, 2023 1047 Views 0 comment Print

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 partne...

July 25, 2023 2790 Views 0 comment Print


Latest News


Audit U/s. 44ADA not to be counted for Tax Audit Limit Calculation: ICAI

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...

August 23, 2018 5133 Views 2 comments Print


Latest Judiciary


Possession of transport vehicles sufficient for Section 194C TDS exception

Income Tax : ITAT Jodhpur rules that possession of transport vehicles is sufficient for Section 194C TDS exception, emphasizing the significanc...

February 9, 2024 174 Views 0 comment Print

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

Income Tax : ITAT Raipur held that revisionary proceedings cannot be termed as illegal or not maintainable when the assessee have not responded...

October 27, 2023 267 Views 0 comment Print

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

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...

October 14, 2023 6048 Views 0 comment Print

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

Income Tax : ITAT Delhi held that expenditure related to the goods carriages taken on hire from the open market for carrying out the transporta...

November 28, 2022 918 Views 0 comment Print

No addition for cash deposits when Assessee offered Income u/s 44AE

Income Tax : Bijoy Shribastab & Anr. Vs ITO (ITAT Kolkata) It is not in dispute that the assessee had not maintained books of accounts for ...

May 23, 2018 3615 Views 0 comment Print


Latest Notifications


Clarification on amendment in Section 44AE of Income Tax Act, 1961

Income Tax : Which of the following has to be considered while calculating the presumptive income under section 44AE of the Income-tax Act.1961...

August 14, 2019 38568 Views 3 comments Print


Presumptive taxation- Section 44AD, 44ADA, 44AEAC

June 10, 2022 2332809 Views 230 comments Print

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.

Applicability of Tax Audit under section 44AB

January 17, 2022 100671 Views 9 comments Print

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.

Tax Audit Series-4 Presumptive Taxation Schemes

November 27, 2021 4032 Views 1 comment Print

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 […]

Presumptive Taxation Scheme under Section 44AE

October 7, 2021 28107 Views 0 comment Print

Section 44AE(3)] The assessee will be deemed to have been allowed the deductions under sections 30 to 38. Accordingly, the written down value of any asset used for the purpose of the business of the assessee will be deemed to have been calculated as if the assessee had claimed and had actually been allowed the deduction in .

Presumptive Taxation does not create a privileged class of taxpayers

August 18, 2021 13719 Views 3 comments Print

There is a misconception in the mind of business as well as professional community that if a person opts the provisions of presumptive taxation, then he is free to enjoy the difference between the actual profits and the presumptive profits. It is to be noted that the provisions of presumptive taxation are enacted to facilitate […]

A 360° approach to Presumptive Taxation- Free E-Book

August 8, 2021 31341 Views 17 comments Print

E- book on presumptive Taxation Titled ‘A 360° approach to Presumptive Taxation’. The book is a very well complied guide covering various aspects of the presumptive taxation. The book will certainly benefit the readers about the intricacies of presumptive taxation and will play a pivotal role in shaping and guiding the tax practitioners in their […]

Transportation Revenue Vis-A-Vis Sections 44AA, 44AB, 44AD & 44AE

August 5, 2021 14481 Views 0 comment Print

Transportation Revenue Vis-A-Vis Sections 44AA, 44AB, 44AD AND 44AE of The Income Tax Act, 1961- A Critical Analysis In this Article, the Author has made an attempt to analyse the provisions of Section 44AA, Section 44AB, Section 44AD and Section 44AE of the Income Tax Act, 1961 in the context of requirements and applicability of […]

Income shown as per section 44AE is independent of gross receipts from truck plying

June 3, 2021 2271 Views 0 comment Print

Taking into consideration the entire receipts of the assessee the return of the assessee has been filed u/s 44AE of the act as no books were required to be maintained by the assessee as per language of section 44AE of the Act. He has calculated his income according to the months of ownership of the trucks and applied presumptive taxation.

Presumptive Taxation Scheme | Section 44AD/44ADA/44AE/44B/44BB/44BBB/44BBA

June 1, 2021 74166 Views 0 comment Print

Learn about the Presumptive Taxation Scheme (Section 44AD/44ADA/44AE/44B/44BB/44BBB/44BBA) and how it provides relief for small taxpayers.

Computation of Income on Basis of Estimation

May 29, 2021 4029 Views 0 comment Print

To give relief to small taxpayers from maintenance of books of account and from getting the accounts audited, the Income-tax Act has framed the presumptive taxation scheme u/s 44AD, 44ADA and 44AE. Computation of Business Profit on Presumptive Basis [Sec. 44AD] Applicable to : A resident individual, resident Hindu undivided family or a resident partnership […]