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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 18810 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 25347 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 1017 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 156 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 6036 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 3594 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 38562 Views 3 comments Print

Section 44AE Presumptive Taxation Scheme for Plying, Hiring, or Leasing Goods Carriages

March 2, 2021 11094 Views 4 comments Print

Presumptive Taxation Scheme for Plying, Hiring, or Leasing Goods Carriages – Section 44AE For simplifying the complications involved in calculating the taxable income for small business owners, the Presumptive Taxation Scheme was construed under the Income Tax Act. Section 44AE offers this Presumptive Taxation scheme which allows for a system to estimate the income of […]

Critical Comparison & Analysis of Presumptive Tax provisions

October 16, 2020 3372 Views 0 comment Print

CRITICAL COMPARISON AND ANALYSIS OF PRESUMPTIVE TAX PROVISIONS UNDER INCOME TAX ACT 1961 – 44AD, 44ADA & 44AE I. APPLICABILITY 1. Section 44AD clearly specifies the ‘Eligible Assessee’ as ‘all resident Individuals, HUFs, or Firms (excluding Limited Liability Partnership Firms)’ engaged in ‘Eligible Business’, which is defined by an exclusive clause by specifying the businesses […]

Section 44AE: Special Provisions for Computing Profits & Gains of Business of Plying, Hiring or Leasing Goods Carriage

August 28, 2020 5067 Views 1 comment Print

Section 44AE: Special Provisions for Computing Profits & Gains of Business of Plying, Hiring or Leasing Goods Carriage Applicable to whom ? An assessee, who owns not more than 10 goods carriages at any time during the P.Y. and who is engaged in the business of plying, hiring or leasing such goods carriages. (The provisions […]

All You Need To Know About Presumptive Taxation Scheme!

August 27, 2020 2043 Views 0 comment Print

The Presumptive Taxation Scheme, according to sections 44AA of the Income-tax Act, 1961, was introduced to relieve the small business owners and income professionals from maintaining a book of accounts. They will now be enabled to declare their total taxable income at a predefined rate.

Presumptive Taxation under Income Tax Act, 1961

August 16, 2020 15159 Views 1 comment Print

The Scheme: To provide relief to small taxpayers from tedious task of maintaining books of accounts and getting them audited, a presumptive taxation scheme is framed which allows the assessee to declare income at prescribed rates and pay tax thereon, thereby avoiding the tedious work of maintaining books of accounts and audit. Relevant Sections under […]

Section 44AE – Presumptive Income Provisions for Transporters

August 3, 2020 13506 Views 0 comment Print

SPECIAL PROVISIONS FOR COMPUTING PROFITS AND GAINS OF BUSINESS OF PLYING, HIRING OR LEASING GOODS CARRIAGES [SECTION 44AE] 1. Eligible Business: – Section provides for estimating business income of an owner of goods carriages from the plying, hire or leasing of such goods carriages; 2. Eligible Assesse: – Scheme applies to persons owning not more […]

All about Section 44AE of Income Tax Act, 1961

June 28, 2020 549291 Views 44 comments Print

In this advance learning we will cover the provisions of the presumptive taxation scheme provided in section 44AE. The scheme of section 44AE is designed to give relief to small assessees engaged in the business of goods carriage.

Interesting issues under Section 44AD, 44ADA and 44AE

May 2, 2020 73074 Views 17 comments Print

To provide relief to small taxpayers from this tedious work, lawmakers framed Special provisions for computing profit and gains on presumptive basis under sections 44AD, 44ADA and 44AE. The taxpayer can declare his income at prescribed rates or higher than that.

Applicability of Tax Audit under Income Tax for Assessment Year 2020-21

March 6, 2020 232371 Views 12 comments Print

​In this article we tried to clear confusion for TAX AUDIT APPLICABILITY from AY 2020-21. Hope you all find it useful, Please give your valuable feedback. & do lt me know if any error. Thanks in advance. The finance Bill, 2020 has brought a major amendment to section 44AB of Income Tax Act, 1961. Moreover, […]

Practical issues in Presumptive Taxation – 44AD, 44ADA & 44AE

February 20, 2020 65187 Views 30 comments Print

Under section 44AD from if the Turnover of an assessee being resident individual, HUF, Partnership Firm (not being a LLP) and who is not claiming deduction under section 10A, 10AA, 10B &10BA or deduction under Chapter VI A under the heading ‘C -Deductions in respect of certain Incomes and derives income from any business except