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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


Defective return notice to file B/S & P/L in Presumptive Income Cases

January 9, 2020 142014 Views 6 comments Print

There are various sections in the Income Tax Act, 1961 (Act) e.g., 44AD, 44AE, 44ADA etc., (popularly known as Presumptive Income sections) according to which, the profits and gains from eligible / prescribed businesses / professions carried by the prescribed categories of assessee (known as eligible assessee) are required to be computed for taxation, at least at the minimum rates prescribed in these sections.

Presumptive taxation for small businesses & professions

December 21, 2019 12291 Views 9 comments Print

To reduce the burden of various compliances, Govt. has introduced a scheme of Presumptive Taxation under section 44AD, 44ADA and 44AE of the Income Tax Act 1961.

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

August 14, 2019 38562 Views 3 comments Print

Which of the following has to be considered while calculating the presumptive income under section 44AE of the Income-tax Act.1961 (Act) in the context of amendment made in sub-section (2) of section 44AE of the Act vide Finance Act, 2018 w.e.f. 01.04.2019.

Section 44AE: Income computation as per ‘Gross Vehicle Weight’ or ‘Unladen Weight’?

July 22, 2019 99456 Views 14 comments Print

Recently, the provisions of Section 44AE of the Income Tax Act have been amended w.e.f. 01.04.2019 (i.e., from Assessment Year 2019-20) by the Finance Act, 2018. According to the amendment, in respect of heavy goods vehicle, the minimum income per vehicle shall be deemed to be rupees one thousand per ton of gross vehicle weight or unladen weight, as the case may be, for every month or part thereof.

Section 44AE of The Income Tax Act, 1961

June 23, 2019 109371 Views 7 comments Print

Section 44AE of The Income Tax Act, 1961 Special provision for computing profits and gains of business of plying, hiring or leasing goods carriages This section applies specifically on assessees carrying on business of plying, hiring or leasing good carriages. This section states that if an assessee is carrying on the above mentioned business then […]

Dear FM, Make Presumptive Income Tax Scheme & Dividend Taxation more Taxpayer friendly

June 18, 2019 2472 Views 0 comment Print

Assessee cannot opt for ‘Presumptive Tax’ for six years (including the year in which he has come out of the scheme) , if he has not offered income under this scheme for consecutively for six years including the first year in which  he has opted for the scheme. Does it mean that if has opted for the scheme for six years consecutively, afterwards he is free to opt for the scheme, whenever he likes?

Maintenance of Books of Accounts? who has? Where? Up to when?

June 11, 2019 31224 Views 4 comments Print

Section 44AA, talks about the various provisions related to maintenance of books of accounts, which books are required to maintain and the period for which such books to maintained. So we will analyse the provisions of section 44AA, in details – Sub-section (1) of section 44AA, says, all persons, which are carrying on specified profession […]

PPT on Presumptive Taxation under Income Tax Act

October 19, 2018 10593 Views 0 comment Print

PRESUMPTIVE TAX INTRODUCTION Sections 44AD, 44ADA & 44AE Introduced to help small business men, Traders and Professionals i. Section 44AD – Small Business/Traders for Turnover up to Rs. 2 Crores ii. Section 44ADA – Professionals – Gross receipts up to Rs. 50 Lakhs iii. Section 44AE – Truck owners owning not more than 10 trucks […]

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

August 23, 2018 5133 Views 2 comments Print

ICAI decided to exclude audit conducted under section 44ADA of Income-tax Act, 1961 for reckoning the specified number of tax audit assignments

Fine Tuning required for Presumptive Taxation- 44AD, 44ADA & 44AE

August 12, 2018 5400 Views 2 comments Print

Once a taxpayer opts for this Scheme and files the returns of income for a  year and in the subsequent year if he declares lower income than the prescribed percentage then he shall not be eligible to claim the benefit of this section for the next five years and in addition if his total income […]