Tag Archives: section 44AD

Presumptive taxation U/s. 44AD, 44ADA, 44AE of Income Tax [FA 2019]

By | April 25, 2019

TAX ON PRESUMPTIVE BASIS IN CASE OF CERTAIN ELIGIBLE BUSINESSES OR PROFESSIONS [As amended by Finance Act, 2019] This Article discusses about Meaning of presumptive taxation scheme, Presumptive Taxation Scheme of Section 44AD,  Section 44ADA, Section 44AE of Income Tax Act , For whom the presumptive taxation scheme of is designed?, Businesses not covered under… Read More »

Guide to Presumptive Taxation u/s 44AD 44ADA & 44AE – 2017 Edition Book – Finance Act 2017- CA Srinivasan Anand G.

By | April 11, 2017

Guide to Presumptive Taxation Under Sections 44AD,44ADA & 44AE (2017 Edition-As Amended by Finance Act 2017)  CA Srinivasan Anand G. As Amended by Finance Act 2017 Price Rs 295. Click to buy online Paperback: 176 pages Publisher: Taxmann Publications Pvt. Ltd.; 2017 Edition edition (2017) View Contents of this Book Related Books of Income Tax… Read More »

In presumptive taxation , AO can’t ask explanation of expenses : ITAT Chandigarh

By | July 24, 2016

IN THE ITAT CHANDIGARH BENCH Nand Lal Popli v. Deputy Commissioner of Income-tax Central Circle-II, Chandigarh H.L. KARWA, VICE-PRESIDENT AND MS. RANO JAIN, ACCOUNTANT MEMBER IT APPEAL NOS. 1161 & 1162 (CHD) OF 2013 [ASSESSMENT YEARS 2007-08 AND 2009-10] JUNE  14, 2016 Vishal Mohan for the Appellant. Sushil Kumar for the Respondent. ORDER Rano Jain,… Read More »

Tax Audit limit of Rs 2 Crore apply only to presumptive taxation scheme

By | June 21, 2016

Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes PRESS RELEASE New Delhi, the 20th June, 2016 Sub: Threshold Limit of tax audit under section 44AB and section 44AD – clarification regarding Section 44AB of the Income-tax Act (‘the Act’) makes it obligatory for every person carrying on business to… Read More »

Presumptive Taxation of Business u/s 44AD

By | May 20, 2016

Presumptive Taxation of Business u/s 44AD After Finance Act 2016 What is Presumptive Taxation of Business u/s 44AD The existing provisions of section 44AD provide for a presumptive taxation scheme for an eligible business. Where in case of an eligible assessee engaged in eligible business having total turnover or gross receipts not exceeding Rs 1 crore (increased to Rs… Read More »

civil contractor did not produce books of Accounts, AO Estimated Profit @ 8% under section 44AD

By | October 12, 2015

Where a civil contractor did not produce salary and wage register and other evidences in support of expenses incurred, Assessing Officer was justified in estimating profit at 8 per cent of gross contract receipts under section 44AD IN THE ITAT CUTTACK BENCH Ram Prasad Bhatta v. Assistant Commissioner of Income-tax, Berhampur Circle, Berhampur P.K. BANSAL,… Read More »

Presumptive taxation scheme of Income Tax

By | September 17, 2015

Presumptive taxation scheme of Income Tax 1961 What is the meaning of presumptive taxation scheme?  As per sections 44AA of the Income-tax Act, 1961, a person engaged in business is required to maintain regular books of account under certain circumstances. To give relief to small taxpayers from this tedious work, the Income-tax Act has framed… Read More »