Tag Archives: presumptive taxation

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 »

Tax Audit Limit AY 2017-18 for Presumptive Taxation

By | February 4, 2017

Tax Audit Limit for Presumptive Taxation w.e.f AY 2017-18 Summary – Tax Audit Limit AY 2017-18  :As per Finance Bill 2017 , w.e.f 01.04.2016 FY 2016-17 (AY 2017-18) Section 44AB  an eligible person opting for presumptive taxation scheme as per section 44AD(1) shall not be required to get his accounts audited if the total turnover or gross receipts… 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 »

Presumptive Taxation can not be applied by AO If there is Loss as per books of accounts

By | December 9, 2015

In Sanyasi Rao , the Supreme Court was interpreting Section 44AC which provides for taxation of presumptive income based on the gross receipts. The Supreme Court in the said case held that even where Section 44AC is sought to be applied to a trader, it was only a machinery provision and could not deny the… 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 »