Tag Archives: section 44AD

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

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

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

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

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 »