Presumptive income - enhancement of threshold limits - U/s 44AD ...

Notes Income Tax

February 3, 2023

Presumptive income - enhancement of threshold limits - U/s 44AD if 95% of gross receipts and payments through no-cash mode than limit of presumptive taxation increased to ₹10 cr in case of trading concerns - Further U/s 44ADA if cash receipts are not more than 5% than presumptive taxation limit for professionals having gross receipts up to ₹75 Lakhs.

View Source

← Previous Next →

Presumptive income - enhancement of threshold limits - U/s 44AD ...

Notes Income Tax

February 3, 2023

You may also like:

Cash credit u/s 68 r.w.s. 115BBE - cash deposit during demonetization period - assessee's failure to maintain books of accounts u/s 44AD. Held that where exemption from...

Threshold Limit of tax audit under section 44AB and section 44AD – clarification - Circular

Exemption under Section 10(23C)(iiiad) - Determination of threshold of turnover - ‘annual receipts’ versus ‘gross receipt’ - The Assessing Officer (AO) disallowed the...

Non-resident company's receipts taxable u/s 44BB(2) excluding service tax/GST. Relying on Mitchell Drilling International Pty Limited case, service tax being statutory...

Income estimation based on percentage of gross receipts - CIT(A) applied 12.5% net profit on gross receipts, assessee claimed thin margins in advertisement business....

Once under the special provision of section 44AD exemption from maintenance of books of accounts have been provided and the presumptive tax at 8% of the gross receipts...

Exemption u/s 10(23C)(iiiad) - Threshold limit of Rs. 1 Crore - The Appellate Tribunal found that the appellant's gross receipts, when considering certain fee receipts...

Addition u/s 68/69A - unexplained deposits in the Bank account - assessee offered income u/s. 44AD - Asking the assessee to prove to the satisfaction of the AO, the...

Determination of turnover for presumptive taxation u/s 44AD - The assessee contended that receipts cannot be treated as ancillary receipts as the assessee had already...

Estimation of income - garnered transportation receipts - Applicability u/s 44AD for receipts on account of truck plying business - If in case the assessee is unable to...

ICDS would apply to the taxpayers whose income is taxed under presumptive tax schemes (i.e. u/s 44AD, 44ADA, 44AE, 4BB, 44BBA, 44BBB) for limited purpose of...

Penalty u/s 271B - threshold limit for getting its account audited u/s 44AB - Business activity or professional activity - gross receipts were only ₹ 42 lakhs -...

Exemption u/s 11- taxability of unregistered trust - AO has brought gross receipts to tax which is against the basic tenets of law where only the real income which is...

Presumptive taxation on receipt of advance u/s 44AD - Builder/Developer - no income can be assessed on presumptive basis in the AY 2006-2007 as the assessee has already...

Addition u/s 68 - assessee opted to declare income u/s 44AD @ 8% - Section 44AD was introduced to help the small traders to tax on presumptive basis who have...

Quick Updates: