Web2 days ago · 1. Presumptive taxation regime of Section 44AD of the Act. The objective of section 44AD of the Act is to provide a presumptive income scheme for small taxpayers to lower compliance costs for them and to reduce the administrative burden on the tax machinery. In the case of an “eligible assessee” engaged in an “eligible business”, the ... WebPenalty u/s 271B - violation of provisions of section 44AB and 44AA - assessee has failed to produce books of accounts and bills/vouchers for verification of purchases and other expenditures claimed in the Profit & Loss account - assessee was not found to have maintained the books of account - HELD THAT:- Assessee from the day one had been …

Section 44AA: Who should Maintain Account Books for Income Tax …

WebApr 12, 2024 · Under Section 44AA of the Income Tax Act, 1961, certain professionals and businesses are required to maintain books of accounts. The following is a list of the types of professionals and businesses that fall under this section: Legal, medical, engineering, architectural, accountancy, technical consultancy, or interior decoration professionals. WebFeb 16, 2024 · Maintain books of accounts as per Sec 44AA. Go for Tax Audit since the profit is less than 50% of gross receipts and total income is more than the basic exemption limit of INR 2.5 lacs. Opts for Presumptive Taxation u/s 44ADA Pay tax on INR 22.5 lacs as per slab rate. Do not maintain books of accounts as per Sec 44AA. how common is low testosterone in men

Understanding Section 44AA of the Income Tax Act

Web—(1) Notwithstanding anything contained in sections 28 to 43C, in the case of an assessee, being a resident in India, who is engaged in a profession referred to in sub-section (1) of section 44AA and whose total gross receipts do not exceed fifty lakh rupees in a previous year, a sum equal to fifty per cent of the total gross receipts of the … Web1 day ago · Dist. Intermediate Educational Office Vs Income Tax Officer (TDS) (ITAT Hyderabad) ITAT Hyderabad held that payment to contract teachers doesn’t qualify as ‘fee for professional services’ and accordingly TDS under section 194J of the Income Tax Act not deductible. Facts- The common question that arises in both these appeals is whether … WebSection 44AA of income taxtalks about those who need to maintain Books Of Accounts for Income Tax purposes. It gives information about businesses and professions that … how many pounds in one newton