The Tribunal held that receipts already offered under the presumptive scheme cannot be taxed again as unexplained money. Once income is declared under section 44AD and supported by surrounding facts, ...

Addressing alleged cash discrepancies and debtor recoveries, the Tribunal held that such amounts form part of presumptive business receipts. Without books or adverse evidence, additions were ...

Many first-time F&O traders are confused about whether they need a tax audit when they report losses. Here’s an expert clarification on how Section 44AD and audit rules actually apply in such ...

When Mr. Kumar deposited Rs 8 lakh (8,68,799) cash in his bank account, it raised a red flag for the income tax authorities. Initially, he received a tax notice, followed by an assessment where this ...

In order to give relief to small taxpayers from the rigmarole of maintenance of books of account and also from getting them audited, the Income-tax (I-T) Act gives the option of presumptive taxation ...

But, some experts warn it may not be a blanket benefit available to all businesses and professionals eligible for presumptive taxation schemes. Presumptive taxationfor businesses and professionals is ...