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Section 44AD

Presumptive Taxation- Section 44AD, 44ADA, 44AE

According to the Income-tax Act, a person engaged in business or profession is needed to maintain regular books of account and further, he/she has to get his/her accounts audited. The Income-tax Act has created the presumptive taxation scheme under these sections which are 44AD, 44ADA & 44AE to provide relief to small taxpayers. What is the Meaning of Presumptive Taxation Scheme? For small taxpayers the IT Act has created presumptive… Read More »Presumptive Taxation- Section 44AD, 44ADA, 44AE

Comprehensive Analysis of Section 44AD and Related Aspects

The provisions of Finance Act- Section 44AD were introduced in the Chapter of Profits & Gains from Business or profession to detract the burden of compliance of resident small Taxpayers. Without any doubt throughout, the concept related to “Presumptive Taxation Schemes’’ has been very well achieved their purposes. As an interesting move, a new condition has been made to presumptive taxation scheme which is – you are about to lose… Read More »Comprehensive Analysis of Section 44AD and Related Aspects