Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding


  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights November 2018 Year 2018 This

Presumptive income - Once the assessee’s income is accepted u/s ...

Income Tax

November 15, 2018

Presumptive income - Once the assessee’s income is accepted u/s 44AE, then the provisions of section 44AA and 44AB are not applicable and consequently there can be no default on the part of the assessee for maintaining the regular books of account as well as getting the same audited.

View Source

 


 

You may also like:

  1. Penalty u/s 271B - Tax audit - failure to get books of accounts audited u/s 44AB - assessee did not maintain books of account u/s 44AA - Neither section 44AA and 44AB...

  2. Presumptive income u/s 44AE - heavy goods vehicle (more than 12MT gross vehicle weight) - Substantial increase in deemed income

  3. 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...

  4. Presumptive income - Application of income u/s 44AD or 44AE - when the assessee fulfills the conditions as prescribed u/s 44AE, then the income computed by the assessee...

  5. Transport Vehicle, deemed income u/s 44E, mere showing higher income does not make the assesse liable to tax audit u/s 44AB, income taxable u/s 44AE

  6. Penalty u/s 271A - non maintenance of books of accounts - not furnishing tax audit report u/s 44AB - The commission being turnover/receipt for the purposes of 44AA and...

  7. Special provision for computing profits and gains of business of plying, hiring or leasing goods carriages u/s 44AE - It is clear that sec. 44AE, a non obstante clause,...

  8. Penalty u/s 271B - violation of provisions of section 44AB - When assessee did not maintain regular books of accounts, then the question of getting the books of account...

  9. The assessee under consideration has one truck only and the same was being used for purpose of business, hence depreciation should be allowed to the assessee - since the...

  10. Penalty u/s 217B - not getting the books audited - once the penalty is levied for non-maintenance of book of accounts (u/s 44AA), there cannot be further default for not...

 

Quick Updates:Latest Updates