Tag - presumptive taxation

Section 44AE

Section 44AE Special provision for computing profits and gains of business of plying, hiring or leasing goods carriages This section applies specifically on assessees carrying on business of plying, hiring or leasing good carriages. This section states that if an assessee is carrying on the above mentioned business then the income of such business chargeable to tax under the head "Profits and gains of business or profession" shall be deemed to be the aggregate of the profits and gains, from all the [...]

Section 44AB vs 44ADA

Section 44AB vs 44ADA As Section 44AD is applicable on business (click here to read in detail), Section 44ADA applies on professionals. It says that if an eligible assessee (professional) who declares 50% or more than that of his gross receipts as profit, then he is not required to get his accounts audited under the Income Tax Act, 1961. But, this section has specified a limit on the gross receipts too. As per this section, the gross receipts should not be more [...]

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