Tag - tax audit

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 [...]

Tax Audit & The Presumptive Taxation

Section 44AB vs 44AD Tax Audit & The Presumptive Taxation: When we talk about Presumptive Taxation, then it automatically relates to Tax Audit under Income Tax Act, 1961. At student level, I have seen students getting confused in Sections 44AB & 44AD because 44AB says about the limit of Rs. 1 crore while Section 44AD says about the limit of Rs. 2 crore. Don’t worry; today your doubt is going to be resolved permanently.   Let’s begin: Tax Audit comes under the purview of [...]

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