Hosted on MSN

Section 44AD ITR filing: Which income you must disclose — and which need not be reported under the presumptive scheme

Section 44AD of the Income Tax Act allows small business owners to declare income on a presumptive basis without maintaining detailed books of accounts. However, opting for this scheme does not mean ...
Tax Guru

One-Digit Sales Reporting Error Cannot Justify Section 154 Rectification by AO: ITAT Allahabad

ITAT Allahabad quashes Section 154 rectification based on an audit objection and deletes ₹80.61 lakh addition arising from a sales reporting error.
Mint

Presumptive taxation scheme: What are the 3 sections and who can opt for them — key income rules explained

The 31 August deadline for filing ITR-4 for AY 2026-27 is approaching. Taxpayers with income from eligible businesses, professions, or goods-carriage operations can opt for the presumptive taxation ...
Tax Guru

ITAT Ahmedabad Allows Section 44AD Assessee’s Appeal Against Cash Additions

ITAT Ahmedabad deletes ₹3.98 lakh additions under Sections 69C and 69A for lack of corroboration, seized documents and cross-examination.
Mint

Presumptive taxation: Earning side income from mobile apps? Why Section 44ADA could slash your tax burden

For taxpayers without business income, the stated ITR filing deadline was 31 July 2026. Filing ITR-1 or ITR-2 after the applicable deadline could attract a late fee of up to ₹5,000, subject to the ...