ITAT held that scrap trading does not follow a fixed sales pattern and income declared under Section 44AD cannot be rejected on suspicion. Addition under Section 68 was ...

Many first-time F&O traders are confused about whether they need a tax audit when they report losses. Here’s an expert clarification on how Section 44AD and audit rules actually apply in such ...

A professional with gross receipts of up to Rs. 50 lakhs in a financial year can take advantage of the presumptive taxation scheme and file ITR under Section 44ADA.(Mint) ITR filing: If you are ...

Income not exceeding Rs 50 Lakh during the Financial Year (FY) Income from Salary/Pension, one House Property, Agricultural Income up to Rs. 5000. Income from Business and Profession which is computed ...

From social media influencers to script writers, advertising consultants, and digital marketing professionals, many new-age earners are now finding themselves in the crosshairs of the Income-tax (I-T) ...