Addressing alleged cash discrepancies and debtor recoveries, the Tribunal held that such amounts form part of presumptive business receipts. Without books or adverse evidence, additions were ...
Taxpayers and professionals are increasingly finding themselves under the scanner of the Income Tax Department (ITD) due to a mismatch between TDS deducted under Section 194J and the presumptive ...
The issue examines how presumptive taxation is consolidated under Section 58. The key takeaway is that structural simplicity masks stricter eligibility and compliance ...
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Income tax on cash spending: These expenses will be considered as income and accordingly taxed if incurred in cash
The Income Tax department wants you to use cash responsibly so that you don’t get into any trouble as far as compliance with income tax laws are concerned. The Income Tax department says you can’t ...
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