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Tax Audit for Business Owners: Understanding 44AB vs 44AD Made Simple

Tax Audit for Business Owners: Understanding 44AB vs 44AD Made Simple

Ramesh is a 35-year-old businessman from Jaipur who runs a small electronics shop. Every year, he struggles with income tax filing

He had to run around, fix it at the last minute, and barely submitted his return in time. But this year, things got more confusing. His CA asked him, “Are you eligible for presumptive taxation under 44AD or is tax audit required under 44AB?”

Ramesh scratched his head. “What’s the difference? Why does it matter?”

If you’re in Ramesh’s shoes and want a clear, no-jargon explanation of Sections 44AB and 44AD, this blog is for you.

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Tax Audit Due Date Extended to 7th October 2024: Everything You Need to Know

Tax Audit Due Date Extended to 7th October 2024

Tax Audit Due Date Extended to 7th October 2024 Tax Audit Due Date Extended to 7th October 2024 In a significant move, the Central Board of Direct Taxes (CBDT) has extended the due date for filing the Tax Audit Report for the Assessment Year (AY) 2023-24 to 7th October 2024. This extension brings relief to … Read more

Understanding the Significance of Cash Transactions in Audit Cases 2024

Cash Transactions in Audit Cases

Cash Transactions in Audit Cases Introduction: Cash Transactions in Audit Cases In the realm of tax audits, cash transactions play a pivotal role. Understanding their importance is crucial for businesses to comply with tax regulations and ensure accurate financial reporting. This article delves into the intricate details of cash transactions within audit cases, shedding light … Read more

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