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![ITAT Orders Recalculation of Presumptive Income u/s 44 After Spotting Turnover Discrepancy [Read Order]](https://images.taxscan.in/h-upload/2025/06/12/500x300_2042882-itat-itat-kolkata-presumptive-income-taxscan.webp "ITAT Orders Recalculation of Presumptive Income u/s 44 After Spotting Turnover Discrepancy [Read Order]")
ITAT Orders Recalculation of Presumptive Income u/s 44 After Spotting Turnover Discrepancy [Read Order]
The Kolkata bench of the Income Tax Appellate Tribunal (ITAT) directed the Assessing Officer to recalculate the taxable income of the appellant under...
![Taxpayer Must Disclose Cash-in-Hand, Bank Balances, and Receivables Even Under Presumptive Taxation Scheme: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2025/02/Cash-in-Hand.jpg "Taxpayer Must Disclose Cash-in-Hand, Bank Balances, and Receivables Even Under Presumptive Taxation Scheme: ITAT [Read Order]")
![S.68 Invocable Only If Taxpayer Maintain Books: ITAT deletes Addition as Returns Filed u/s 44AD [Read Order]](https://www.taxscan.in/wp-content/uploads/2024/09/ITAT-ITAT-Amritstar-Income-Tax-Appellate-Authority-Section-68-Income-Tax-Act-ITAT-Deletes-Addition-taxscan.jpg "S.68 Invocable Only If Taxpayer Maintain Books: ITAT deletes Addition as Returns Filed u/s 44AD [Read Order]")
Presumptive Taxation Scheme: Govt. exempts small businesses entites from Audit for Turnover up to Rs.2Cr
The Finance Ministry said small businesses with a total turnover of up to Rs 2 crore will not be required to get their accounts audited if they opt for the presumptive taxation scheme. "The higher...
