The first article of the edition delves into the provisions of presumptive taxation under Sections 44AD and 44ADA of the Income-tax Act, 1961. Designed to ease compliance for small businesses and specified professionals, the article explains the eligibility thresholds, deemed income percentages, and associated conditions such as exemption from maintaining detailed books or conducting audits. A significant highlight is the discussion on whether remuneration received by partners from partnership firms qualifies under presumptive schemes—analyzed through judicial interpretations including the Anandkumar v. ACIT case. This article serves as a vital reference for professionals evaluating presumptive tax planning options and compliance implications.
The Second Article presents a clear summary of compliance requirements under the LLP Act, 2008. It categorizes them into continuous, event-based, and time-based compliances, along with corresponding penalties. It acts as a go-to checklist for LLPs and designated partners to remain compliant and avoid penalties.
This edition also includes CBDT notifications and circulars which compiles key updates issued by the CBDT in May 2025, including revised ITR forms for AY 2025–26, introduction of Form ITR-U for updated returns, zero-coupon bond notifications, and changes to Schedule 80-IE. It also notes the extension of the return filing due date to 15th September 2025 for certain assessees.
Key Topics:
- Presumptive taxation under section 44AD and 44ADA
- Compliances by a Limited Liability Partnership (LLP)
- CBDT Notifications for the month of May – 2025
- CBDT Circulars for the month of May – 2025
