section 44AB

Revised Form No. 3CD Tax Audit Report as applicable from 01.04.2017

Income Tax - Click here to join Online GST Certification Course Jointly by GST Professionals & Taxguru.in Nowadays on Social Media a Revised Format of Form 3D is circulating which is applicable from 01.04.2017 and few raised the query that when the same was released as there is no recent notification on the same. In this respect we […]...

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Budget 2017: Increase 2 crore Turnover limit for section 194A/ 194H/ 194I & 194J

Income Tax - Section 44AB - Increased threshold for presumptive tax cases under section 44AD - Consequential amendments required in section 194A/ 194H/ 194I & 194J...

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Opted for Presumptive Taxation- Tax Audit Limit Rs. 2 Crore

Income Tax - It is proposed to amend the section 44AB to exclude the eligible person, who declares profits for the previous year in accordance with the provisions of sub-section (1) of section 44AD and his total sales, total turnover or gross receipts, as the case may be, in business does not exceed two crore rupees in such previous year, from require...

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More than one Business & Filing of Tax Audit Report with Return

Income Tax - While filling the required details in Form No. 3 CD for assessees, who are subject to Compulsory Audit under various sections, the correct details could not be furnished if the assessee has got income from more than one business and separate books are maintained for such businesses....

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All about ICAI Restriction on Number of Tax Audits

Income Tax - The Article discusses Legislative History behind enactment of Tax Audit Provisions , Imposition of Restriction on number of Such Audit to be Conducted by Chartered Accountants (CAs) by Institute of Chartered Accountant of India (ICAI), Decision of Honorable High Court and Supreme court on the issue, Report of CAG on Violation of ICAI guid...

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Tax Audit /ITR Due date for AY 2016-17 extended to 17.10.2016

Income Tax - Due date for filing return & TAR for assessee whose due date for filing income tax return is 30th Sept (being Company,firms,and other required to get accounts audited under income tax act or other law and working partners of such firm) is extended to 17th October 2016 ...

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CBDT Clarification on Threshold Limit of tax audit U/s. 44AB & 44AD

Income Tax - Section 44AB of the Income-tax Act (‘the Act’) makes it obligatory for every person carrying on business to get his accounts of any previous year audited if his total sales, turnover or gross receipts exceed one crore rupees. However, if an eligible person opts for presumptive taxation scheme as per section 44AD(1) of the Act, he shal...

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CBDT finally extended due date all over India to 31.10.2015

Income Tax - The issue of extension of last date for e-filing returns of income and audit reports u/s 44AB due by 30th September, 2015 has been the subject matter of litigation in various High Courts across the country. While some High Courts have ruled in favour of the extension of due date, some others have ruled otherwise. ...

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Bombay HC instructs CBDT to extend ITR Due Date to 31.10.2015

Income Tax - The Chamber of Tax Consultants Vs. Union of India & Ors. (Bombay High Court), WP 2764/2015, Filed on 22.09.2015. Bombay High Court Instructed CBDT to extend due date to 31.10.2015. We will upload copy of order and analysis soon. ...

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Orissa HC Instructed CBDT to extend due date of ITR to 31.10.2015

Income Tax - Jagdish Prasad Mittal Vs. Union of India (Orissa High Court), Writ Petition No. WP(C)-17178/2015, Date- 21/09/2015 In this case writ is been filed on 21.09.2015 for Non extension of due date of ITR and Tax Audit for Assessment Year 2015-16 by CBDT. The writ is scheduled for Hearing on 23rd September 2015....

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In absence of books of account, no penalty for non-Audit of books

Nirmal Kumar Jain Vs ITO (ITAT Delhi) - It is held that requirement of getting books of account audited can arise only where the books of account are maintained. In the absence of the maintenance of books of account, there can be no penalty u/s 271B of the Act....

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Sec. 271B No penalty on club having bonafide belief of mutuality

M/s Koramangala Club Vs ITO (Karnataka High Court) - It is clear that the assessee was under the bonafide belief that the provisions of Section 44AB were not applicable to a Club, while supplying beverages, liquor etc., to its members as it was not engaged in any business...

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Being original contract and amendments inextricably linked with business of exploration of minerals, assessable u/s 44BB – AAR

Aker Contracting FP ASA, Norway, In re (Authority for Advance Rulings) - Authority for Advance Rulings held In the case of Aker Contracting FP ASA, Norway, USA that it is beyond doubt that the consideration received as per amended order is similar to consideration received as per original contract....

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No Penalty on Tax Audit Report Obtained on last day of due date

Chopra Properties Vs ACIT (ITAT Delhi) - Chopra Properties Vs ACIT (ITAT Delhi) AO was of the view that according to provisions of Section 44AB assessee is required to get his accounts audited before specified date and not on the specified date. Therefore, as assessee has obtained this tax audit report on 30th September 2008 and not before...

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Bombay HC criticises CBDT move of extending of ITR due date for only two states & one Union territory

The chambers of Tax Consultant & Others Vs UOI (Bombay High Court) - It was argued that the above decisions were accepted by CBDT and the due date was extended in the respective territories of the High Court’s jurisdiction. Hon’ble HC after considering the above two judgments held that held that it is very unfair that benefit regarding an all India statute is res...

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Extension of Due date is for both Tax Audit & ITR Filing: CBDT

F. No. 225/195/2016-ITA II - (14/09/2016) - Section 44AB of the Act, stipulates that the accounts are to be got audited by an accountant and furnished in the prescribed manner before the 'specified date'. The 'specified date' under Explanation (ii) to that section has been defined to be the 'due date' for furnishing the return of income under...

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Tax Audit /ITR Due date for AY 2016-17 extended to 17.10.2016

F.No.225/195/2016-ITA-H - (09/09/2016) - Due date for filing return & TAR for assessee whose due date for filing income tax return is 30th Sept (being Company,firms,and other required to get accounts audited under income tax act or other law and working partners of such firm) is extended to 17th October 2016 ...

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Tax Audit Report Filing Due Date also extended to 31-10-2015

F.No.225/207/2015/ITA.II - (29/10/2015) - Vide order under section 119 of the Income-tax Act, 1961 ('Act') dated 01.10.2015 infile of even number, Central Board of Direct Taxes had extended the 'due-date' for E­ filing Return of Income from 30th September, 2015 to 31st October, 2015 in case of income-tax assessees which are covered under c...

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CBDT finally extended due date all over India to 31.10.2015

F.No.225/207/2015/ITA.II - (01/10/2015) - The issue of extension of last date for e-filing returns of income and audit reports u/s 44AB due by 30th September, 2015 has been the subject matter of litigation in various High Courts across the country. While some High Courts have ruled in favour of the extension of due date, some others have ru...

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CBDT rejects KSCAA representation on Extension of ITR/Tax Audit Due Date

F.No.225/207/2016/ITA.II - (30/09/2015) - The Karnataka State Chartered Accountants Association ('KSCAA') has Fled a representation dated 15.09.2015 in Central board of Direct Taxes (CBDT) seeking extension of date for filing returns from 30th, September. 2015. Subsequently KSCAA flied a PIL In Honble Karnataka High Court seeking interventi...

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Recent Posts in "section 44AB"

Revised Form No. 3CD Tax Audit Report as applicable from 01.04.2017

Click here to join Online GST Certification Course Jointly by GST Professionals & Taxguru.in Nowadays on Social Media a Revised Format of Form 3D is circulating which is applicable from 01.04.2017 and few raised the query that when the same was released as there is no recent notification on the same. In this respect we […]...

Read More

Budget 2017: Increase 2 crore Turnover limit for section 194A/ 194H/ 194I & 194J

Section 44AB - Increased threshold for presumptive tax cases under section 44AD - Consequential amendments required in section 194A/ 194H/ 194I & 194J...

Read More
Posted Under: Income Tax | ,

Opted for Presumptive Taxation- Tax Audit Limit Rs. 2 Crore

It is proposed to amend the section 44AB to exclude the eligible person, who declares profits for the previous year in accordance with the provisions of sub-section (1) of section 44AD and his total sales, total turnover or gross receipts, as the case may be, in business does not exceed two crore rupees in such previous year, from require...

Read More
Posted Under: Income Tax |

More than one Business & Filing of Tax Audit Report with Return

While filling the required details in Form No. 3 CD for assessees, who are subject to Compulsory Audit under various sections, the correct details could not be furnished if the assessee has got income from more than one business and separate books are maintained for such businesses....

Read More
Posted Under: Income Tax | ,

Extension of Due date is for both Tax Audit & ITR Filing: CBDT

F. No. 225/195/2016-ITA II (14/09/2016)

Section 44AB of the Act, stipulates that the accounts are to be got audited by an accountant and furnished in the prescribed manner before the 'specified date'. The 'specified date' under Explanation (ii) to that section has been defined to be the 'due date' for furnishing the return of income under sub­section (1) of section 139. Theref...

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Tax Audit /ITR Due date for AY 2016-17 extended to 17.10.2016

F.No.225/195/2016-ITA-H (09/09/2016)

Due date for filing return & TAR for assessee whose due date for filing income tax return is 30th Sept (being Company,firms,and other required to get accounts audited under income tax act or other law and working partners of such firm) is extended to 17th October 2016 ...

Read More

All about ICAI Restriction on Number of Tax Audits

The Article discusses Legislative History behind enactment of Tax Audit Provisions , Imposition of Restriction on number of Such Audit to be Conducted by Chartered Accountants (CAs) by Institute of Chartered Accountant of India (ICAI), Decision of Honorable High Court and Supreme court on the issue, Report of CAG on Violation of ICAI guid...

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Posted Under: Income Tax | ,

Presumptive Income under Income Tax Act, 1961

Presumptive Income is the concept introduced by the Income Tax Department under the Presumptive Taxation Scheme so as to allow the assessee to disclose his income on presumptive basis under the relevant sections and their provisions thereof. Let us understand them in detail....

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Posted Under: Income Tax | ,

CBDT Clarification on Threshold Limit of tax audit U/s. 44AB & 44AD

Section 44AB of the Income-tax Act (‘the Act’) makes it obligatory for every person carrying on business to get his accounts of any previous year audited if his total sales, turnover or gross receipts exceed one crore rupees. However, if an eligible person opts for presumptive taxation scheme as per section 44AD(1) of the Act, he shal...

Read More
Posted Under: Income Tax | ,

Income Tax Provision for Doctors

Among the busiest of professionals, doctors have little time to learn about the latest tax law. Tax planning is often neglected in the crush of other obligations. Being India’s Top 10s income earners, they have need to give more attention to their financial planning and taxation. Here we are providing some necessary documentation and le...

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Posted Under: Income Tax | ,
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