Tax Audit

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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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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Ashtavinayaka, what are the Astha Mahima of Tax Audit?

Income Tax - According to income tax law, for the financial year 2015-16, the businessmen whose annual turnover exceeds Rs.1 Crore and the professionals for example; doctors, engineers, advocates, etc. whose annual income exceeds Rs.25 lakhs will have to get their books audited....

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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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New / Revised Standard on Auditing SA 700, 701, 705, 706, 260 & 570

Income Tax - 1. Revised SA 700, Forming an Opinion and Reporting on Financial Statements. 2. New SA 701, Communicating Key Audit Matters in the Independent Auditor’s Report. 3. Revised SA 705, Modifications to the Opinion in the Independent Auditor’s Report. 4. Revised SA 706, Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Indepe...

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Increase Tax Audit Limit for Business to Rs. 2 Crore and for Profession to Rs. 1 Crore

Income Tax - It is recommended that the threshold limit may be revised from the present one crore rupees to two crore rupees for assessees carrying on business and from the present twenty-five lakhs rupees to rupees one crore for assessees exercising a profession....

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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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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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Analysis of Gujarat HC judgement directing CBDT to extend ITR due date to 31.10.2015

All Gujarat Federation of Tax Consultants Vs CBDT (Gujarat High Court) - By this petition under article 226 of Constitution of India petitioners sought relief by way of writ and prayed before court that due date of filing ITR should be extended upto 30.11.2015. Following relief were sought in this instant writ petition...

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Analysis of P&H HC judgment directing CBDT to extend ITR due date to 31.10.2015

Vishal Garg Vs UOI (Punjab & Haryana High Court) - Vishal Garg Vs. UOI In the instant petition petitioners sought relief by way of writ under article 227 of the constitution of India and prayed before court that due date of filing ITR should be extended upto 31.10.2015....

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Guajrat HC also Directs CBDT to extend due date to 31st October 2015

All Gujarat Federation of Tax Consultants Vs CBDT (Gujarat High Court at Ahmedabad) - After Punjab & Haryana High Court the Gujarat High Court also directs CBDT to extend the due date for Filing of ITR to October 31st in its Judgement today. ...

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CBDT amends format of 3CD Report wef 01.04.2017

Notification No. 88/2016-Income Tax - (29/09/2016) - In the Income-tax Rules, 1962, in Appendix II , in Form No. 3CD, in Part-B, in clause 13, for sub-clause (d), the following shall be substituted ,namely, —(d) Whether any adjustment is required to be made to the profits or loss for complying with the provisions of income computation and disclosure...

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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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Recent Posts in "Tax Audit"

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

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 | ,

CBDT amends format of 3CD Report wef 01.04.2017

Notification No. 88/2016-Income Tax (29/09/2016)

In the Income-tax Rules, 1962, in Appendix II , in Form No. 3CD, in Part-B, in clause 13, for sub-clause (d), the following shall be substituted ,namely, —(d) Whether any adjustment is required to be made to the profits or loss for complying with the provisions of income computation and disclosure standards notified under section 145(2)...

Read More

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

Ashtavinayaka, what are the Astha Mahima of Tax Audit?

According to income tax law, for the financial year 2015-16, the businessmen whose annual turnover exceeds Rs.1 Crore and the professionals for example; doctors, engineers, advocates, etc. whose annual income exceeds Rs.25 lakhs will have to get their books audited....

Read More
Posted Under: Income Tax |

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 | ,

Income Tax audit under section 44AB​: FAQs

​Articles deals with Income Tax Audit Provisions in India. It explains What is tax audit, objective of tax audit, who is compulsorily required to get his accounts audited, What are Form Nos. 3CA/3CB and 3CD, Due Date for Tax Audit, penalty for not getting the accounts audited as required by section 44AB....

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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 | ,
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