Income Tax : Understand the recent changes in tax audit responsibilities imposed by the Central Board of Direct Tax in India. Explore amendment...
CA, CS, CMA : Explore disqualifications outlined in Income Tax Act for tax auditors in India, ensuring integrity and transparency in financial g...
Income Tax : Explore Section 44ADA of Income Tax Act, a presumptive taxation scheme for professionals. Learn eligibility, deductions, and impli...
Income Tax : Discover the parallels between Ganesh Chaturthi and income tax audits. Learn how audits remove uncertainties, boost financial tran...
Income Tax : Learn about mandatory tax and statutory audit requirements for LLPs in India, including penalties for non-compliance & filing dead...
Income Tax : Chamber of Tax Consultants seeks an extension for filing Form 10B and Form 10BB while requesting relaxation of requirements. Detai...
Income Tax : More than 30.75 lakh audit reports, including 29.5 lakh Tax Audit Reports, were filed for AY 2023-24 by the September 30 deadline,...
Income Tax : Explore the latest 2023 revision of the ICAI's Guidance Note on Tax Audit under Section 44AB of the Income-tax Act, 1961. Learn ab...
Income Tax : Income Tax Glossary Advance Ruling : The Advance Ruling is a mechanism that helps in bringing certainty in the determination of ta...
CA, CS, CMA : Proposing the inclusion of Cost and Management Accountants under Section 288(2) of the Income Tax Act to enhance tax audits and pr...
Income Tax : CBDT has vide Notification No. 28/2021-Income Tax inserted new clauses in Form 3CD (Tax Audit Report) and also notified that Tax A...
Income Tax : CBDT issued Notification No. 88/2020 and extended Due dates of Income Tax Return and Tax Audit Report as follows:- A. Income Tax R...
Income Tax : Amendment of the Income-tax Rules, 1962 to prescribe manner relating to option under section 115BAC and 115BAD, and that of determ...
CA, CS, CMA : A member of the Institute in practice shall generate Unique Document Identification Number (UDIN) for all kinds of the certificati...
Income Tax : CBDT has vide Notification No. 33/2018, Dated: July 20, 2018 Amended Income Tax Audit Form No. 3CD with effect from 20th August, 2...
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.
Explore the ruling in the case of Kartick Das Bairagya Vs ITO at ITAT Kolkata, which clarifies the conditions for non-imposition of penalty under Section 271B of the Income Tax Act.
Exploring recent decision of ITAT Mumbai in Rasik Nemchand Pethad Vs DCIT where it was determined that Section 271B penalty doesn’t apply when there’s reasonable cause for failure to comply with provisions.
Explore the recent judgement of ITAT Pune in the case of Rupa Sanjay Nigade Vs ITO, where the Tribunal upheld the imposition of penalty under Section 271B due to non-audit of books of accounts.
In Deepak T. Dhanwani vs ITO, where ITAT Chennai waived penalty for delayed tax audit report due to accountant’s unavailability,
Clause 40 of the tax audit report requires the disclosure of important financial information regarding turnover, gross profit, net profit, stock-in-trade, and material consumption/finished goods production for the previous year and the preceding previous year.
Explore the crucial points to verify during a tax audit in India, covering areas like books of accounts, TDS, compliance, transfer pricing, and more. Ensure comprehensive tax compliance.
ITAT Cochin held that delayed audit report, due to illness of a partner and hardware damage, constituted a technical venial breach that did not result in any loss to exchequer.
Income tax Audit working sheet in Excel Format contains following checklist with relevant formats related to Tax Audit Income Tax, 1961- Audit Notes Check Opening balances Tally Turnover With GST Tally ITC with GST Tally ITC balance with GST Portal Compare GST2A with Books for ITC availed Verify the Provisions or expenses made, if any […]
All Odisha Tax Advocates Association Vs Union of India (Orissa High Court) HC held that Considering that the Department has itself acknowledge that there have been technical glitches which have prevented many Assesses from filing their returns and tax audit reports within time, and taking a cue from the aforementioned judgment of the Gujarat High […]