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Tax Audit

Latest Articles


Tax Auditor-Recent Onerous Responsibility

Income Tax : Understand the recent changes in tax audit responsibilities imposed by the Central Board of Direct Tax in India. Explore amendment...

March 11, 2024 420 Views 0 comment Print

Disqualifications as Tax Auditor under section 44AB – Income Tax Act

CA, CS, CMA : Explore disqualifications outlined in Income Tax Act for tax auditors in India, ensuring integrity and transparency in financial g...

September 28, 2023 3981 Views 0 comment Print

Understanding Section 44ADA: Presumptive Tax for Professionals

Income Tax : Explore Section 44ADA of Income Tax Act, a presumptive taxation scheme for professionals. Learn eligibility, deductions, and impli...

September 20, 2023 28452 Views 5 comments Print

How Tax Audits Ease Business Journeys & helps as ‘Vighna-harta!

Income Tax : Discover the parallels between Ganesh Chaturthi and income tax audits. Learn how audits remove uncertainties, boost financial tran...

September 18, 2023 651 Views 0 comment Print

Audit Requirements for LLPs in FY 2022-23 and 2023-24: Tax and Statutory Audits

Income Tax : Learn about mandatory tax and statutory audit requirements for LLPs in India, including penalties for non-compliance & filing dead...

September 15, 2023 63867 Views 3 comments Print


Latest News


Request for Form 10B and Form 10BB Relaxation & due date Extension

Income Tax : Chamber of Tax Consultants seeks an extension for filing Form 10B and Form 10BB while requesting relaxation of requirements. Detai...

October 27, 2023 33312 Views 0 comment Print

Over 30 Lakh Audit Reports Filed: Income Tax Department’s E-filing Success

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,...

October 2, 2023 2235 Views 0 comment Print

Guidance Note on Tax Audit under Section 44AB

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...

September 5, 2023 125925 Views 0 comment Print

Income Tax, Tax Audit and Trust Glossary

Income Tax : Income Tax Glossary Advance Ruling : The Advance Ruling is a mechanism that helps in bringing certainty in the determination of ta...

August 26, 2023 1842 Views 0 comment Print

Request to allows CMAs to conduct Tax Audit under Income Tax Act, 1961

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...

July 23, 2023 8736 Views 5 comments Print


Latest Notifications


New reporting requirements in Form 3CD & Revision

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...

April 1, 2021 37398 Views 1 comment Print

CBDT notifies extended Due dates of Return & Tax Audit Report for A.Y.2020-21

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...

October 29, 2020 49770 Views 1 comment Print

CBDT amends Form 3CD, Form No 3CEB, ITR6, & Inserted New Forms & Rules

Income Tax : Amendment of the Income-tax Rules, 1962 to prescribe manner relating to option under section 115BAC and 115BAD, and that of determ...

October 1, 2020 100341 Views 4 comments Print

ICAI notifies guideline for Mandatory issue of UDIN

CA, CS, CMA : A member of the Institute in practice shall generate Unique Document Identification Number (UDIN) for all kinds of the certificati...

August 2, 2019 5952 Views 1 comment Print

CBDT Amends Format of Form No. 3CD wef 20th August, 2018

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...

July 20, 2018 78591 Views 11 comments Print


Income Tax audit under section 44AB​: FAQs

June 30, 2023 1232813 Views 54 comments Print

​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.

First year of applicability of Tax Audit – ITAT deletes Section 271B penalty

June 26, 2023 972 Views 0 comment Print

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.

No Section 271B Penalty for delay due to Reasonable Causes

June 25, 2023 1500 Views 0 comment Print

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.

ITAT upholds section 271B penalty despite non-maintenance of books

June 24, 2023 1344 Views 0 comment Print

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.

ITAT waives Penalty for Tax Audit Report delay due to Accountant’s Unavailability

June 20, 2023 456 Views 0 comment Print

In Deepak T. Dhanwani vs ITO, where ITAT Chennai waived penalty for delayed tax audit report due to accountant’s unavailability,

Analysis of Revised Form No. 3CD: Clause 40 – Accounting Ratios & Business Parameters

May 29, 2023 25710 Views 0 comment Print

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.

Points to be verified while doing tax audit in India

May 28, 2023 8760 Views 0 comment Print

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.

No Section 271B penalty for delay due to illness of a partner & hardware damage

May 25, 2023 675 Views 0 comment Print

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

May 15, 2023 26433 Views 3 comments Print

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 […]

Technical glitches on Portal- CBDT should extend due to file returns/tax audit reports

April 21, 2023 16530 Views 1 comment Print

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 […]

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