Income Tax - Tax Audit Meaning -A Tax Audit is an audit, made compulsory by the Income Tax Act, if the annual gross turnover/receipts of the assesse exceed the specified limit. Tax audit is conducted in Sec 44AB of the Income Tax Act,1961 by a Chartered Accountant. -Simply Tax Audit means, an audit of matters related to tax. […]...
Read MoreIncome Tax - A person is required to get his accounts audited u/s 44AB if turnover of business exceeds Rs 100 Lakhs , or In case of Profession Gross Receipts exceed Rs 50 Lakhs. In case of business what should be the meaning of turnover/sales? Should it be Gross sales or net sales? Should it include GST? The meaning of turnover/sales for the pu...
Read MoreIncome Tax - With times, the people search the loopholes in the laws and the lawmakers keep on plucking such loopholes. Such is also the fate of Tax Audit under the Income Tax Act in our country. The efforts of the government to maintain the right balance between the provisions make the tax compliances simple and inexpensive for […]...
Read MoreIncome Tax - A minor amendment in section can change the whole situation and scenario. The same was happened in sec 44AB in 2016 and now in 2020 budget. Before 2016, the turnover limit for sec 44AB and Sec 44AD were identical. Thereafter, in Budget 2016, the turnover limit for Sec 44AD has been raised to INR 2 […]...
Read MoreIncome Tax - The finance Bill, 2020 has brought a major amendment to section 44AB of the income tax act an extract of which stands as follows, 23. In section 44AB of the Income-tax Act,–– (A) in clause (a),–– (i) the word “or” occurring at the end shall be omitted; (ii) the following proviso shall be inserted, namely:–– […]...
Read MoreIncome Tax - MSMEs turnover threshold for Audit increased 5 times to Rs 5 Crore. Increased limit to apply only to Businesses carring out less than 5% of their business transactions in cash Significant tax relief to start-ups...
Read MoreIncome Tax - Dear Taxpayer, As per the section 44AB of Income Tax Act, the books of accounts for the relevant previous year are required to be audited by a Chartered Accountant and the audit report has to be electronically filed prior to or along with the return of income before the due date. In order to assist to […]...
Read MoreIncome Tax - BJP economic Cell (Rajasthan), State Co-Convener CA R P Vijay & CA Sachin Kumar Jain have requested Honble FM to extend due date for submission of Tax Audit Reports and Income Tax Returns from 30 September, 2018 to 31 October, 2018 in the case of corporate assesses and where tax audit is applicable so that […]...
Read MoreIncome Tax - South Gujarat textile traders association is the leading trade organization of south Gujarat. It is representing more than 40000 traders of surat and entire south Gujarat. The association has played vital role in disseminating awareness about GST and has held hundreds of meetings to clarify the doubts of the trade and industry....
Read MoreIncome Tax - ICAI has for the third time in less than a month made a request for Extension for extension of time for submission of Tax Audit Reports and related returns from 30th September, 2018 to 31st October, 2018. Earlier ICAI has made representation dated 31st August, 2018 and 10th September, 2018. Read ICAI 1st Representation on […]...
Read MoreVinay Agrawal Vs ITO (ITAT Indore) - Penalty U/s. 271B of the Income Tax Act, 1961 is leviable for failure to get accounts audited where the turnover / gross receipts exceeds the prescribed limit. Many times it happens that the turnover as per the regular books of accounts remains under the prescribed limit and as such the assessee do ...
Read MoreShri Satya Prakash Mundra Vs ITO (ITAT Jaipur) - Addition made by AO during the assessment proceedings on the basis of unaccounted sales cannot be regarded as the turnover for the purpose of section 44AB of the Act because the documents relied upon by AO are neither the part of books of account nor would substitute the books of account or constitu...
Read MoreM/s. PMC Rubber Chemicals India Pvt. Ltd. Vs ACIT (ITAT Kolkata) - M/s. PMC Rubber Chemicals India Pvt. Ltd. Vs ACIT (ITAT Kolkata) We note that the assessee has filed form no. 3CD and 3CB and the same has not been disputed therefore the tax audit report was on record and hence the penalty should not be levied. However the Assessing Officer disputed that instead of...
Read MoreM/s. Johns Biwheelers Vs ACIT (ITAT Cochin) - M/s. Johns Biwheelers Vs. ACIT (ITAT Cochin) In this case, the assessee was required to get his books of account audited and filed along with the return of income u/s. 44AB within the due date of 30/09/2013 for the assessment year 2013-14. However, the audit report was furnished only on 28/03/2014. ...
Read MoreM/s. The Vaikom Palliprethussery Service Cooperative Bank Limited Vs. ITO (ITAT Cochin) - The assessee had not filed the audit report in this case. The assessee was very casual and did not enter appearance for the show cause notice issued for imposition of penalty. The assessee has not made out a reasonable cause as mentioned u/s 273B of the I.T.Act for non-furnishing of audit report u/s...
Read MoreCircular No. 09/2019-Income Tax - (14/05/2019) - Reporting requirements under clause 30C (pertaining to General Anti-Avoidance Rules (GAAR)) and clause 44 (pertaining to Goods and Services Tax (GST) compliance) of the Form No. 3CD is been kept in abeyance till 31st March, 2020. Circular No. 09/2019-Income Tax F. No. 370142/9/2018-TPL Government of...
Read MoreF.No. 225/358/2018/ITA.II - (25/10/2018) - As concerns of the assessees have been suitably redressed with extension of due date by one month (i.e. till 31.10.18), representation of the Tax Bar Association, Guwahati dated 20.09.18, requesting for further extension of due date for filing ITR/TAR beyond 31.10.18 is hereby rejected....
Read MoreF.No. 225/358/2018/ITA.II - (08/10/2018) - CBDT further extends due date for filing of Income Tax Returns & Tax audit reports from 15th Oct,2018 to 31st Oct, 2018 for all assessees liable to file ITRs for AY 2018-19 by 30.09.2018, after considering representations from stakeholders. Liability to pay interest u/s 234A of IT Act will remai...
Read MoreF.No. 225/358/2018/ITA.II - (24/09/2018) - CBDT extends due dt for filing of Income Tax Returns & audit reports from 30th Sept, 2018 to 15th Oct, 2018 for all assessees liable to file ITRs for AY 2018-19 by 30.09.2018, after considering representations from stakeholders. Liability to pay interest u/s. 234A of IT Act will remain. F.No. ...
Read MoreCircular No. 6/2018-Income Tax - (17/08/2018) - Representations have been received by the Board that the implementation of reporting requirements under the proposed clause 30C (pertaining to General Anti-Avoidance Rules (GAAR)) and proposed clause 44 (pertaining to Goods and Services Tax (GST) compliance) of the Form No. 3CD may be deferred....
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