section 44AB

Applicability of Tax Audit U/s 44AB (As Amended By Finance Act, 2017)

Income Tax - As we all know that the finance act 2017 which is applicable for the previous year 2017-18 has made an amendment in Section 44AB (Tax Audit) by inserting a new proviso which has made the applicability of this section completely different....

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Presumptive Taxation Scheme- FAQs

Income Tax - As per sections 44AA of the Income-tax Act, 1961, a person engaged in business is required to maintain regular books of account under certain circumstances. To give relief to small taxpayers from this tedious work, the Income-tax Act has framed the presumptive taxation scheme under sections 44AD, sections 44ADA and sections 44AE....

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Tax Audit Due Date Extension – Practical Problems And Suggested Measures To Overcome

Income Tax - After lot of struggle by the Tax Payers, Tax Consultants, Chartered Accountants etc., the due date for e filing of tax audit U/s. 44AB of the Income Tax Act has been re extended by the Government to 07th November, 2017....

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7 Day ITR / TAR Due date extension at Last Moment- What a Shame

Income Tax - CBDT has extended Due date for filing ITRs & Tax Audit Reports under Income Tax Act,1961  from 30.09.2017 to 07.11.2017 for those who were liable to file ITRs by 30.09.17. The Extension was first announced on Twitter at 10.21 PM on 31.10.2017 and later by way of press release on pib.nic.in at 11.35 PM. Further […]...

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Why no Tax Audit / ITR Due Date Extension?

Income Tax - As we all know Extended due date to file Tax Audit Report and related ITR for A.Y. 2017-18 is 31st October 2017, which the Taxpayers and Tax Professionals across the country were demanding to be further extended till 30th November 2017. One of the Major Arguments and reason for asking the extension was additional workload […]...

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ITR / Tax Audit Due date extended to 7th November 2017

Income Tax - Income Tax Department has extended tax audit due date for ay 2017-18 and Income Tax Return filing due date for ay 2017-18 vide its notification dated 31st October 2017. Extended due date for filing of Tax Audit Report and Income Tax Return for AY 2017-18 fot those Assessee who filing date for same was 30th […]...

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Advise clients to timely approve tax audit reports: ICAI

Income Tax - Members are requested to advise their clients to timely approve the tax audit reports under their digital signatures for the AY 2017-18 uploaded by them on the e-filing portal The Department of Income-tax (Systems) has informed ICAI that a large number of tax audit reports have been uploaded by the members but the same have […]...

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AIFTF requests extension of date for filing Income Tax Returns for AY 2017-18

Income Tax - Your Honor are well aware that this year, professionals are busy in making compliance with GST obligations. GST Act is new, compliances are many, notifications are being issued everyday and the technical glitches in the system have aggravated the problems. Further dates are being extended everyday and the professionals have to make the co...

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ICAI Request for Tax Audit / ITR Due Date extension to 30th Nov 2017

Income Tax - Request to extend the due date of filing Income-tax returns for assessees mentioned under clause (a) of Explanation 2 to Section 139(1) and Tax Audit report u/s 44AB for the AY 2017-18 from 31st October, 2017 to 30th November, 2017...

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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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Penalty for delay in filing Audit Report due to Dispute with Auditor is invalid: ITAT

M/s. Care Concern Hospital Pvt. Ltd Vs. ACIT (ITAT Kolkata) - Due to disputes between the assessee with its earlier auditor and resignation thereof, the same (audited accounts) was filed before AO belatedly. ...

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No penalty for failure to get books audited for Bonafide belief of non-applicability of Audit

P.D. Usha Rani Vs. The Income Tax Officer (ITAT Hyderabad) - Penalty u/s. 271B is attracted for failure to get accounts audited u/s. 44AB. Even though the law prescribes the levy of penalty, in case of default, the same is not automatic as provisions of Section 273B gives relief, when there is a reasonable cause....

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Penalty for failure to get account audited not justified if assessee acted bona fide

Off- Shore India Ltd. Vs. Deputy Commissioner of Income-tax (ITAT Kolkata) - Even though the net profit / loss arising from the purchase and sale of securities was disclosed by the assessee in the profit and loss account, the value of such securities held by the assessee was fully and truly disclosed by the assessee under the head investment in the relevant balance sheet. ...

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Penalty for not getting accounts audited not leviable for bona fide reliance on ICAI ‘Note on Tax Audit U/s.44AB’

Narendra A Sheth Vs. ITO (ITAT Mumbai) - In reply to the show-cause notice for initiation of penalty, the assessee has replied that he is a Sr. Citizen; his accounts are looked after by Accountant. The accountant of the assessee is not qualified person. The assessee was under bona fide belief that accounts are not required to be issued und...

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S. 271B No penalty Failure to get accounts audited for Bona fide belief that assessee not liable to get audited

Manoj S. Gugale Vs. ITO (ITAT Pune) - The issue is with respect to levy of penalty under section 271B of the Act. It is an undisputed fact that assessee is engaged in the business of Advertising Agency and during the year under consideration the commission earned from the Advertising Agency was not in excess of the limits prescribed und...

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CBDT Order on extension of due date of ITR / TAR to 7th Nov 2017

F.No. 225/270/2017/ITA.II - (31/10/2017) - CBDT further extends the 'due-date' for filing income-tax returns and reports of audit pertaining to Assessment Year 2017-2018 from 31st October, 2017 to 7th November, 2017...

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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 "section 44AB"

Applicability of Tax Audit U/s 44AB (As Amended By Finance Act, 2017)

As we all know that the finance act 2017 which is applicable for the previous year 2017-18 has made an amendment in Section 44AB (Tax Audit) by inserting a new proviso which has made the applicability of this section completely different....

Read More
Posted Under: Income Tax |

Penalty for delay in filing Audit Report due to Dispute with Auditor is invalid: ITAT

M/s. Care Concern Hospital Pvt. Ltd Vs. ACIT (ITAT Kolkata)

Due to disputes between the assessee with its earlier auditor and resignation thereof, the same (audited accounts) was filed before AO belatedly. ...

Read More

No penalty for failure to get books audited for Bonafide belief of non-applicability of Audit

P.D. Usha Rani Vs. The Income Tax Officer (ITAT Hyderabad)

Penalty u/s. 271B is attracted for failure to get accounts audited u/s. 44AB. Even though the law prescribes the levy of penalty, in case of default, the same is not automatic as provisions of Section 273B gives relief, when there is a reasonable cause....

Read More

Penalty for failure to get account audited not justified if assessee acted bona fide

Off- Shore India Ltd. Vs. Deputy Commissioner of Income-tax (ITAT Kolkata)

Even though the net profit / loss arising from the purchase and sale of securities was disclosed by the assessee in the profit and loss account, the value of such securities held by the assessee was fully and truly disclosed by the assessee under the head investment in the relevant balance sheet. ...

Read More

Presumptive Taxation Scheme- FAQs

As per sections 44AA of the Income-tax Act, 1961, a person engaged in business is required to maintain regular books of account under certain circumstances. To give relief to small taxpayers from this tedious work, the Income-tax Act has framed the presumptive taxation scheme under sections 44AD, sections 44ADA and sections 44AE....

Read More
Posted Under: Income Tax |

Penalty for not getting accounts audited not leviable for bona fide reliance on ICAI ‘Note on Tax Audit U/s.44AB’

Narendra A Sheth Vs. ITO (ITAT Mumbai)

In reply to the show-cause notice for initiation of penalty, the assessee has replied that he is a Sr. Citizen; his accounts are looked after by Accountant. The accountant of the assessee is not qualified person. The assessee was under bona fide belief that accounts are not required to be issued under section 44AB of the Act....

Read More

Tax Audit Due Date Extension – Practical Problems And Suggested Measures To Overcome

After lot of struggle by the Tax Payers, Tax Consultants, Chartered Accountants etc., the due date for e filing of tax audit U/s. 44AB of the Income Tax Act has been re extended by the Government to 07th November, 2017....

Read More
Posted Under: Income Tax | ,

7 Day ITR / TAR Due date extension at Last Moment- What a Shame

CBDT has extended Due date for filing ITRs & Tax Audit Reports under Income Tax Act,1961  from 30.09.2017 to 07.11.2017 for those who were liable to file ITRs by 30.09.17. The Extension was first announced on Twitter at 10.21 PM on 31.10.2017 and later by way of press release on pib.nic.in at 11.35 PM. Further […]...

Read More
Posted Under: Income Tax | ,

CBDT Order on extension of due date of ITR / TAR to 7th Nov 2017

F.No. 225/270/2017/ITA.II (31/10/2017)

CBDT further extends the 'due-date' for filing income-tax returns and reports of audit pertaining to Assessment Year 2017-2018 from 31st October, 2017 to 7th November, 2017...

Read More

ITR / Tax Audit Due date extended to 7th November 2017

Income Tax Department has extended tax audit due date for ay 2017-18 and Income Tax Return filing due date for ay 2017-18 vide its notification dated 31st October 2017. Extended due date for filing of Tax Audit Report and Income Tax Return for AY 2017-18 fot those Assessee who filing date for same was 30th […]...

Read More
Posted Under: Income Tax | ,
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