section 44AB

Guide on Taxation Issue relating to Intra Day Trading and Short Term Trading

Income Tax - It was March 2020, almost 2 years after the first Covid Lockdown. Many youngsters entered the Stock Market first time during this period. Nearly 8,39,81,228 Active accounts are managed by CDSL and NSDL. People started trading intraday, BTST, STBT, Option selling, futures. For them, they are either trading or investing. But from a taxation...

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Applicability of Tax Audit under section 44AB

Income Tax - Here, in this article I have made an attempt to solve the practical issues that are arising to the Tax Professionals in day to day practice (by decoding Income Tax Act Sec. 44AB along with 44AA, 44AD, 44ADA & 44AE). This article mainly focuses on Individual & HUF assessees....

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Extension of due dates of ITR, Tax Audit, Transfer Pricing Audit for AY 2021-22

Income Tax - Extension of due dates of Income Tax Returns for Tax Audit, Transfer Pricing and Return of Income for the Assessment Year 2021-22 for Auditable Assessee Extension of time lines for filing of Income-tax returns (Auditable Assessee for the Assessment Year 2021-22) and various reports of audit including Tax Audit/ Transfer Pricing Audit for ...

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Basics of Tax Audit

Income Tax - A person is required to get their accounts audited from a Chartered Accountant under Income tax law if it falls in SPECIFIED CATEGORY stated under Section 44AB. TAX AUDIT FORMS Audit Report: Form 3CA- Taxpayer whose accounts are required to be audited under any law in force eg. Companies Audit Report: Form 3CB- Taxpayer whose […]...

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Tax Audit Applicability with Intricacies of Section 44AB, 44AD & 44ADA

Income Tax - TAX AUDIT PROVISIONS ARE GOVERNED BY SECTION 44AB, 44AD AND 44ADA. If you see Section 44AB, then it provides that every business need to go for Tax audit if more than Rs. 1 crore Turnover in Previous year. However from AY 2021-22 every person carrying on business, whose turnover does not exceed Rs. 10 Crore, is not required to get t...

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Joint representation for extension of due date of ITR/TAR

Income Tax - Joint representation fo Extension of various dues dates of filing Audit Reports and Income Tax Returns under Income Tax Act, 1961 in the backdrop of technical glitches on the IT portal coupled with Covid-19 third wave...

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Extend specified dates of filing Tax Audit Report & other forms

Income Tax - Request for Extension of the specified date of filing the Tax Audit Report and other forms falling due on or before 15th January 2022 submitted with Hon’ble Union Minister of Finance by Chandigarh Chartered Accountants Taxation Association (CCATAX). CCATAX requested FM to extend the time limit / due date of filing of Income Tax audit [&...

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BJP Rajasthan requested for extension of Tax Audit Report due date

Income Tax - Rajasthan BJP Economic Cell has made a request for extension of due date of furnishing of Report of Audit under provision of the Income-tax Act, 1961 for the A. Y. 2021-22.  Full text of their representation is as follows:- Bharatiya Janata Party, Rajasthan Shri J.B. Mohapatra, Chairman – Central Board of Direct Taxes, Ministry of ...

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ACAE Requested due date extension for filing Tax & TP Audit

Income Tax - Association for Corporate Advisers and Executives (ACAE) made a Request for Extension of Due Dates for filing Tax Audit and Transfer Pricing (TP) Reports to as follows:- 1) The due date of furnishing of Report of Audit under any provisions of the Act, which was 30 September 2021, and extended to 15 January 2022 is […]...

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Request to extend due dates of Tax Audit Report & Other forms

Income Tax - Voice Of CA has made a Request for Extension of specified date of filing Tax Audit Report and other forms falling due on or before 15th January, 2022 to Smt Nirmala Sitaraman Ji, Hon’ble Minister of Finance, Government of India. Voice Of CA <[email protected]> Wed, Jan 5, 2022 at 12:52 PM To: [email protected] | Cc: […]...

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ITAT allows treating Turnover of Intraday Equity transactions on Net basis

Anju Chamaria Vs ITO (ITAT Kolkata) - Anju Chamaria Vs ITO (ITAT Kolkata) ITAT find that the AO imposed penalty for not getting the accounts audited as according to the AO turnover exceeds the threshold limit as prescribed u/s 44AB of the Act. We note that the assessee is doing non-delivery-based transactions and in such case the turnov...

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Reasonable cause for failure to submit Tax Audit Report- ITAT deletes Penalty

Air India Air Transport Services Ltd. Vs DCIT (ITAT Mumbai) - Air India Air Transport Services Ltd. Vs DCIT (ITAT Mumbai) We find some force in the submission of assessee that assessee being a Public sector company Act had to submit its audit report in Form 3CA in which report u/s 44AB is required to be submitted for the said purpose. The Tax Audit report u/s ...

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Remuneration & interest received Partnership not includible in gross receipts

Perizad Zorabian Irani v. PCIT (Bombay High Court) - Admittedly, the assessee who was an individual in that case was not carrying on any business and the remuneration and interest received by the assessee from the partnership firm cannot be termed to be a turn over of the assessee (individual)....

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Claim of Assessee of Profit lower than 8% cannot be denied for mere non-submission of Tax Audit Report

ACIT Vs Vairam Constructions (ITAT Chennai) - In our opinion, non submission of section 44AB report in cases like this does not render the assessee’s claim of a lower profit void ab initio. Failure to comply with section 44AB has to be dealt with under the provisions of section 271B. Here, the exposition emanating out of Hon’ble jurisdictio...

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Due Date Extension Case- Extension denied, HC directs UOI to attend technical glitches on Portal – Penalty interest Issues considerable at Assessment Stage

Chartered Accountants Association, Surat Vs. Union Of India (Gujarat High Court) - Chartered Accountants Association, Surat Vs. Union Of India (Gujarat High Court)  HC refuses to Extend Due date of Filing The Tax Audit Report Mr. Poddar, the learned counsel made a request that the deadline of 15.01.2022 for the purpose of filing the audit report may be extended to 15.02.2022. We ...

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New reporting requirements in Form 3CD & Revision

Notification No. 28/2021 [G.S.R. 246(E).] - (01/04/2021) - CBDT has vide Notification No. 28/2021-Income Tax inserted new clauses in Form 3CD (Tax Audit Report) and also notified that Tax Audit Report under Rule 6G can be revised if there is payment by Assessee after furnishing of report which necessitates recalculation of disallowance under section 40 or s...

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CBDT Defers GST & GAAR reporting till 31.03.2022

Circular No. 05/2021-Income Tax - (25/03/2021) - The Central Board of Direct Taxes (CBDT) deferred the Tax Audit Clause 30C and 44  till 31st Mar 2022 due to COVID-19. F.No. 370142/9/2018-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes TPL Division New Delhi **** Circular No. 05/2021, Dated 25th Mar...

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Govt notifies extend due dates of Tax Audit/ITR/VSV Scheme

Notification No. 93/2020-Income Tax [S.O. 4805(E).] - (31/12/2020) - Govt notifies extend due dates of Tax Audit/ITR/VSV Scheme vide Notification No. 93/2020-Income Tax dated 31st December, 2020 MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 93/2020-Income Tax New Delhi, the 31st December, 2020 S.O. 4805(E).—In exercise...

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Govt extend due dates of Tax Audit/ITR/VSV Scheme/GSTR 9/9A/9C

NA - (30/12/2020) - In view of the continued challenges faced by taxpayers in meeting statutory compliances due to outbreak of COVID-19, the Govt further extends the dates for various compliances. Due date for filing ITR (Non tax audit) extended till 10/01/2021. Due date for filing Tax Audit and TP Audit Report extende...

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

Notification No. 88/2020-CBDT [S.O. 3906(E)] - (29/10/2020) - CBDT issued Notification No. 88/2020 and extended Due dates of Income Tax Return and Tax Audit Report as follows:- A. Income Tax Return FY 2019-20/AY 2020-21 i. Without tax audit –31.12.20 ii. TP, tax audit & tax audit firm partners– 31.01.21 B. Various audit reports (tax audit, transfer pri...

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section 44AB’s Popular Posts

Recent Posts in "section 44AB"

ITAT allows treating Turnover of Intraday Equity transactions on Net basis

Anju Chamaria Vs ITO (ITAT Kolkata)

Anju Chamaria Vs ITO (ITAT Kolkata) ITAT find that the AO imposed penalty for not getting the accounts audited as according to the AO turnover exceeds the threshold limit as prescribed u/s 44AB of the Act. We note that the assessee is doing non-delivery-based transactions and in such case the turnover has to be determined […]...

Read More

Reasonable cause for failure to submit Tax Audit Report- ITAT deletes Penalty

Air India Air Transport Services Ltd. Vs DCIT (ITAT Mumbai)

Air India Air Transport Services Ltd. Vs DCIT (ITAT Mumbai) We find some force in the submission of assessee that assessee being a Public sector company Act had to submit its audit report in Form 3CA in which report u/s 44AB is required to be submitted for the said purpose. The Tax Audit report u/s […]...

Read More

Remuneration & interest received Partnership not includible in gross receipts

Perizad Zorabian Irani v. PCIT (Bombay High Court)

Admittedly, the assessee who was an individual in that case was not carrying on any business and the remuneration and interest received by the assessee from the partnership firm cannot be termed to be a turn over of the assessee (individual)....

Read More

Guide on Taxation Issue relating to Intra Day Trading and Short Term Trading

It was March 2020, almost 2 years after the first Covid Lockdown. Many youngsters entered the Stock Market first time during this period. Nearly 8,39,81,228 Active accounts are managed by CDSL and NSDL. People started trading intraday, BTST, STBT, Option selling, futures. For them, they are either trading or investing. But from a taxation...

Read More
Posted Under: Income Tax |

Claim of Assessee of Profit lower than 8% cannot be denied for mere non-submission of Tax Audit Report

ACIT Vs Vairam Constructions (ITAT Chennai)

In our opinion, non submission of section 44AB report in cases like this does not render the assessee’s claim of a lower profit void ab initio. Failure to comply with section 44AB has to be dealt with under the provisions of section 271B. Here, the exposition emanating out of Hon’ble jurisdictional High Court decision and the Tribunal...

Read More

Applicability of Tax Audit under section 44AB

Here, in this article I have made an attempt to solve the practical issues that are arising to the Tax Professionals in day to day practice (by decoding Income Tax Act Sec. 44AB along with 44AA, 44AD, 44ADA & 44AE). This article mainly focuses on Individual & HUF assessees....

Read More
Posted Under: Income Tax |

Extension of due dates of ITR, Tax Audit, Transfer Pricing Audit for AY 2021-22

Extension of due dates of Income Tax Returns for Tax Audit, Transfer Pricing and Return of Income for the Assessment Year 2021-22 for Auditable Assessee Extension of time lines for filing of Income-tax returns (Auditable Assessee for the Assessment Year 2021-22) and various reports of audit including Tax Audit/ Transfer Pricing Audit for ...

Read More
Posted Under: Income Tax |

Due Date Extension Case- Extension denied, HC directs UOI to attend technical glitches on Portal – Penalty interest Issues considerable at Assessment Stage

Chartered Accountants Association, Surat Vs. Union Of India (Gujarat High Court)

Chartered Accountants Association, Surat Vs. Union Of India (Gujarat High Court)  HC refuses to Extend Due date of Filing The Tax Audit Report Mr. Poddar, the learned counsel made a request that the deadline of 15.01.2022 for the purpose of filing the audit report may be extended to 15.02.2022. We are not inclined to go […]...

Read More

Basics of Tax Audit

A person is required to get their accounts audited from a Chartered Accountant under Income tax law if it falls in SPECIFIED CATEGORY stated under Section 44AB. TAX AUDIT FORMS Audit Report: Form 3CA- Taxpayer whose accounts are required to be audited under any law in force eg. Companies Audit Report: Form 3CB- Taxpayer whose […]...

Read More
Posted Under: Income Tax |

Penalty cannot be imposed merely for non-filing of Audit Report Electronically

SLV Housing Development Corporation Vs ACIT (ITAT Bangalore)

SLV Housing Development Corporation Vs ACIT (ITAT Bangalore) The tax authorities have pointed out time gap in getting a tax audit report from a new CA. However, it is a known fact that it might have taken some time to severe relationship with the earlier CA. However, the fact remains that the tax audit report […]...

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