Income Tax : Understand Section 44AB tax audit requirements, including turnover limits, reporting forms (3CD), penalty provisions, and key comp...
Income Tax : Learn how small businesses in India can optimize tax benefits through strategic structuring, presumptive taxation, deductions, MSM...
Income Tax : Understand whether director remuneration is taxed as salary or business income. Learn about tax implications, employer-employee re...
CA, CS, CMA : Stay compliant with key September 2024 deadlines for GST, Income Tax, and ROC filings. Avoid penalties with this essential due dat...
Income Tax : Explore allowable tax deductions for AY 2025-26, covering salaries, house property, business, and personal expenses. Maximize your...
Income Tax : Chamber of Tax Consultants seeks an extension for filing Form 10B and Form 10BB while requesting relaxation of requirements. Detai...
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 : Members may to raise any issues related to Tax Audit where elucidation, clarification or further elucidation is desired at email i...
CA, CS, CMA : Representation to CBDT on information sought from Tax Auditors under Clause 44 of Form 3CD and request to abolish this requirement...
Income Tax : Representation requesting to scrap Clause No. 44 of Tax Audit Report (Form 3CD) under the Income Tax Act, 1961...
Income Tax : ITAT Mumbai held that all the conditions of slump sale as provided under section 2(42C) of the Income Tax Act read with section 50...
Corporate Law : Telangana High Court dismisses a bookie's appeal, affirming a Rs. 1 lakh penalty for failing to audit accounts despite a high turn...
Corporate Law : Additionally, the GST certificate issued by the Superintendent of Central GST confirmed no outstanding dues and that the re-tender...
Income Tax : ITAT Surat affirms penalty on Pristine Jewellery for non-compliance with tax audit requirements, rejecting claims of reasonable ca...
Income Tax : ITAT Hyderabad held that denial of exemption under section 54F on allegation of more than one residential house unwarranted as one...
Income Tax : CBDT extends the due date for filing Form 56F under Section 10AA(8) and 10A(5) of the Income-tax Act, 1961, to March 31, 2025, for...
Income Tax : Stay updated with CBDT's Form 3CD Tax Audit Report Format, Form 3CEB & Form No. 65 revision. Learn about changes in tax audit rep...
Income Tax : Read Circular 18/2023 from the Government of India Ministry of Finance. Learn about the extension of the filing deadline for Incom...
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 : 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. 3701...
Understand Section 44AB tax audit requirements, including turnover limits, reporting forms (3CD), penalty provisions, and key compliance areas for businesses and professionals.
ITAT Mumbai held that all the conditions of slump sale as provided under section 2(42C) of the Income Tax Act read with section 50B of the Act is satisfied. Accordingly, benefit of section 50B granted and AO directed to compute the business income accordingly.
Telangana High Court dismisses a bookie’s appeal, affirming a Rs. 1 lakh penalty for failing to audit accounts despite a high turnover, rejecting contradictory claims.
Additionally, the GST certificate issued by the Superintendent of Central GST confirmed no outstanding dues and that the re-tender order resulted in loss of competitive advantage and investments already made in connection with the lease.
ITAT Surat affirms penalty on Pristine Jewellery for non-compliance with tax audit requirements, rejecting claims of reasonable cause and distinguishing previous judgments.
ITAT Hyderabad held that denial of exemption under section 54F on allegation of more than one residential house unwarranted as one residential house is gifted to his daughter. Accordingly, exemption allowed and appeal of revenue dismissed.
ITAT Nagpur dismissed the Income Tax Department’s appeal against a civil contractor for AY 2011-12, citing ‘cryptic and nebulous’ grounds and a tax effect below ₹60 lakhs.
ITAT Kolkata directs CIT(A) to issue a speaking order on merits, setting aside an ex parte dismissal in an income tax appeal.
ITAT Lucknow held that commission earned by Cane Development Councils or Cooperative Cane Development Unions from sugar mills on supply of sugar cane is business income and hence eligible for deduction under section 80P of the Income Tax Act.
Orissa High Court held that delay in filing Audit Report in Form 10B due to Covid-19 pandemic condoned and since it is settled law that delay in case of genuine hardship need to be allowed.
