section 44AB

Special Audit – Section 142(2A) – Income Tax Act, 1961

Income Tax - A) The rationale behind the introduction of the provision of Special Audit √ Assessee is liable to get its account audited u/s 44AB only when the situation stated in Section 44AB triggered which are mostly based on the Turnover/Gross receipt Criteria. √ The main objective of the introduction of Section 44AB is to determine whether [&h...

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No filed Tax Audit Report Before Due Date – Need to worry?

Income Tax - Article explains Tax audit under section 44 AB of the Income Tax Act, 1961 and its due date and implications if not completed within the due date....

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Issues in Tax Audit – Difference in ITC in GSTR 2A & GSTR 3B

Income Tax - Certain persons are required to get his books of account audited as per Section 44AB of the Income Tax Act, 1961. The applicability of this audit is mentioned in this section. While conducting audit under section 44AB of the said Act, Auditor has to report certain facts which are required by said Act in Form […]...

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Section 44AB vs 44AD – Presumptive Taxation (With Examples)

Income Tax - When we talk about Presumptive Taxation, then it automatically relates to Tax Audit under Income Tax Act, 1961. At professional as well as student level, I have seen students getting confused in Sections 44AB & 44AD because 44AB says about the limit of Rs. 1 crore and 5 crore while Section 44AD says about the limit […]...

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Income Tax Compliance / Information at A Glance

Income Tax - I have covered only relevant compliances/information useful for Small Manufacturer, Traders only through this article which includes TDS Rate, TDS Return, TDS Certificate and TDS payment due dates, Advance Tax due dates, Income Tax Return Due Dates, Penalty for Late Return Filing, Important Income Tax Deductions, Presumptive Taxation Sch...

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Turnover threshold for Tax Audit increased 5 times to Rs 5 Crore

Income 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...

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CPC advisory on applicability of Tax Audit to business and profession

Income 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 […]...

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Extend Tax Audit due date to 31 October 2018: BJP Economic Cell (Rajasthan)

Income 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 […]...

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Extend Tax Audit Report Filing Due Date: SGTTA

Income 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....

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Extend due date to submit Tax Audit Reports & ITR: ICAI requests 3rd time

Income 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 […]...

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Non filing of return | Section 44AD | Application of 8% Rate by AO justified

Unity Automation Solution Ltd. Vs ITO (ITAT Delhi) - The assessee company was in the business of Sale and Service of CCTV cameras and other security equipment’s. Total receipts for the year under consideration was Rs. 3,54,30,497/- and still they have not filed return under income tax....

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Order passed by AO against directions issued by Tribunal is not sustainable in law

Engineering Professional Co. Pvt. Ltd. Vs DCIT (Gujarat High Court) - Engineering Professional Co. Pvt. Ltd. Vs DCIT (Gujarat High Court) In the given case, Assessee has filed appeal before ITAT against the order passed by the A.O. u/s 44AD. With respect to that appeal ITAT passed the order and state that “the Assessee is directed to attend the assessment procee...

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Section 271B Penalty Not Leviable for Undisclosed Turnover

Vinay 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 ...

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Unaccounted sales cannot be regarded as turnover for section 44AB

Shri 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...

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Penalty cannot be levied for mere filing of Form No. 3CB instead of Form 3CA

M/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...

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CBDT defers furnishing of GST & GAAR details in Form 3D till 31.03.2020

Circular 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...

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Tax Audit Due Date: CBDT rejects request for Further extension

F.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....

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CBDT extends Tax Audit Due Date to 31st Oct, 2018

F.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...

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CBDT extends Tax audit due date to 15th October 2018

F.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. ...

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No need to report clause 30C (GAAR) & 44 (GST) of Revised 3CD Report till 31.03.2019

Circular 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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Recent Posts in "section 44AB"

Special Audit – Section 142(2A) – Income Tax Act, 1961

A) The rationale behind the introduction of the provision of Special Audit √ Assessee is liable to get its account audited u/s 44AB only when the situation stated in Section 44AB triggered which are mostly based on the Turnover/Gross receipt Criteria. √ The main objective of the introduction of Section 44AB is to determine whether [&h...

Read More
Posted Under: Income Tax |

No filed Tax Audit Report Before Due Date – Need to worry?

Article explains Tax audit under section 44 AB of the Income Tax Act, 1961 and its due date and implications if not completed within the due date....

Read More
Posted Under: Income Tax |

Issues in Tax Audit – Difference in ITC in GSTR 2A & GSTR 3B

Certain persons are required to get his books of account audited as per Section 44AB of the Income Tax Act, 1961. The applicability of this audit is mentioned in this section. While conducting audit under section 44AB of the said Act, Auditor has to report certain facts which are required by said Act in Form […]...

Read More
Posted Under: Income Tax | ,

Section 44AB vs 44AD – Presumptive Taxation (With Examples)

When we talk about Presumptive Taxation, then it automatically relates to Tax Audit under Income Tax Act, 1961. At professional as well as student level, I have seen students getting confused in Sections 44AB & 44AD because 44AB says about the limit of Rs. 1 crore and 5 crore while Section 44AD says about the limit […]...

Read More
Posted Under: Income Tax | ,

Income Tax Compliance / Information at A Glance

I have covered only relevant compliances/information useful for Small Manufacturer, Traders only through this article which includes TDS Rate, TDS Return, TDS Certificate and TDS payment due dates, Advance Tax due dates, Income Tax Return Due Dates, Penalty for Late Return Filing, Important Income Tax Deductions, Presumptive Taxation Sch...

Read More
Posted Under: Income Tax | ,

General Errors noticed in Reporting in Form 3CD

General Errors noticed in Reporting in Form 3CD -Section-44AB of Income Tax Act 1961 (TAX AUDIT U/S-44AB of Income Tax Act 1961) ♦ Legislation for A/Y 2020-21 U/s-44AB -Business:-Sales etc > Rs.1 Cr/5 Cr. -Profession:-Gross Receipt etc > Rs.50 Lacs -Business:- U/s-44AE/BB/BBB, Income<Deemed Profit -Profession:- U/s-44ADA, Incom...

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Posted Under: Income Tax |

Tax Audit for A.Y. 2020-21 U/s. 44AB vis-à-vis 44AD / 44ADA

Tax Audit Applicability for A.Y. 2020-21 under Section 44AB vis-à-vis Section 44AD / Section 44ADA of the Income Tax Act, 1961 We have attempted to provide a compendious view of Tax Audit Applicability for A.Y. 2020-21 under Section 44AB vis-à-vis Section 44AD / Section 44ADA of the Income Tax Act, 1961. Tax Audit Applicability for [&he...

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Posted Under: Income Tax |

Amendment in Section 44AB & applicability for AY 2020/21- Analysis

As per Section 44AB of the Income Tax Act, 1961, every person carrying on business is required to get his accounts audited , if his total sales, turnover or gross receipts in business exceeds Rs. 1 crore in the previous year. In case of a person carrying on profession, tax audit is required if his […]...

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Posted Under: Income Tax |

Late Filing of Income Tax return & Misreporting – Beware

In our county many people have tendency of waiting till last to file Income Tax return and at the end some time they end up either misreporting of income or they miss the deadline. In Recent few years late filing penalty has been increased significantly. Last date for the filing of income tax return for […]...

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Posted Under: Income Tax |

How to Compute 5% Cash Limit of Receipts & Payments for Section 44AB?

How to Compute 5% Cash Limit of Receipts & Payments for Section 44AB? This article explains how to compute the Cash limit of 5% of the aggregate of all the amounts received as well as payments during the year, for the purpose of checking the applicability of Section 44AB (clause a), as amended by Finance […]...

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Posted Under: Income Tax | ,

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