section 44AB

Adjustments as required under ICDS – Clause 13 (e) of Form 3CD

Income Tax - Adjustments under ICDS will mean additions to arrive at total income in beginning and in later years same additions will have to be deducted in computation of Total income. The adjustments thus are in the nature of only timing difference - advancing the revenue collection - But Tax neutral in the long run. Disclosure with respect to ICDS ...

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ICDS Master Disclosures – Clause 13 (f) of Form 3CD

Income Tax - a. Inventories are valued at lower of Cost and Net Realizable Value. The cost has been measured at FIFO / Weighted average basis and includes cost of purchase, cost of services, cost of conversation and other costs incurred in bringing them into their present location and condition. Also refer clause 14 (b) to Form 3CD...

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No Tax audit for Turnover less than 1 crore & net profit less than 8%

Income Tax - Due to amendment in Finance Act, 2016, applicability of Tax audit in cases where turnover is less than 1 crore and net profit less than 8%, tax audit will not be required to be conducted....

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Changes in Tax Audit Report – Form 3CD (AY 2017-18)

Income Tax - I. Changes in Tax Audit Report – Form 3CD relating to ICDS Reporting Adjustments CBDT Notification No.88/2016 dt. 29 Sept. 2016 – ICDS Rules 2016 The CBDT has amended/ revised Form 3CD, applicable from AY 2017-18 (i.e. corresponding to Financial/ Previous Year 2016-17) to facilitate changes relating to ICDS Reporting Adjustments t...

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Comparison of Changes in section 44AB and 44AD

Income Tax - Sudiesh K S The Finance Act 2016 made some changes in section 44AB and 44AD let’s discuss it in detail. Section 44AB Clause AY 2016-17 AY 2017-18 a (a) carrying on business shall, if his total sales, turnover or gross receipts, as the case may be, in business exceed or exceeds one crore rupees in […]...

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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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CBDT Clarification on Threshold Limit of tax audit U/s. 44AB & 44AD

Income Tax - Section 44AB of the Income-tax Act (‘the Act’) makes it obligatory for every person carrying on business to get his accounts of any previous year audited if his total sales, turnover or gross receipts exceed one crore rupees. However, if an eligible person opts for presumptive taxation scheme as per section 44AD(1) of the Act, he shal...

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CBDT finally extended due date all over India to 31.10.2015

Income Tax - 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 ruled otherwise. ...

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Bombay HC instructs CBDT to extend ITR Due Date to 31.10.2015

Income Tax - The Chamber of Tax Consultants Vs. Union of India & Ors. (Bombay High Court), WP 2764/2015, Filed on 22.09.2015. Bombay High Court Instructed CBDT to extend due date to 31.10.2015. We will upload copy of order and analysis soon. ...

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Orissa HC Instructed CBDT to extend due date of ITR to 31.10.2015

Income Tax - Jagdish Prasad Mittal Vs. Union of India (Orissa High Court), Writ Petition No. WP(C)-17178/2015, Date- 21/09/2015 In this case writ is been filed on 21.09.2015 for Non extension of due date of ITR and Tax Audit for Assessment Year 2015-16 by CBDT. The writ is scheduled for Hearing on 23rd September 2015....

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No Penalty for mere Non enclosure of audit report to return of income

M/s. Sri Sai Prasanthi Realtors Vs Deputy Commissioner of Income Tax (ITAT Hyderabad) - In a recent ruling, the Hyderabad ITAT ruled that non- enclosure of audit report to the return of income would not attract penalty under section 271B of the Income Tax Act....

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In absence of books of account, no penalty for non-Audit of books

Nirmal Kumar Jain Vs ITO (ITAT Delhi) - It is held that requirement of getting books of account audited can arise only where the books of account are maintained. In the absence of the maintenance of books of account, there can be no penalty u/s 271B of the Act....

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Sec. 271B No penalty on club having bonafide belief of mutuality

M/s Koramangala Club Vs ITO (Karnataka High Court) - It is clear that the assessee was under the bonafide belief that the provisions of Section 44AB were not applicable to a Club, while supplying beverages, liquor etc., to its members as it was not engaged in any business...

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Being original contract and amendments inextricably linked with business of exploration of minerals, assessable u/s 44BB – AAR

Aker Contracting FP ASA, Norway, In re (Authority for Advance Rulings) - Authority for Advance Rulings held In the case of Aker Contracting FP ASA, Norway, USA that it is beyond doubt that the consideration received as per amended order is similar to consideration received as per original contract....

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No Penalty on Tax Audit Report Obtained on last day of due date

Chopra Properties Vs ACIT (ITAT Delhi) - Chopra Properties Vs ACIT (ITAT Delhi) AO was of the view that according to provisions of Section 44AB assessee is required to get his accounts audited before specified date and not on the specified date. Therefore, as assessee has obtained this tax audit report on 30th September 2008 and not before...

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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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CBDT rejects KSCAA representation on Extension of ITR/Tax Audit Due Date

F.No.225/207/2016/ITA.II - (30/09/2015) - The Karnataka State Chartered Accountants Association ('KSCAA') has Fled a representation dated 15.09.2015 in Central board of Direct Taxes (CBDT) seeking extension of date for filing returns from 30th, September. 2015. Subsequently KSCAA flied a PIL In Honble Karnataka High Court seeking interventi...

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Recent Posts in "section 44AB"

Adjustments as required under ICDS – Clause 13 (e) of Form 3CD

Adjustments under ICDS will mean additions to arrive at total income in beginning and in later years same additions will have to be deducted in computation of Total income. The adjustments thus are in the nature of only timing difference - advancing the revenue collection - But Tax neutral in the long run. Disclosure with respect to ICDS ...

Read More
Posted Under: Income Tax |

ICDS Master Disclosures – Clause 13 (f) of Form 3CD

a. Inventories are valued at lower of Cost and Net Realizable Value. The cost has been measured at FIFO / Weighted average basis and includes cost of purchase, cost of services, cost of conversation and other costs incurred in bringing them into their present location and condition. Also refer clause 14 (b) to Form 3CD...

Read More
Posted Under: Income Tax |

Revised Form 3CD for A.Y. 2017-18 in Excel format with Annexures

Are you worried about the recent changes in Tax Audit Report and disclosure requirements as per ICDS for Assessment Year 2017-18 in Form 3CD? No problem! I ve put together in this attached excel sheet all 41 clauses along with necessary enclosure of Form 3CD after considering...

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Posted Under: Income Tax |

No Tax audit for Turnover less than 1 crore & net profit less than 8%

Due to amendment in Finance Act, 2016, applicability of Tax audit in cases where turnover is less than 1 crore and net profit less than 8%, tax audit will not be required to be conducted....

Read More
Posted Under: Income Tax |

Changes in Tax Audit Report – Form 3CD (AY 2017-18)

I. Changes in Tax Audit Report – Form 3CD relating to ICDS Reporting Adjustments CBDT Notification No.88/2016 dt. 29 Sept. 2016 – ICDS Rules 2016 The CBDT has amended/ revised Form 3CD, applicable from AY 2017-18 (i.e. corresponding to Financial/ Previous Year 2016-17) to facilitate changes relating to ICDS Reporting Adjustments t...

Read More
Posted Under: Income Tax |

Comparison of Changes in section 44AB and 44AD

Sudiesh K S The Finance Act 2016 made some changes in section 44AB and 44AD let’s discuss it in detail. Section 44AB Clause AY 2016-17 AY 2017-18 a (a) carrying on business shall, if his total sales, turnover or gross receipts, as the case may be, in business exceed or exceeds one crore rupees in […]...

Read More
Posted Under: Income Tax |

No Penalty for mere Non enclosure of audit report to return of income

M/s. Sri Sai Prasanthi Realtors Vs Deputy Commissioner of Income Tax (ITAT Hyderabad)

In a recent ruling, the Hyderabad ITAT ruled that non- enclosure of audit report to the return of income would not attract penalty under section 271B of the Income Tax Act....

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Revised Form No. 3CD Tax Audit Report as applicable from 01.04.2017

Nowadays on Social Media a Revised Format of Form 3D is circulating which is applicable from 01.04.2017 and few raised the query that when the same was released as there is no recent notification on the same. In this respect we would like to brought to your notice that the from 3D  as applicable from […]...

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Budget 2017: Increase 2 crore Turnover limit for section 194A/ 194H/ 194I & 194J

Section 44AB - Increased threshold for presumptive tax cases under section 44AD - Consequential amendments required in section 194A/ 194H/ 194I & 194J...

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Posted Under: Income Tax | ,

Opted for Presumptive Taxation- Tax Audit Limit Rs. 2 Crore

It is proposed to amend the section 44AB to exclude the eligible person, who declares profits for the previous year in accordance with the provisions of sub-section (1) of section 44AD and his total sales, total turnover or gross receipts, as the case may be, in business does not exceed two crore rupees in such previous year, from require...

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Posted Under: Income Tax |
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