section 44AB

Accounting, Audit and Taxation of Future and Option Transections

Income Tax - Unravel complexities of accounting, audit, and taxation in Future and Option transactions. Learn nuances of declaring profits and losses, maintaining books, and impact on income tax returns....

Period of limitation prescribed under Income-tax Act, 1961

Income Tax - The Income-tax Act has prescribed time limit in respect of various procedures, applications, etc. (like time limit for filing an appeal to the Commissioner of Income-tax (Appeals), deposit of tax on distributed profits of domestic companies, filing return of income, filing belated return of income, etc.). In this part you can gain knowled...

Important Points Related To Income Tax Compliance for Charitable & Educational Institutions AY 2023-24

Income Tax - Explore key income tax compliance requirements for charitable and educational institutions under the Income Tax Act for the assessment year 2023-24....

Disqualifications as Tax Auditor under section 44AB – Income Tax Act

Income Tax - Explore disqualifications outlined in Income Tax Act for tax auditors in India, ensuring integrity and transparency in financial governance...

Understanding Clause No. 44 in Form 3CD of Tax Audit

Income Tax - An in-depth analysis of Clause No. 44 in Form 3CD, its impact on large organizations, challenges faced by the Assessee, and suggested solutions for smoother compliance....

Request for Form 10B and Form 10BB Relaxation & due date Extension

Income Tax - Chamber of Tax Consultants seeks an extension for filing Form 10B and Form 10BB while requesting relaxation of requirements. Details and updates here....

Guidance Note on Tax Audit under Section 44AB

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 about updates, compliance requirements, and the role of chartered accountants in the tax audit process....

Income Tax Audit Clinic

Income Tax - Members may to raise any issues related to Tax Audit where elucidation, clarification or further elucidation is desired at email id taxauditclinic@icai.in...

Abolish requirements of reporting under Clause 44 of Tax Audit Report: CASS

Income Tax - Representation to CBDT on information sought from Tax Auditors under Clause 44 of Form 3CD and request to abolish this requirement...

Representation to scrap Clause No. 44 of Tax Audit Report (Form 3CD)

Income Tax - Representation requesting to scrap  Clause No. 44 of  Tax Audit Report (Form 3CD) under the Income Tax Act, 1961...

Defect notice u/s. 139(9) is not in accordance with law hence return filed to be considered as valid

Wholery Infrastructure Private Ltd. Vs DCIT (ITAT Jaipur) - ITAT Jaipur held that as defect notice issued u/s. 139(9) of the Income Tax Act is not in accordance with the law and hence the return of income filed by the assessee should be considered as valid return....

Initiation of revisionary proceedings u/s 263 on aspects outside the scope of limited scrutiny untenable

Preetiben Chhatrasingh Chauhan Vs PCIT (ITAT Surat) - ITAT Surat held that AO cannot go beyond reason for which matter was selected for limited scrutiny. Thus, PCIT cannot pass revisionary order u/s. 263 of the Income Tax Act on other aspects outside the scope of limited scrutiny....

Revisionary proceedings not illegal when assessee remained non-compliant in explaining his case

Mahesh Prasad Singh Vs PCIT (ITAT Raipur) - ITAT Raipur held that revisionary proceedings cannot be termed as illegal or not maintainable when the assessee have not responded and remain non-compliant in explaining his case before the PCIT....

Unexplained Labor Credits sustained additions as Evidence of Labor & Material Payments not produced

R.S. Pabbla Constructions Pvt Ltd Vs DCIT (ITAT Visakhapatnam) - ITAT Visakhapatnam held that addition towards unexplained labour credits sustained as assessee failed to discharge the onus casted on it and failed to produce material evidence with respect to labour payments and material payments....

ITAT Upholds Penalty on Charitable Institution for Tax Audit Violation

Vakrangee Foundation Vs Assessing Officer (ITAT Raipur) - Vakrangee Foundation faces a penalty for non-compliance with tax audit provisions under Section 44AB. ITAT rules that Section 2(15) does not exempt charitable institutions....

CBDT extends due date of Filing Audit report- Section 10AA(8)

Circular No. 18 of 2023-Income Tax - (21/10/2023) - Read Circular 18/2023 from the Government of India Ministry of Finance. Learn about the extension of the filing deadline for Income Tax reports and its implications...

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...

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...

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...

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...

Recent Posts in "section 44AB"

Defect notice u/s. 139(9) is not in accordance with law hence return filed to be considered as valid

Wholery Infrastructure Private Ltd. Vs DCIT (ITAT Jaipur)

ITAT Jaipur held that as defect notice issued u/s. 139(9) of the Income Tax Act is not in accordance with the law and hence the return of income filed by the assessee should be considered as valid return....

Accounting, Audit and Taxation of Future and Option Transections

Unravel complexities of accounting, audit, and taxation in Future and Option transactions. Learn nuances of declaring profits and losses, maintaining books, and impact on income tax returns....

Posted Under: Income Tax |

Period of limitation prescribed under Income-tax Act, 1961

The Income-tax Act has prescribed time limit in respect of various procedures, applications, etc. (like time limit for filing an appeal to the Commissioner of Income-tax (Appeals), deposit of tax on distributed profits of domestic companies, filing return of income, filing belated return of income, etc.). In this part you can gain knowled...

Posted Under: Income Tax |

Initiation of revisionary proceedings u/s 263 on aspects outside the scope of limited scrutiny untenable

Preetiben Chhatrasingh Chauhan Vs PCIT (ITAT Surat)

ITAT Surat held that AO cannot go beyond reason for which matter was selected for limited scrutiny. Thus, PCIT cannot pass revisionary order u/s. 263 of the Income Tax Act on other aspects outside the scope of limited scrutiny....

Important Points Related To Income Tax Compliance for Charitable & Educational Institutions AY 2023-24

Explore key income tax compliance requirements for charitable and educational institutions under the Income Tax Act for the assessment year 2023-24....

Posted Under: Income Tax | ,

Revisionary proceedings not illegal when assessee remained non-compliant in explaining his case

Mahesh Prasad Singh Vs PCIT (ITAT Raipur)

ITAT Raipur held that revisionary proceedings cannot be termed as illegal or not maintainable when the assessee have not responded and remain non-compliant in explaining his case before the PCIT....

Request for Form 10B and Form 10BB Relaxation & due date Extension

Chamber of Tax Consultants seeks an extension for filing Form 10B and Form 10BB while requesting relaxation of requirements. Details and updates here....

Posted Under: Income Tax | ,

Unexplained Labor Credits sustained additions as Evidence of Labor & Material Payments not produced

R.S. Pabbla Constructions Pvt Ltd Vs DCIT (ITAT Visakhapatnam)

ITAT Visakhapatnam held that addition towards unexplained labour credits sustained as assessee failed to discharge the onus casted on it and failed to produce material evidence with respect to labour payments and material payments....

ITAT Upholds Penalty on Charitable Institution for Tax Audit Violation

Vakrangee Foundation Vs Assessing Officer (ITAT Raipur)

Vakrangee Foundation faces a penalty for non-compliance with tax audit provisions under Section 44AB. ITAT rules that Section 2(15) does not exempt charitable institutions....

Bail to CA granted as professional generally acts on instruction of client

Manish Kothari (Presently In JC) Vs Director of Enforcement Ministry of Finanace Dept. of Revenue Headquarter Investigation Unit (Delhi High Court)

Delhi High Court granted the bail to the petitioner (Chartered Accountant) under Prevention of Money Laundering Act 2022 based on the plea of the petitioner that he has acted on the basis of information and records provided by his client....

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