Income Tax : The issue concerns applicability of tax audit based on turnover thresholds. The ruling highlights that exceeding prescribed limits...
Company Law : The proposal to remove statutory audits for small companies risks eliminating independent financial scrutiny, potentially weakenin...
Income Tax : India has moved from a uniform ITR deadline to a category-based system linked to audits and income complexity. The reform improves...
Income Tax : The Tribunal ruled that penalty under Section 271A cannot be levied merely because books were rejected and income was estimated. S...
Income Tax : Understand the statutory time limits for filings, applications, approvals, and settlement processes under the Income-tax Act, incl...
CA, CS, CMA : The UDIN portal will now validate turnover, gross receipts, and presumptive tax conditions before allowing UDIN generation for tax...
Income Tax : Gujarat HC has directed CBDT to ensure that there is a mandatory one-month gap between date for furnishing tax audit reports (unde...
Income Tax : Rajasthan High Court granted a one-month extension for filing TARs under Section 44AB for AY 2025-26, citing delayed audit utility...
Income Tax : The Gujarat High Court is hearing a petition from the Chartered Accountants Association regarding persistent glitches on the new I...
Income Tax : The Pune Chartered Accountants' Society has requested an extension for tax audit and ITR filing deadlines for FY 2024-25, citing t...
Income Tax : The issue revolved around expansion of scrutiny from cash deposits to entire bank credits. The Tribunal ruled that such expansion ...
Income Tax : The case examines whether estimated expense disallowances can be made without rejecting books of account. ITAT held such additions...
Income Tax : The Tribunal held that addition of entire cash deposits without proper verification was not justified. The matter was remanded for...
Income Tax : The Tribunal examined whether demonetisation cash deposits linked to recorded business sales could be taxed as unexplained income....
Income Tax : The Tribunal held that GST collected is not part of income for presumptive taxation under section 44B. It ruled that GST is a stat...
CA, CS, CMA : ICAI sets limit of 60 tax audit assignments per CA or partner annually, effective from 1 April 2026, replacing earlier 2008 guidel...
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...
ITAT sustained PCIT’s revisional order under Section 263, ruling that AO’s mechanical acceptance of a low profit margin return without proper inquiry was both erroneous and prejudicial to Revenue’s interest. AO failed to examine applicability of mandatory audit under Section 44AB and correctness of declared profit ratio in liquor trade.
Understand the provisions of tax audit under Section 44AB of the Income Tax Act, including its objectives, applicability, prescribed forms, due dates, and penalties for non-compliance by businesses and professionals.
Tribunal observed that AO accepted returned income without any independent examination or inquiry. As major issues like estimation of profit in liquor trade and tax audit requirements were ignored, assessment was held erroneous. Pr. CIT’s revision under Section 263 was sustained.
Overview of presumptive taxation under the Income Tax Act covering sections 44AD, 44ADA, and 44AE—eligibility, ineligible businesses, income computation, record maintenance, and advance tax rules.
Author note I was working on tax audit’s of one of my client’s, after submitting the report management wanted to make changes in few estimates, It was my first time, hence thought to discuss my research with everyone Introduction We all know that tax audit is one of the important compliances under the Income-tax Act, […]
Tribunal ruled that merely selling agricultural land does not make it a business transaction. It directed AO to reassess whether land was held for investment or trade based on intention, frequency and surrounding facts.
Punjab and Haryana High Court directed CBDT to issue a circular extending the ITR due date for audit cases to 30th November 2025. The extension follows Section 44AB and Explanation 2(a) to Section 139(1). Taxpayers now have sufficient time between submission of audit reports and filing of returns.
A guide on ITR reporting for non-residents, including using passport numbers instead of TIN. Covers capital gains details, mandatory disclosures for foreign company directorships, and specific reporting rules for unlisted and delisted equity shares.
The ITAT Delhi affirmed that a substantial increase in cash sales during demonetisation is insufficient grounds for a Section 68 addition when books of accounts are not found defective. The ruling confirms that genuine cash sales, properly recorded and matching stock/VAT records, cannot be treated as unexplained cash credits.
Section 44AA mandates books for professionals and businesses exceeding income thresholds. Details presumptive tax rules, required records, retention period, and ₹25,000 penalty.
