CA, CS, CMA : Learn how to calculate turnover for derivatives, speculative transactions, and multiple businesses as per ICAI's revised 2023 guid...
Income Tax : Decode tax intricacies on derivatives transactions, understand income classification, tax audit applicability, and potential legis...
Income Tax : Understand tax audit requirements under Section 44AB for AY 2024-25. Detailed analysis for businesses and professionals, including...
CA, CS, CMA : Discover the Supreme Court's ruling on ICAI's 60 tax audits limit per Chartered Accountant, its implications, and future impact on...
Income Tax : Learn about Deduction u/s 80JJAA: Who's eligible, how much is allowed, and what it means for additional employee costs. Expert ins...
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 : Read the full text of the ITAT Delhi order in Durga Fire Work Vs ITO case for AY 2017-18. Learn why Delhi ITAT ruled cash deposits...
Income Tax : Detailed analysis of Dharam Singh Vs PCIT (ITAT Delhi) case where ITAT Delhi ruled that revisionary power can't be invoked solely ...
Income Tax : Read the full text of the order from ITAT Agra where penalty u/s 271B was deleted for Tasavver Husain vs ITO. Detailed analysis an...
Income Tax : Orissa High Court remits income tax matter back to PCIT after rejecting delay condonation applications in a cryptic manner. Detail...
CA, CS, CMA : Supreme Court upholds ICAI’s limit of 60 tax audits per CA, validating it as a reasonable restriction under Article 19(1)(g) of ...
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...
Income Tax : Govt notifies extend due dates of Tax Audit/ITR/VSV Scheme vide Notification No. 93/2020-Income Tax dated 31st December, 2020 MINI...
Under section 44AB of the Act, every person carrying on business is required to get his accounts audited, if his total sales, turnover or gross receipts, in business exceeds one crore rupees in any previous year. The limit is raised to ten crore rupees where at least 95% of receipts/payments are in non-cash mode.
When assessee entertained bona-fide belief that its account were not subject to audit u/s 44AB, it would certainly constitute reasonable cause for not obtaining the audit report and, therefore, question of imposing of penalty u/s 271B does not arise.
Requirement of furnishing audit report in Form No. 10B before due date prescribed in section 44AB mandatory w.e.f. 1.4.2020 only.
Bablu Kumar Harinarayan Gupta Vs ITO (ITAT Pune) ITAT held that it is not fit case for levy of penalty u/s 271B merely because the appellant was unable to substantiate the submission that the appellant is only commission agent because there is no obligation on the part of the assessee to get the accounts audited […]
ITAT Mumbai held as books of accounts of assessee are not need to be audited hence return of income has to be filed on or before 31st July As return filed beyond time limit disallowance of set off of brought forward loss sustained.
Validity of the ICAI guidance for calculating the turnover in case of derivatives has been reiterated by various judicial precedence. ICAI as an expert body of accountants and guidance note on tax audit issued by them can be relied upon in absence of any statutory provision for computation of turnover in such cases.
Devki Nandan Bindal Vs ITO (ITAT Delhi) The Board has clarified that the turnover does not include the sales affected on behalf of the principals and only the gross commission has to be considered for the purposes of section 44AB where the agents act only as an agent of his constituent and never acts as […]
Explore the Presumptive Taxation Scheme under the Income Tax Act, 1961. Understand the provisions of Sec 44AB, recent amendments, and key considerations for tax audit.
If assessee was under bona fide belief that as per Guidance Note issued by ICAI on ‘tax audit under section 44AB’ net result in derivative transaction was to be considered as turnover and accordingly, he would not be liable to get his books audited as turnover did not exceed more than Rs. 1 crore, penalty levied under section 271B was to be deleted
Learn how Indian laws combat cash transactions through measures like demonetization, Benami Transactions Act, and Income-tax Act. Understand penalties and compliance to ensure financial transparency.
