Income Tax : Understand whether director remuneration is taxed as salary or business income. Learn about tax implications, employer-employee re...
CA, CS, CMA : Stay compliant with key September 2024 deadlines for GST, Income Tax, and ROC filings. Avoid penalties with this essential due dat...
Income Tax : Explore allowable tax deductions for AY 2025-26, covering salaries, house property, business, and personal expenses. Maximize your...
Income Tax : Understand key reporting requirements for Tax Audit Reports under Sections 44AA and 44AB, including forms, clauses, and disclosure...
Income Tax : Learn about tax audit under Section 44AB, including objectives, requirements, forms, and penalties for non-compliance....
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 : Gujarat High Court rules write-back of provisions isn't 'turnover' or 'gross receipts' under Sec 44AB, quashing tax return invali...
Income Tax : Bombay High Court directs tax revision for an AI-generated invalid return order lacking reasoning, stressing natural justice and h...
Income Tax : Held that the invoices issued by the assessee contained a barcode. A barcode on a tax invoice serves as a verification mechanism, ...
Income Tax : ITAT Jaipur held that addition of the amount already recorded as cash sales cannot be treated as unexplained cash deposits under s...
Income Tax : ITAT Chennai ruled in favor of Jayaram Rangan, holding that consultancy fees received as a Managing Director should be taxed as pr...
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...
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...
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 AY 2024-25.
Aggrieved by the order passed by AO, assessee moved on with an appeal to CIT(A), where assessee challenged the reopening of the assessment, arguing that Section 148 was not justified.
ITAT Bangalore held that penalty under section 271B of the Income Tax Act for delay in uploading audit report set aside as reasonable cause shown and there was only technical breach without any loss to exchequer of the Government.
ITAT Agra held that confirming penalty under section 271B of the Income Tax Act before finalization of quantum assessment is unjust and unfair. Accordingly, matter restored back to CIT(A) for fresh adjudication.
ITAT Delhi held that provisions of section 68 or 69A of the Income Tax Act for cash deposit during demonetization period unjustified since source of cash deposits duly explained. Hence, addition liable to be deleted.
Kerala High Court held that issuance of notice for imposition of penalty under section 271B for failure to furnish audit report after more than four years of completion of assessment is barred by limitation as per section 275(1)(c) of the Income Tax Act.
ITAT Pune quashes ₹1,50,000 penalty u/s 271B, citing reasonable cause for delayed tax audit due to impounded records and auditor unavailability.
It is submitted on behalf of assessee that he is engaged in the business of transportation and logistics services and such business is being conducted by the assessee in his personal capacity as well as in capacity of the Proprietor of “M/s Tanvi Roadways”.
Assessee was entitled to the exemption under Section 10A as ex-post facto approval granted by the RBI, the competent authority under the Foreign Exchange Management Act, 1999, met the requirements of Section 10A(3).
Deduction under section 80IA(4) couldn’t be denied solely due to the delayed filing of Form 10CCB, as the audit report was filed before the return was processed.
