Income Tax : Explore special provisions for computing profits and gains under the Income Tax Act, 1961, covering diverse areas such as mineral ...
Income Tax : The revised content expands tax planning guidance for business setup by extending deduction analysis up to AY 2026-27 and Tax Year...
Income Tax : Explains when professionals must undergo tax audit based on Sections 44ADA, 44AD, and 44AB. Key takeaway: audit depends on profess...
Income Tax : The new law introduces audit requirements for businesses declaring profits below presumptive rates. It removes the earlier flexibi...
Income Tax : The issue concerns applicability of tax audit based on turnover thresholds. The ruling highlights that exceeding prescribed limits...
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 Tribunal held that penalty was not justified where all relevant facts were disclosed in the return of income, audit report, an...
Income Tax : ITAT found that the Assessing Officer incorrectly treated consignment transactions as the assessees turnover based solely on cess ...
Income Tax : The Tribunal upheld the deduction of interest expenditure after finding that the loan was utilized wholly for business activities....
Income Tax : Adjustment under section 143(1)(a)(iv) based on disallowance reported in Form 3CD was held to be within CPC's jurisdiction. Howeve...
Income Tax : The Bangalore ITAT held that a Section 40A(3) disallowance cannot be made on the assumption that cash payments might have exceeded...
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...
ICAI sets limit of 60 tax audit assignments per CA or partner annually, effective from 1 April 2026, replacing earlier 2008 guidelines.
Income Tax Bill 2025 proposes changes to Section 271B penalty, aiming for proportionality and reduced litigation in tax audit defaults under Section 44AB.
ITAT Delhi held that addition under section 69A of the Income Tax Act towards cash deposits as unexplained money cannot be sustained since the cash deposits is already recorded in books of accounts. Accordingly, appeal allowed.
Understand Section 44AB tax audit requirements, including turnover limits, reporting forms (3CD), penalty provisions, and key compliance areas for businesses and professionals.
ITAT Mumbai held that all the conditions of slump sale as provided under section 2(42C) of the Income Tax Act read with section 50B of the Act is satisfied. Accordingly, benefit of section 50B granted and AO directed to compute the business income accordingly.
Telangana High Court dismisses a bookie’s appeal, affirming a Rs. 1 lakh penalty for failing to audit accounts despite a high turnover, rejecting contradictory claims.
Additionally, the GST certificate issued by the Superintendent of Central GST confirmed no outstanding dues and that the re-tender order resulted in loss of competitive advantage and investments already made in connection with the lease.
ITAT Surat affirms penalty on Pristine Jewellery for non-compliance with tax audit requirements, rejecting claims of reasonable cause and distinguishing previous judgments.
ITAT Hyderabad held that denial of exemption under section 54F on allegation of more than one residential house unwarranted as one residential house is gifted to his daughter. Accordingly, exemption allowed and appeal of revenue dismissed.
ITAT Nagpur dismissed the Income Tax Department’s appeal against a civil contractor for AY 2011-12, citing ‘cryptic and nebulous’ grounds and a tax effect below ₹60 lakhs.
