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 : Understand presumptive taxation schemes under sections 44AD, 44ADA, and 44AE, including eligibility, computation, and maintenance ...
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 : The assessee is engaged in the business of Manufacturing & Trading of Sarees, Salwar Suites and Dress Materials. A survey u/s 133A...
Income Tax : Assessee being a subsidiary of M/s. Rajasthan State Mines and Minerals Ltd. (RSMML) (a Government of Rajasthan Undertaking). It en...
Income Tax : Aggrieved by the order passed by AO, assessee moved on with an appeal to CIT(A), where assessee challenged the reopening of the as...
Income Tax : ITAT Bangalore held that penalty under section 271B of the Income Tax Act for delay in uploading audit report set aside as reasona...
Income Tax : ITAT Agra held that confirming penalty under section 271B of the Income Tax Act before finalization of quantum assessment is unjus...
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...
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.
Find out which clause of the tax audit is applicable – 44AB(a) or 44AB(e) – for businesses with a turnover between Rs. 1cr – 2cr.
Discover the FAQs on issues in filing Tax Audit Report Form 3CA-CD/3CB-CD. Learn about prerequisites, process, and more.
Understanding tax audit criteria normal and presumptive. Learn about the provisions under section 44AB and 44AD for beneficial taxation schemes.
