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...
Madras High Court held that issue relating to pre-closure premium was already considered and allowed by the assessing authority. Thus, invocation of revisionary power u/s. 263 for mere disagreement with the view of the assessing authority is unjustified in law.
Held that the capital subsidy should be reduced for computation of book profit. Particularly in view of the excruciating fact that reduction of subsidy from written down value was accepted by the Assessing Officer and he did not tinker with the amount of depreciation claimed.
ITAT Delhi held that transfer of shares of company by one set of shareholders to another set of shareholders does not give rise to any taxable event in the hands of company and has no tax incidence in the hands of the company whose shares were subject matter of transfer.
ITAT Mumbai held that matter regarding addition under section 68 of the Income Tax Act remanded back for fresh consideration directing appellant to file all documents/ details and supporting evidence explaining source of cash deposits.
Delhi ITAT overturns penalty on ex-serviceman and Mother Dairy agent for non-audit under Section 271B, citing his limited commission income and absence of books.
ITAT Delhi cancels ₹1,09,807 penalty u/s 271B for Ved Singh, acknowledging his commission-based income and reasonable belief on tax audit requirement.
ITAT Delhi rules on Sh. Nikki Tyagi’s appeal against penalty under Sec. 271B for failure to audit accounts due to turnover limits. Clarifies income on commission basis.
ITAT Delhi hears Mohd Javed’s appeal against penalty under Sec. 271B, assessing the nature of cash deposits as agent turnover vs. personal income.
ITAT Delhi rules in favor of Dharam Singh, clarifying turnover calculation for commission-based businesses under section 271B.
ITAT Bangalore held that addition under section 68 of the Income Tax Act towards unexplained money send back for de novo reassessment due to difference in amounts and unclear information.
