Income Tax : The issue concerns applicability of tax audit based on turnover thresholds. The ruling highlights that exceeding prescribed limits...
Company Law : The proposal to remove statutory audits for small companies risks eliminating independent financial scrutiny, potentially weakenin...
Income Tax : India has moved from a uniform ITR deadline to a category-based system linked to audits and income complexity. The reform improves...
Income Tax : The Tribunal ruled that penalty under Section 271A cannot be levied merely because books were rejected and income was estimated. S...
Income Tax : Understand the statutory time limits for filings, applications, approvals, and settlement processes under the Income-tax Act, incl...
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 : ITAT Mumbai remanded ₹95.81 lakh commission disallowance, holding that non-response to Section 133(6) notices alone cannot justi...
Income Tax : The issue revolved around expansion of scrutiny from cash deposits to entire bank credits. The Tribunal ruled that such expansion ...
Income Tax : The case examines whether estimated expense disallowances can be made without rejecting books of account. ITAT held such additions...
Income Tax : The Tribunal held that addition of entire cash deposits without proper verification was not justified. The matter was remanded for...
Income Tax : The Tribunal examined whether demonetisation cash deposits linked to recorded business sales could be taxed as unexplained income....
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...
ITAT Delhi held that that cash sales that is already offered as income cannot be taxed in the grab of inflation sales to cover up demonetization currency. Accordingly, addition u/s. 68 of the Income Tax Act directed to be deleted.
Bombay High Court directs disciplinary action against AO for not deciding on an individual’s rectification application for six years under the Income Tax Act.
VDB Infra vs. ITO: ITAT Bangalore case involves TDS deduction dispute resulting in penalty deletion under Section 270A(9)(a) by the tribunal.
ITAT Mumbai rules in favor of Ecokrin Hygiene Pvt. Ltd., deleting additions under section 41(1) of the Income Tax Act solely based on the expiration of the limitation period.
Mumbai ITAT sets aside penalty under section 271B, citing previous penalty under section 271A for non-maintenance of accounts in Haresh Ghanshyamdas Makhija vs ITO case.
ITAT Jaipur held that assessee failed to get its books of accounts audited based on a reasonable cause. Accordingly, penalty under section 271B of the Income Tax Act for failure to get books of account audited not leviable as assessee reasonable cause shown.
ITAT Mumbai held that compensation received by the assessee in out of court settlement for unilaterally terminating certain obligation under the agreement is an income assessed to business income and not an income assessed to capital gains as claimed by the assessee.
Learn about the DCIT vs Umang Hiralal Thakkar case at ITAT Ahmedabad regarding filing returns under section 139(1) for claiming deduction under section 80IB. Get detailed insights and analysis.
Delhi ITAT rules on the filing of Form 10CCB before due date per Sec 139(1). Analysis of Sanjay Kukreja vs ACIT case & its impact on deduction u/s 80-IA.
Understand the recent changes in tax audit responsibilities imposed by the Central Board of Direct Tax in India. Explore amendments and implications for tax auditors.
