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 imposition of penalty under section 270A of the Income Tax Act unsustainable in absence of any malafide intention on the part of the assessee to claim excess deduction under section 32AC of the Income Tax Act.
In a significant decision, ITAT Mumbai rules in favor of D.C. Polyester Ltd., stating that penalties under Section 271(1)(c) of the Income Tax Act cannot be imposed for incorrect income head treatment.
ITAT Mumbai ruling on penalty u/s.271B for non-maintenance of books of accounts by an assessee engaged in trading, financing, realty, and commodities business. Analysis of Varadagovind Parthasarthy Iyer vs ITO case.
ITAT Bangalore held that deduction u/s. 80P(2)(a)(i) of the Income Tax Act in respect of credit facilities provided by Souharda Co-operative Society to its members if requirement of mandatory maintaining of funds as per Karnataka Souharda Sahakari Act, 1997 is satisfied.
Explore disqualifications outlined in Income Tax Act for tax auditors in India, ensuring integrity and transparency in financial governance
ITAT Ahmedabad held that a typographical error cannot be a reason to believe that the income of the assessee has escape assessment and hence initiation of proceedings under section 147 of the Income Tax Act is unsustainable.
Read how ITAT Mumbai ruled in favor of KVR Infra in a case involving inflated cost of a crane in an agreement for higher banking loan. Detailed analysis here.
ITAT Raipur held that cooperative society is entitled for claiming deduction u/s. 80P(2)(d) of the Income Tax Act in respect of dividend received on shares of cooperative banks.
CESTAT Chennai held that as per Section 73A(2) of the Finance Act, 1994 monies collected as a tax, even if wrongly done, has to be deposited to Government.
An in-depth analysis of the case between Majestic Properties Pvt. Ltd and PCIT at ITAT Delhi. The case examines the limitations of revisionary power under section 263 based on audit objections. Discover key outcomes and implications.
