Income Tax : Explore how seizure of documents can impact audit deadlines under Section 44AB and defenses against Section 271B penalties for aud...
Income Tax : We’ve just wrapped up the non-audit tax filing season, and now we’re entering the critical and often confusing period of Tax A...
CA, CS, CMA : Learn how to calculate turnover for derivatives, speculative transactions, and multiple businesses as per ICAI's revised 2023 guid...
Income Tax : Decode tax intricacies on derivatives transactions, understand income classification, tax audit applicability, and potential legis...
Income Tax : Understand tax audit requirements under Section 44AB for AY 2024-25. Detailed analysis for businesses and professionals, including...
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 : Punjab & Haryana HC upholds Principal Commissioner’s revision under Section 263. Assessing Officer’s wrong Section 44ADA asses...
Income Tax : ITAT Bangalore rules against adhoc expense disallowance without rejecting books of accounts, citing Karnataka HC's stance in Konka...
Income Tax : ITAT Chennai confirmed penalty imposed under section 271B of the Income Tax Act for non-furnishing audit report, in absence of any...
Income Tax : In the case of Anil Champalal Jain vs ITO (ITAT Mumbai), learn why Mumbai ITAT ruled that cash deposits during demonetization alon...
Income Tax : Read the detailed ITAT Chennai order on Rameshlal Kailash Vs ITO for AY 2017-18. Money lending business income added, upheld as bu...
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...
Income Tax : Govt notifies extend due dates of Tax Audit/ITR/VSV Scheme vide Notification No. 93/2020-Income Tax dated 31st December, 2020 MINI...
E-BOOK: KNOW WHEN TO SAY NO TO CASH TRANSACTIONS Article explain Restrictions on Cash Expenditure (Capital & Revenue), Incentives to encourage cashless business transactions, Restrictions on Cash Loans, Deposits & Advances, Restrictions on Cash Transactions in Real Estate, Restrictions on Income Tax Deductions, Restrictions on Cash Transactions of Rs. 2 Lacs or more, Mandating Acceptance […]
Cash transactions seldom leave any trail and has always been a facilitator of black money. Whereas, electronic transactions ensure a clear money trail and make it very difficult for tax evaders. Government, in this regard, has from time to time bought in various provisions in order to restrict/discourage cash transactions and incentivise/ promote non-cash mode. We […]
The assessee company was in the business of Sale and Service of CCTV cameras and other security equipment’s. Total receipts for the year under consideration was Rs. 3,54,30,497/- and still they have not filed return under income tax.
E-BOOK ON PRACTICAL APPROACH TO PRESUMPTIVE TAXATION This Article/ E-Book explains Provisions of Section 44AB, Provisions of Section 44AA , Provisions of Section 44AD of Income Tax Act, 1961, Applicability of provisions of sec 44AA, 44AB and 44AD when turnover is up to Rs. 1 crore, Presumptive Taxation Scheme under Section 44ADA, Presumptive Taxation Scheme […]
APPLICABILITY OF Section 44AB Every person carrying on: > Business having turnover > 1 Crore rupees > Profession having gross receipts > 50 lakh rupees > Profit as per 44AE OR 44BB OR 44BBB OR 44ADA > Actual profit > Business to which sub-sec (4) of Sec 44AD applicable and income exceeds maximum amount not […]
Section 44AB, contains provisions of the ‘TAX AUDIT’ under the Income Tax Act 1961. ‘TAX AUDIT’ is an examination of books of accounts of the assessee. The examination is conducted to ensure that the assessee has properly maintained the books of accounts and other records and the tax liability has been computed properly. Tax Auditor, while […]
Section 194I was inserted vide the Finance Act, 1994. The present article covers the important Frequently Asked Questioned regarding section 194-I of the Income Tax Act, 1961, which deals with the provisions of TDS on Rent. Q.1 Who is liable to deduct TDS on Rent under Section 194I of Income tax Act, 1961? A.1. Any […]
A. Tax Audit is Conducted to achieve the following objectives ♣ Ensure proper maintenance and correctness of books and certification of the same by a tax auditor ♣ Reporting a) observations/discrepancies noted by tax auditor AFTER EXAMINATION b) prescribed information such as tax depreciation, compliance of income tax law ♣ Checks frauds and malpractices in […]
Income Tax Audit Focusing on Recent Changes and Key Areas with Practical Examples This Article explains the Provisions of Income Tax Audit governed by Section 44AB of Income Tax Act, 1961 including the recent amendments in Budget 2020. Income Tax Audit Meaning: Tax Audit is an audit which is made compulsory by Income Tax Act, […]
Tax Audit Meaning -A Tax Audit is an audit, made compulsory by the Income Tax Act, if the annual gross turnover/receipts of the assesse exceed the specified limit. Tax audit is conducted in Sec 44AB of the Income Tax Act,1961 by a Chartered Accountant. -Simply Tax Audit means, an audit of matters related to tax. […]
