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...
ITAT Kolkata held that that law declared by a court will have retrospective effect, if not otherwise stated to be so specifically. It is also well settled proposition that whenever, a previous decision is overruled by a larger bench of the Supreme Court, the previous decision is completely wiped out.
A significant ITAT Kolkata ruling declares no penalty for delayed filing of books of account due to reasonable causes under Section 273B of Income Tax Act, 1961. Explore the details of this precedent-setting case.
ITAT Visakhapatnam held that penalty u/s 271B of the Income Tax Act not imposable as provision of section 44AB of the Income Tax Act doesn’t apply to income that is treated as income from other sources.
The ITAT Cochin has upheld the penalty imposed on Paravur Service Cooperative Bank for its failure to furnish the audit report of its accounts audited by the Cooperative Department Auditor within the specified date under Section 44AB of the Income Tax Act.
An ITAT ruling in the case of Bhartiya Shiksha Prachar Samiti vs DCIT highlights the application of Section 11 of the Income Tax Act and its implications for auditing requirements. Learn more about the details and impacts of this landmark case.
ITAT Bangalore has ruled in Bandenawaz Mulla vs. ACIT that no audit can be conducted under section 44AB of Income Tax Act when assessee has not maintained books of account.
ITAT Delhi held that revenue receipt generated from the operation of “Hotel/ Resort” is taxable under the head “Business income” and not under “House Property” as fixed amount was not received in fact revenue was generated on fluctuation basis.
Allahabad High Court held that the scope of decision u/s. 148A(d) of the Income Tax Act is limited to the existence or otherwise of information which suggests that income chargeable to tax has escaped assessment. The same would otherwise remain subject to reassessment order passed u/s 148 of the Income Tax Act.
ITAT Mumbai held that disallowance towards payment of PF & ESIC u/s 36(1)(va) unjustified as the amount is deposited before the due date of return of income u/s 139(1) of the Income Tax Act.
ITAT Chennai held that assessee failed furnish any evidences to prove that there are negotiations between assessee and AEs with regard to marketing strategy, sales targets, credit period, etc. Accordingly, TPO/AO has rightly bench marked payment of agency commission as ‘nil’.
