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...
Taxation Bar Association, Ludhiana has requested CBDT to extend the due date for furnishing the tax audit report and Income Tax tax return to be extended for a month to 31st October 2018. Relevant Text of Representation is as follows:- Sub: Request for Extension of due date for filing tax audit report and return of […]
The era of extension needs to be stopped or else every year people will have a sure short confidence of extension which will make them delay there work and lazy. Rules are made bearing things in mind and not bearing extension in mind. Come on people lets follow Punctuality. The greatest gift of Shri. Late Mahatma Gandhi for Indians. And we, CA’s being finance partner of Government let make clients aware of there responsibilities.
1.It has been heard that many organisation has given representation to extend date of Tax Audit report under Income Tax Act till 31st October (including ICAI). 2.But we request you to consider following points and extend it till 30th November otherwise it will be a half hearted fruitless extension.
ICAI has further requested CBDT to extend time for submission of Tax Audit Reports and related returns from 30th September, 2018 to 31st October, 2018 as CBDT has not followed Norms of Earlier Years of discussing Important Changes in Tax Audit Report with ICAI, there was Constant changes in Utilities relating to Tax Audit Forms, […]
ICAI requests CBDT for extension of Due Date for submission of Tax Audit Reports and related Income Tax returns from 30th September, 2018 to 31st October, 2018. Read ICAI Representation on extension of Tax Audit Due Date, Dated: 17th September 2018 Read ICAI Representation on extension of Tax Audit Due Date, Dated: 10th September, 2018 […]
Tax Audit Report Form 3CA & Form 3CD in Excel format, along with the clause wise changes mentioned against each clause number as amended by Income Tax Notification No. 33/2018-Income Tax dated 20/07/2018 and Circular No. 6/2018 dated 17/08/2018.
All about Clause 26 of Form 3cd. 1. What does Clause 26 says:- In respect of any sum referred to in clause (a), (b), (c), (d), (e) or (f) of section 43B, the liability for which:- (A) Pre-existed on the first day of the previous year but was not allowed in the assessment of any […]
Implementation Guide w.r.t. Notification No. 33/2018 dated 20.07.2018 effective from 20.08.2018 – (23-08-2018) The Central Board of Direct Taxes, vide Notification No. 33/2018/F No. 370142/9/2018-TPL dated 20th July 2018, notified amendments to Form No. 3CD enhancing substantially the reporting requirements and the role of tax auditor as various new clauses/sub clauses have been inserted, major […]
It is submitted that Since Form 3CD (an annexure to Form 3CA) is merely verified by the tax auditor, it cannot be continually amended so as to stretch the role of the tax audit professional to that of an investigator who passes value judgments on matters like impermissible avoidance arrangements and income chargeable to tax under section 56(2)(x) of the Income-tax Act, 1961 (‘ITA’).
Query I AM engaged in the buying and selling of shares. I take delivery of the shares purchased and also deliver the shares at the time of sale. In such a case, how is the turnover to be reckoned for the purpose of determining whether a tax audit under Section 44AB is to be done? Is it the aggregate amount of sale that has to be taken as the turnover?
