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...
These are the three appeals filed by the assessee against the respective orders of the ld. CIT(A)-I, Jaipur dated 05/09/2017 for the A.Y. 2011-12 wherein the assessee has challenged the action of the Assessing Officer in levying the penalty U/s 271(1)(c),
Extract of Section – 44AD of Income-tax Act, 1961 Special provision for computing profits and gains of business on presumptive basis. 44AD. (1) Notwithstanding anything to the contrary contained in sections 28 to 43C, in the case of an eligible assessee engaged in an eligible business, a sum equal to eight per cent of the […]
The Section 44AD of the Income Tax Act contains special provisions for computing profits and gains of a business on presumptive basis. According to this section the profits and gains from eligible businesses carried by an eligible assessee are required to be computed at least at the rate of 8% / 6% of the total turnover / gross receipts.
The Section 44AD of the Income Tax Act contains special provisions for computing profits and gains of a business on presumptive basis. According to this section the profits and gains from eligible businesses carried by an eligible assesse are required to be computed at least at the rate of 8% / 6% of the total turnover / gross receipts. However, the assessee can declare lower profit by maintaining books of account etc. as required under section 44AA and by furnishing audit report as required under Section 44AB.
Due to disputes between the assessee with its earlier auditor and resignation thereof, the same (audited accounts) was filed before AO belatedly.
Penalty u/s. 271B is attracted for failure to get accounts audited u/s. 44AB. Even though the law prescribes the levy of penalty, in case of default, the same is not automatic as provisions of Section 273B gives relief, when there is a reasonable cause.
In reply to the show-cause notice for initiation of penalty, the assessee has replied that he is a Sr. Citizen; his accounts are looked after by Accountant. The accountant of the assessee is not qualified person. The assessee was under bona fide belief that accounts are not required to be issued under section 44AB of the Act.
After lot of struggle by the Tax Payers, Tax Consultants, Chartered Accountants etc., the due date for e filing of tax audit U/s. 44AB of the Income Tax Act has been re extended by the Government to 07th November, 2017.
CBDT has extended Due date for filing ITRs & Tax Audit Reports under Income Tax Act,1961 from 30.09.2017 to 07.11.2017 for those who were liable to file ITRs by 30.09.17. The Extension was first announced on Twitter at 10.21 PM on 31.10.2017 and later by way of press release on pib.nic.in at 11.35 PM. Further […]
CBDT further extends the ‘due-date’ for filing income-tax returns and reports of audit pertaining to Assessment Year 2017-2018 from 31st October, 2017 to 7th November, 2017
