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...
Income Tax Department has extended tax audit due date for ay 2017-18 and Income Tax Return filing due date for ay 2017-18 vide its notification dated 31st October 2017. Extended due date for filing of Tax Audit Report and Income Tax Return for AY 2017-18 fot those Assessee who filing date for same was 30th […]
As we all know Extended due date to file Tax Audit Report and related ITR for A.Y. 2017-18 is 31st October 2017, which the Taxpayers and Tax Professionals across the country were demanding to be further extended till 30th November 2017. One of the Major Arguments and reason for asking the extension was additional workload […]
We have created a Poll on our twitter page on 24th October 2017 asking Taxpayer and Tax Professionals across India that do they think that Time Limit for filing IT Return (44AB Audit Cases) must be further extended to 30th November 2017. In response to our poll we have received 3285 Votes and 90% of […]
It is estimated that a large number of cases are pending, countrywide, for audit as well as filing of related Income Tax Return(ITR), where there is compulsory requirement of audit & filing of ITR upto 31st of October 2017. Central Board of Direct Taxes (CBDT) has done a great job by already extending the due date of 30.09.2017 to 31.10.2017 for filing of audit reports and returns well understanding in advance the hard realities in the matter.
Members are requested to advise their clients to timely approve the tax audit reports under their digital signatures for the AY 2017-18 uploaded by them on the e-filing portal The Department of Income-tax (Systems) has informed ICAI that a large number of tax audit reports have been uploaded by the members but the same have […]
CBDT and Finance Ministry seems to have their own merrily way as despite request from Taxpayer all around the country they have not bothered to accept their request for extension of due date of Income Tax Returns which are falling due on 31st October 2017 to 30th November 2017.
CAS, Surat has once made a representation to Finance Minister for Extension of time Limit for filing IT Return (44AB Audit Cases) due to Work related issues in GST which arise due to Due to the hasty implementation of GST.
Your Honor are well aware that this year, professionals are busy in making compliance with GST obligations. GST Act is new, compliances are many, notifications are being issued everyday and the technical glitches in the system have aggravated the problems. Further dates are being extended everyday and the professionals have to make the compliances on daily basis. Accordingly, professionals are finding a very short time for making compliance with the income tax obligations.
Request to extend the due date of filing Income-tax returns for assessees mentioned under clause (a) of Explanation 2 to Section 139(1) and Tax Audit report u/s 44AB for the AY 2017-18 from 31st October, 2017 to 30th November, 2017
The issue is with respect to levy of penalty under section 271B of the Act. It is an undisputed fact that assessee is engaged in the business of Advertising Agency and during the year under consideration the commission earned from the Advertising Agency was not in excess of the limits prescribed under section 44AB for the purpose of getting the books audited.
