Income Tax : The issue concerns applicability of tax audit based on turnover thresholds. The ruling highlights that exceeding prescribed limits...
Company Law : The proposal to remove statutory audits for small companies risks eliminating independent financial scrutiny, potentially weakenin...
Income Tax : India has moved from a uniform ITR deadline to a category-based system linked to audits and income complexity. The reform improves...
Income Tax : The Tribunal ruled that penalty under Section 271A cannot be levied merely because books were rejected and income was estimated. S...
Income Tax : Understand the statutory time limits for filings, applications, approvals, and settlement processes under the Income-tax Act, incl...
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 : ITAT Mumbai remanded ₹95.81 lakh commission disallowance, holding that non-response to Section 133(6) notices alone cannot justi...
Income Tax : The issue revolved around expansion of scrutiny from cash deposits to entire bank credits. The Tribunal ruled that such expansion ...
Income Tax : The case examines whether estimated expense disallowances can be made without rejecting books of account. ITAT held such additions...
Income Tax : The Tribunal held that addition of entire cash deposits without proper verification was not justified. The matter was remanded for...
Income Tax : The Tribunal examined whether demonetisation cash deposits linked to recorded business sales could be taxed as unexplained income....
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...
Section 44AD versus Section 44AB: What to choose ? As per recent amendments in Finance Act, 2020 where one of major amendment was made in Section 44AB by inserting a proviso to clause (a), which reads as follows:- Audit of accounts of certain persons carrying on business or profession. 44AB. Every person,— (a) carrying on […]
The due date for furnishing of Income Tax Returns for the taxpayers (including their partners) who are required to get their accounts audited [for whom the due date (i.e. before the extension by the said notification) as per the Act is 31st October, 2020] has been extended to 31st January, 2021.
CA N. D. Gupta who is also Member of Parliament, Rajya Sabha has requested Smt. Nirmala Sitharaman, Honourable Minister of Finance for Extension for due date of Filing Income Tax Returns and Audit Report under the Income Tax Act for Financial year ended 31.03.2020. N. D. Gupta B.Com (Hons.), FCA Member of Parliament, Rajya Sabha […]
Pursuant to clause (a) of Section 44AB of the Income Tax Act, 1961 (‘the IT Act’), Tax Audit is mandatory if business is having total sales, turnover or gross receipts more than Rs. 1 crore in any Previous Year (‘PY’). Clause (a) of Section 44AB of the IT Act read as under- ‘(a) carrying on […]
Direct Taxes Professionals’ Association, Kolkata has made a Request to consider extension in the dates of furnishing of Tax Audit Report under section 44AB and audit report under sec. 92E of the Income Tax Act and the due date of filing ITRs of A Y 2020-21. Ref. No. DTPA/Rep/20-21/2 Date: 22.10.2020 To, Smt. Nirmala Sitharaman […]
Request for extension of time for submission of tax audit reports U/S 44AB of the Income Tax Act,1961 for the A.Y.2020-21 and for extension of time for submission of income tax returns u/s 139(1) for A.Y.2020-21 and other consequential Income Tax compliances.
Bhartiya Udyog Vyapar Mandal has made a representation for Extension of Due date of GST Annual Returns and Income Tax audits and compliance of Notices to Honble Union Finance Minister, Smt. Nirmala Sitharaman. Text of the Representation is as follows:- BHARTIYA UDYOG VYAPAR MANDAL Smt. Nirmala Sitharaman Honble Union Finance Minister North Block, Raisin Hills […]
All Odisha Tax Advocates Association (AOTAA) requested to consider the genuine difficulties of the Tax Payers and Tax Professionals and to extend the due date of filing of the Tax Audit Reports for the A.Y. 2020-2021 from 31st October, 2020 to 31st March, 2021 and for filing the income tax returns from 30th November, 2020 […]
Whether audit of accounts under clause (d) & (e) of section 44AB read with section 44AD & 44ADA of the IT Act is compulsory for an assessee? It is pertinent to mention that out of the total 5 (Five) conditions of compulsory audit of accounts of certain persons carrying on business or profession, under section […]
Tax Bar Association, Kota has made a request for Extension of due date for submitting Tax Audit Report and for filing IT Returns to 31st March 2021 to ameliorate the difficulties faces by the assessee in this corona period. Tax Bar Association, Kota Hon’ble Smt. Nirmala Sitharaman Ji Union Minister of Finance, Ministry of Finance, […]
