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...
Jamshedpur Chartered Accountants Society has made a representation to FM requesting for extension of Due Date of filing of Tax Audit and Income Tax Return for Assessment Year 2020-21 due to COVID 19 Pandemic. Date: 16/12/2020 Smt. Nirmala Sitaraman Hon’ble Finance Minister, Ministry of Finance. Government of India, North Block, New Delhi 110 001 Request […]
Direct Taxes Committee of ICAI has Request(s) for extension of various due dates under Income-tax Act, 1961 especially Tax Audit Reports and related returns including Income Tax Return Forms for AY 2020-21 to Chairman, Central Board of Taxes. Full text of the Representation is as follows:- Request(s) for extension of various due dates under Income-tax […]
Lucknow CA Tax Practioners’ Association has made a Requested to FM that the due date for filing of ITRs for all the taxpayers for AY 2020-21 be extended to 31st March, 2021 and the due date for filing the tax audit report also be extended to 28th February, 2021 and further requested to extend the […]
Direct Taxes Professionals’ Association has Request FM to consider extension in the due dates of furnishing of Tax Audit Report under section 44AB and the due date of filing ITRs of AY 2020-21 to to 31st March, 2021. Full Text of the Representation is as follows:- DIRECT TAXES PROFESSIONALS’ ASSOCIATION Income Tax Building, 3, Govt. […]
Why Presumptive Taxation required? Considering the various compliances problems faced by small taxpayers (like Shopkeepers, Small Traders, Professionals, Good Transport Agencies etc.) regarding maintenance of Book of Accounts and requirement of Audit under Income Tax Act. Government has introduced a Presumptive Taxation Scheme for Small Taxpayers. Who can claimed benefits under this Scheme? SECTION 44AD- […]
Currently, businesses having turnover of more than one crore rupees are required to get their books of accounts audited by an accountant. In order to reduce the compliance burden on small retailers, traders, shopkeepers who comprise the MSME sector, the Finance Act 2020 has raised the limit of audit by five times the turnover threshold […]
Applicability of provisions of sec 44AA, 44AB and 44AD when turnover is up to Rs. 1 crore Broadly speaking, provisions of Section 44AD of the Act are applicable to Resident Individual or HUF or Partnership Firm engaged in the business other than specified (excluded) business whose total turnover/ gross receipts are Rs.2 Crores or less. […]
Sec 44AB states the provisions related to tax audit of certain entities. A tax audit is an independent examination of books of account by a chartered accountant.The chartered accountant conducting tax audit gives his observations, findings and qualifications in form 3CA/ 3CB. The provisions of Sec 44AB are as: 44AB. Every person,— (a) carrying on […]
The Institute of Chartered Accountants of India & Ors. Vs. Shaji Poulose & Ors. (Supreme Court) In the writ petitions, which are sought to be transferred, writ petitioners have challenged validity of Chapter VI of Guidelines No.1‑CA(7)/02/2008 dated 08.08.2008 issued by the Council of petitioner Institute on the ground that the same is violative of […]
Critical issues in the tax audit report and the interplay of the form OI with the Tax audit report. Of late many assesses are receiving the intimations from the tax department for the mismatches in the tax audit report and the income tax return filing, however when one looks into the matter it is quote […]
