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...
The finance Bill, 2020 has brought a major amendment to section 44AB of the income tax act an extract of which stands as follows, 23. In section 44AB of the Income-tax Act,–– (A) in clause (a),–– (i) the word “or” occurring at the end shall be omitted; (ii) the following proviso shall be inserted, namely:–– […]
Dear Tax professionals and students, many times you might have faced this question- Whether a particular case is covered under tax audit under Section 44AB of the Income Tax Act or can we claim the benefit of Section 44AD and file the income tax return on presumptive taxation method without conducting tax audit? To answer […]
First prima-facie impression and euphoria of the Union Budget 2020, especially the Finance Bill 2020, appeared to be of one a taxpayer-pro budget, with the Queen (Read FM), giving copiously to her masses. But is this euphoria for a real?
Hello everyone, hope you all are doing well. This blog focuses on exploring the unknown elements of the Union Budget 2020-21 and analyses impact of proposed changes in Tax on Indian economy. Nirmala Sitharaman (Finance Minister (FM)) played very safely in his debut budget last time and kept distance from crucial issues to serve justice […]
Rationalisation of provisions relating to tax audit in certain cases. Under section 44AB of the Act, every person carrying on business is required to get his accounts audited, if his total sales, turnover or gross receipts, in business exceed or exceeds one crore rupees in any previous year. In case of a person carrying on […]
MSMEs turnover threshold for Audit increased 5 times to Rs 5 Crore. Increased limit to apply only to Businesses carring out less than 5% of their business transactions in cash Significant tax relief to start-ups
Private healthcare sector: Income tax incentives, Legal Provisions and Judgments This article covers various sections related to healthcare sector such as Section 10(23C), Section 44A, Section 44AB, Section 11, Section 12, Section 35AD, Section 194I, Section 194h, Section J and many more along with various related case laws. Legal Provisions with respect to tax incentives […]
Engineering Professional Co. Pvt. Ltd. Vs DCIT (Gujarat High Court) In the given case, Assessee has filed appeal before ITAT against the order passed by the A.O. u/s 44AD. With respect to that appeal ITAT passed the order and state that “the Assessee is directed to attend the assessment proceedings and justify its claim of […]
As we all know that the finance act 2017 which is applicable for the previous year 2017-18 has made an amendment in Section 44AB (Tax Audit) by inserting a new proviso which has made the applicability of this section completely different.
Penalty U/s. 271B of the Income Tax Act, 1961 is leviable for failure to get accounts audited where the turnover / gross receipts exceeds the prescribed limit. Many times it happens that the turnover as per the regular books of accounts remains under the prescribed limit and as such the assessee do not gets the accounts audited U/s. 44AB.
