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...
Authority for Advance Rulings held In the case of Aker Contracting FP ASA, Norway, USA that it is beyond doubt that the consideration received as per amended order is similar to consideration received as per original contract.
SUGGESTIONS FOR UNION BUDGET 2016-17 – FOR AMENDING SECTION 140A & 234A OF INCOME TAX ACT FOR REMOVAL OF HURDLES IN EASY EXTENSION OF DUE DATES OF FILING OF INCOME TAX RETURNS AND TAX AUDITS
Chopra Properties Vs ACIT (ITAT Delhi) AO was of the view that according to provisions of Section 44AB assessee is required to get his accounts audited before specified date and not on the specified date. Therefore, as assessee has obtained this tax audit report on 30th September 2008 and not before 30th September, 2008, therefore, levied penalty of Rs. 1,00,000/- u/s 271B of the IT Act.
In the case of Vishal Garg & Ors. Vs. Union of India & Anr., Punjab & Haryana HC instructed CBDT extend due date of Tax Audit cases to 31st October 2015 from existing 30th September 2015. Its not clear if the due date for non audit cases also been extended
Vide order under section 119 of the Income-tax Act, 1961 (‘Act’) dated 01.10.2015 infile of even number, Central Board of Direct Taxes had extended the ‘due-date’ for E filing Return of Income from 30th September, 2015 to 31st October, 2015 in case of income-tax assessees which are covered under clause (a) of Explanation 2 to sub-section (1) of section 139 of the Act.
Sec 44AA of the Income tax Act stipulates about the compulsory maintenance of Accounts by Certain persons carrying on business or profession and return their income under the head Profits & Gains of Business or Profession.
CBDT PROVED TO BE VERY UNREASONABLE TOP AUTHORITY EVEN DURING REGIME OF NAMO GOVERNMENT – even after directions from various High Court’s action of CBDT is not only very delayed but also half-hearted, incomplete and wrong- it requires to be rectified and clarified
EXPECTATION FROM NAMO GOVERNMENT: The public of India at large and also investors abroad are given to understand that NAMO government will provide EASE of doing business. However, for Indian citizens working in India ease of doing business and also carrying profession with ease seems to be a far distant dream.
CA Sandeep Kanoi Social Media is a term which is very frequently used nowadays and been considered as a powerful weapon, which has the capacity to bring changes. In this Article I have discussed in a brief about Social Media and its role in extension of Due Date of Income Tax Returns from 31.10.2015 in […]
It was argued that the above decisions were accepted by CBDT and the due date was extended in the respective territories of the High Court’s jurisdiction. Hon’ble HC after considering the above two judgments held that held that it is very unfair that benefit regarding an all India statute is restricting its benefit to only two states and one Union territory.
