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...
CESTAT Chennai held that as per Section 73A(2) of the Finance Act, 1994 monies collected as a tax, even if wrongly done, has to be deposited to Government.
An in-depth analysis of the case between Majestic Properties Pvt. Ltd and PCIT at ITAT Delhi. The case examines the limitations of revisionary power under section 263 based on audit objections. Discover key outcomes and implications.
Bombay High Court held that AO and the Tribunal have allowed part of the commission payment as business expenditure. However, disallowance of part of commission payment as business expenditure unjustified.
Explore the latest 2023 revision of the ICAI’s Guidance Note on Tax Audit under Section 44AB of the Income-tax Act, 1961. Learn about updates, compliance requirements, and the role of chartered accountants in the tax audit process.
Analyzing the recent ITAT Jaipur ruling on Safiq Ahmad Vs ITO. Assessee penalized for failing to cooperate in penalty proceedings under Sections 271B & 271(1)(c) of the Act.
A detailed analysis of the Bombay High Court’s verdict in Mathuradas Narandas & Sons Forwarders Ltd. vs. CBDT, highlighting the significance of timely ITR filing.
An in-depth analysis of Clause No. 44 in Form 3CD, its impact on large organizations, challenges faced by the Assessee, and suggested solutions for smoother compliance.
ITAT Delhi determines if Bhushan Aviation’s audit report delay due to IBC proceedings warrants a penalty under the Income Tax Act section 271B.
Clause 44 in Form 3CD under Section 44AB of the Income Tax Act 1961- updated FAQs, guidelines for reporting GST details, and exemptions. Understand who needs to report, expert knowledge requirements, and more
ITAT Delhi held that the expenditure not claimed cannot be disallowed while determining the taxable income. Hence, disallowance of contingent liability as expenditure unjustified as the same was never claimed as expenditure for the purpose of determining total income.
