Income Tax - In order to curb cash transactions and to move into the digital world, Government of India has introduced Demonetization of old notes of Rs. 500 & Rs. 1000 from 8th November 2016 in order to control the parallel world of black market. Further, Government has also initiated various steps through various laws in India including [&hellip...
Read MoreIncome Tax - Which Clause Of Tax Audit Is Applicable – 44AB(a) OR 44AB(e) – When Business Turnover, Sales, Gross Receipts Etc. Is Over Rs. 1 Cr. But Up to Rs. 2 Cr. INTRODUCTION :- The section 44AB of the Income Tax Act, 1961 (“Act”) imposes liability for mandatory tax audit when any of the condition mentioned in […]...
Read MoreIncome Tax - Question 1: What are the prerequisites for filing of Form 3CA- Form 3CD/Form 3CB-Form 3CD? Resolution: The following are the prerequisites for filing of Form 3CA-3CD/3CB-3CD -Taxpayer and CA are registered on the e-Filing portal with valid user ID and password -Status of PAN of taxpayer and CA is active – Taxpayer has assigned CA [&...
Read MoreIncome Tax - The tax audit provisions are contained in section 44AB clause (a) to Clause (e). Section 44AD provides for beneficial provision of presumptive taxation of declaring net profit of 6%/8% of the turnover of the business and get out of the compulsory tax audit provisions under certain circumstances. This scheme of presumptive taxation, sectio...
Read MoreIncome Tax - If the turnover of the eligible assessee from eligible business is equal to or less than 2 crores ; then profit @ 8 % or more shall be deemed to be his profit if claimed to have been earned in the return....
Read MoreIncome Tax - Exposure Draft of Revised ‘Guidance Note on Tax Audit under section 44AB of Income-tax Act, 1961’ is issued by ICAI Direct Taxes Committee ...
Read MoreIncome Tax - Representation for extension of Due date of Income Tax Returns And Audit Report For A.Y. 2021-2022 (F.Y. 2020-2021. It is requested that The due date of furnishing of Return of Income for the Assessment Year 2021-22, should be extended to 28th February, 2022....
Read MoreIncome Tax - CAAS has made a representation to Union Finance Minister and brought to her attention the Flaws in New Income Tax Portal which are still exist even after almost 3 years. They claimed that the front end of the new portal shows brainless design with various missing drop down menus...
Read MoreIncome Tax - Dear Taxpayer, As per the section 44AB of Income Tax Act, the books of accounts for the relevant previous year are required to be audited by a Chartered Accountant and the audit report has to be electronically filed prior to or along with the return of income before the due date. In order to assist to […]...
Read MoreIncome Tax - ICAI decided to exclude audit conducted under section 44ADA of Income-tax Act, 1961 for reckoning the specified number of tax audit assignments...
Read MoreSarabjeet Singh Vs ITO (ITAT Amritsar) - Sarabjeet Singh Vs ITO (ITAT Amritsar) The brief fact of the case that the assessee is a trader &filed his return u/s 139(1) by taking the benefit of presumptive scheme u/s 44AD of the Act. During the F.Y. 2010-11 related A.Y. 2011-12 the turnover was 15,50,000/- & declared total income of R...
Read MoreEuro Home Vs DCIT (ITAT Chennai) - Euro Home Vs DCIT (ITAT Chennai) CIT(A) held that the provisions of Sec.44AD would not apply to commission income and the rental income received would be assessed under Income from House Property. Accordingly, the appeal was dismissed against which the assessee is in further appeal before us. ITAT f...
Read MoreSanjeet Kanwar Vs ITO (ITAT Amritsar) - AO made additions on ground that cash deposited in bank account was more than total turnover declared by assessee, since assessee furnished bank statements which showed that there were deposits and withdrawals of almost equal amounts and AO failed to give any findings regarding said withdrawals, ass...
Read MoreMahesh K. Bhutiya Vs ITO (ITAT Rajkot) - Mahesh K. Bhutiya Vs ITO (ITAT Rajkot) We have noted that the Revenue has accepted the income returned by the assessee from his business by applying 5% profit rate to his turnover of Rs. 20,85,825/-. It is evident therefore that it is an accepted fact that the assessee is a very small businessman an...
Read MoreNarendra Chandubhai Rafaliya Vs ITO (ITAT Ahmedabad) - Existence of books of account maintained by assessee was a condition precedent for making addition under section 68. Where assessee had not maintained books of account, there was no legal scope to invoke provisions of section 68 and as such, addition made on such premise was to be deleted....
Read MoreNotification No. 08/2020-Income-Tax [G.S.R. 56(E)] - (29/01/2020) - Notification No. 8/2020-Income-Tax- CBDT has notified Other electronic modes by inserting New Income TAx Rule 6ABBA. It also amended marginal heading of rule 6DD and in rule 6DD for the words ‘account payee bank draft, exceeds twenty thousand rupees’, the words, figures and letters ̵...
Read MoreF.No.153/53/2014-TPL (Pt.I) - (26/09/2014) - In compliance to the judgments of various High Courts and after considering the representations received for extension of the due date, the Board, in exercise of its power conferred by section 119 of the Act, has extended the 'due-date' for furnishing return of income from 30th September, 2014 to 30...
Read MoreNotification No. 33/2014-Income Tax - (25/07/2014) - Notification No. 33/2014-Income Tax S.O. 1902 (E).. In exercise of the powers conferred by section 295 read with section 44AB of the Income Tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income Tax Rules, 1962, namely:- 1. (1)...
Read MoreSarabjeet Singh Vs ITO (ITAT Amritsar) -
Euro Home Vs DCIT (ITAT Chennai) -
Sanjeet Kanwar Vs ITO (ITAT Amritsar) -