Income Tax : The Income Tax Act, 2025 introduces Section 58, consolidating earlier presumptive taxation schemes into one unified framework. It ...
Income Tax : The tribunal ruled that business income under section 44AD cannot be taxed using section 44ADA provisions. Presumptive schemes mus...
CA, CS, CMA : The calendar lists all major statutory deadlines across laws. It helps businesses track filings and avoid penalties through timely...
Income Tax : Only specified professionals can opt for presumptive taxation under Section 44ADA. Declaring less than 50% profit may trigger mand...
Income Tax : Section 44AA mandates maintenance of books of accounts by specified professionals and businesses exceeding prescribed limits. Lear...
CA, CS, CMA : The ICAI has updated guidelines for tax audit limits, retaining a 60-audit cap per member per financial year. The rule is effectiv...
Income Tax : Join our 5-day live course from Sept 8-12, 2024, for an in-depth understanding of tax audits under Section 44AB, with practical in...
Income Tax : Join our live course from Aug 23-25, 2024, to master tax audits, including Form 3CD, financial statements, and GST, with practical...
Income Tax : Exposure Draft of Revised ‘Guidance Note on Tax Audit under section 44AB of Income-tax Act, 1961’ is issued by ICAI Direct Tax...
Income 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 reques...
Income Tax : The Tribunal held that interest expenses cannot be disallowed when the trust merely facilitates transactions and costs are reimbur...
Income Tax : ITAT Hyderabad holds that Section 249(4)(b) cannot bar appeal where no income is admitted and no advance tax is payable; sets asid...
Income Tax : The Tribunal held that mere suspicion of bogus transactions without supporting evidence cannot justify addition under section 68. ...
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 Tribunal held that unsigned excel sheets without supporting evidence cannot justify additions. It ruled that absence of corrob...
Income Tax : The amendments brought about by Notification No. 45/2023 – Income-Tax (Income-tax (Eleventh Amendment) Rules, 2023) encompas...
Income Tax : Notification No. 8/2020-Income-Tax- CBDT has notified Other electronic modes by inserting New Income TAx Rule 6ABBA. It also amend...
Income Tax : In compliance to the judgments of various High Courts and after considering the representations received for extension of the due ...
Income Tax : Notification No. 33/2014-Income Tax S.O. 1902 (E).. In exercise of the powers conferred by section 295 read with section 44AB of t...
Practical Difficulties – Where audit is already completed but report is not uploaded, report will be required to be prepared under new format. E.g. Listed Companies, PSUs, Banks, Insurance companies etc.
Form 3CA & 3CB 1. Period of P&L a/c / Income and Expenditure Account 2. the particulars given in the said Form No. 3CD and the Annexure thereto are true and correct subject to the following observations/qualifications, if any: Form 3 CD 1. Clause – 4 N Particulars Of Registration Excise , Service tax , Sales […]
CA Sudhir Halakhandi The date of obtaining and furnishing of tax audit report u/s 44AB has been extended from 30th Sept. 2014 to 30th Nov. 2014 and while issuing the orders under section 119 the Central Board of Direct Taxes has created one more confusion which is related to the extension of date of ITR.
CBDT on 20.08.2014 released Revised Form 3CA-3CD & Form 3CB-3CD filing utility along with updated Schema. Revised Utility is is now available for e-Filing. CBDT has revised the Format of Tax Audit report vide its Notification No. 33/2014 dated 25/07/2014 and all Tax audit reports submitted on or after 25.07.2014 are required to be submitted […]
CMA Navneet Kumar Jain Any organization has to undergo many audits like Financial Audit, Tax Audit, VAT Audit, Excise Audit, Service Tax Audit & Cost Audit. Cost Audit was made applicable to most of the companies since the year 2011 and in the year 2014 again many of the industries were apparently excluded from applicability […]
1 AUDIT ALREADY COMPLETED BUT NOT UPLOADED:-. The financial year preceding to the assessment year 2014-15 was ended on 31/03/2014 and audits for this year were started at any time after that date and completed before 25/07/2014 but the audit report are not uploaded on the IT site. Banks, Insurance Companies, PSUs and other assesses are included in this list. Now the auditors have to revisit them and collect the fresh information as incorporated in the new format.
Representation made by ICAI with respect to new formats of Form No.3CA/3CB and 3CD. – (11-08-2014) The new formats of tax audit reports namely Form No.3CA, 3CB and 3CD have been notified through Notification no. 33/2014 on 25/7/2014 with immediate effect. With regard to the same, certain genuine concerns were raised by the members, which, […]
The CBDT has vide notification No. 33/2014 dt. 27/07/2014 notified revised forms for tax audit report and details to be furnished. This is just two months prior to completion of tax audits by 30th September, 2014. Hopefully, the ICAI’s views would have been invited before making changes in the forms, as has been the case earlier when the forms had been formulated or revised.
Representation for extension of the applicability of New Form No. 3CA, 3CB and 3CD for furnishing Tax Audit Report u/s 44AB of the Income Tax Act, 1961 for A.Y. 2015-2016 & onwards
CBDT has revised format of Tax Report Format wef 25.07.2014 vide its notification no. 33/2014 and accordingly it has revised the format of Form No. 3CA, Form No. 3CB and Form No. 3CD. We have uploaded form No. 3CA, 3CD and 3Cd in Excel and word format for ready reference of our readers :- Download […]
