Income Tax : The Petitioner contended some of the directions issued by the Respondent are bad in law because the Respondent has delegated upon ...
Income Tax : A) The rationale behind the introduction of the provision of Special Audit √ Assessee is liable to get its account audited u/s 4...
CA, CS, CMA : Background: Quality control is applied to achieve company’s vision to be a distinguished company. By maintaining a standard qual...
Goods and Services Tax : Introduction to GST Audit GST is a trust-based taxation regime wherein the assessee is required to self-assess his returns and det...
Goods and Services Tax : In this article we have discussed GST Audit ) GST Audit based on Turnover by a CA or CMA u/s 35(5) 2) GST Audit by Tax Authoriti...
CA, CS, CMA : Get details on the empanelment of Cost Accountants under Income-tax Act, 1961. Notice issued by the Principal Chief Commissioner o...
CA, CS, CMA : Income Tax Department invites C.A./C.A. Firms in Bihar & Jharkhand to apply for empanelment as Special Auditors. Eligibility, term...
CA, CS, CMA : Income-tax Department, Mumbai intends to invite application from reputed Chartered Accountant firms/propreitary concerns for empan...
CA, CS, CMA, Company Law : 1. Revised SA 700, Forming an Opinion and Reporting on Financial Statements. 2. New SA 701, Communicating Key Audit Matters in the...
CA, CS, CMA : Central Bureau of Investigation (CBI) has sought the help of the Institute of Chartered Accountants of India for investigation of ...
Income Tax : Explore the Delhi High Court's ruling in PCIT vs. B.L. Kashyap. Learn why CIT cannot extend Section 142(2C) Audit report submissio...
Income Tax : SC held that order directing special audit under Section 142(2A) of Income Tax Act, 1961 is required to be communicated to appel...
Income Tax : Since AO had taken recourse to the provisions of section 142(2A) only with a view to extend the period of limitation by virtue of ...
Income Tax : India Yamaha Motor Private Limited Vs PCIT (Delhi High Court) Writ of India Yamaha Motor (P) Ltd., Hon’ble Delhi High Court ...
Income Tax : Dishman Infrastructure Limited Vs ACIT (Gujarat High Court) Request made by the learned Sr. Advocate Mr.M. R. Bhatt for the respon...
Income Tax : Income Tax Department Amritsar Central Revenue Building, Room No. 206, 1st Floor, Maqbool Rd, C Block, Amritsar, Punjab 143001 E-m...
A) The rationale behind the introduction of the provision of Special Audit √ Assessee is liable to get its account audited u/s 44AB only when the situation stated in Section 44AB triggered which are mostly based on the Turnover/Gross receipt Criteria. √ The main objective of the introduction of Section 44AB is to determine whether […]
Background: Quality control is applied to achieve company’s vision to be a distinguished company. By maintaining a standard quality of packing bags often termed as PP Bags, the company can increase its brand in the market. Further, certain industries such as Cement industries are regulated by BIS (Bureau of Indian Standards) norms. The company has […]
Since there was a statutory requirement that AO had to provide reasonable opportunity of hearing to the assessee before directing the assessee to get the accounts audited under section 142(2A), therefore, in the absence of pre-decisional hearing, the decision to have special audit was, therefore, invalid and consequentially all the proceedings conducted thereafter stood vitiated.
Requirement of the formation of the opinion as to the special audit being in the interest of the Revenue continues to apply before and after the amendment. Nevertheless, the basic essential requirements of exercising the powers have been substantially widened by the legislature by way of such amendment.
Introduction to GST Audit GST is a trust-based taxation regime wherein the assessee is required to self-assess his returns and determine tax liability without any intervention by the tax official. Therefore a tax regime that relies on self-assessment has to put in place a robust audit mechanism to measure and ensure compliance of the provisions […]
In this article we have discussed GST Audit ) GST Audit based on Turnover by a CA or CMA u/s 35(5) 2) GST Audit by Tax Authorities U/s 65 of CGST Act, 2017 3) Special GST Audit by CA or CMA u/s 66 of CGST Act, 2017
Section 142 (2A) of the Act anticipates timely submission of the report of the Special Auditor. The Auditor who is to conduct special audit in terms of Section 142 (2) of the Act is not an auditor of the choice of the Assessee. The auditor is nominated by the Revenue and his work is not […]
An Auditor has evolved from traditional practices of checking the accuracy of the numbers, finding faults or detecting frauds to a wider concept called ‘Value addition to their Clients’.
This petition under Article 226 of the Constitution of India seeks quashing/modification of an order dated 07.11.2014 passed by the respondent No. 1/Commissioner of Income Tax, Central-II under Section 142(2D) of the Income Tax Act, 1961 (hereinafter to be referred as ‘the Act’) read with Rule 14B of the eponymous Rules of 1962.
Under the Central Excise and Service Tax laws, there is no requirement for audit of accounts and furnishing reconciliation statement by an accountant except special audit.
