Tax Audit Report

Section 44AB: An Analysis of Tax Audit provisions after Finance Act, 2020

Income Tax - The provisions of Section 44AB have been amended by the Finance Act, 2020 giving rise to major confusion in the minds of businessmen and professionals alike. A third threshold limit of Rs 5 crores has been added in order to reduce compliance burden on small retailers, traders, shopkeepers who comprise the MSME sector. In this […]...

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Income Tax audit under section 44AB​: FAQs

Income Tax - ​Articles deals with Income Tax Audit Provisions in India. It explains What is tax audit, objective of tax audit, who is compulsorily required to get his accounts audited, What are Form Nos. 3CA/3CB and 3CD, Due Date for Tax Audit, penalty for not getting the accounts audited as required by section 44AB....

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How Many Tax Audit Report a Partner in CA firm can sign?

Income Tax - Question: If there are 10 partners in a firm of Chartered Accountants, then how many tax audits reports can each partner sign in a financial year?  Answer: As per amended Chapter VI of Council General Guidelines, 2008 (Tax Audit Assignments under Section 44AB of the Income Tax Act, 1961), a member of the Institute in […]...

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Relief for Compliance Related to GST in Tax Audit Report

Income Tax - The Government vide CBDT circular No. 10/2020 Dated 24 April 2020 deferred reporting of Compliance related to Goods and Service Tax (GST)  in the income tax audit reports by a year. The move is a major relief to businesses struggling to cope with the challenges of the Covid -19 pandemic. The tax audit report form […]...

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Consequences of Non Filing of ITR

Income Tax - CBDT has vide its order dated 20.08.2014 extended the due date for e-filing of Tax Audit Report to 30.11.2014 for A.Y. 2014-15. The order has nowhere mentioned about the due date for e-filing of Income tax Return (ITR). It seems due date for filing of ITR are been kept same. If the Assessee who are covered under tax audit provisions but n...

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Tax Audit Report- Applicability of Clause 30C & Clause 44 deferred

Income Tax - Tax Audit Report (Form 3CD- Applicability of Clause 30C & Clause 44 deferred till March 31, 2021 Central Board of Direct Taxes (CBDT) has issued Circular No. 10/2020 dated April 24, 2020 by which the CBDT has deferred the applicability of certain Clause of Form 3CD (Tax Audit Report) till March 31, 2021. Order under […]...

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Turnover threshold for Tax Audit increased 5 times to Rs 5 Crore

Income Tax - MSMEs turnover threshold for Audit increased 5 times to Rs 5 Crore. Increased limit to apply only to Businesses carring out less than 5% of their business transactions in cash Significant tax relief to start-ups...

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Extend due date of filing Income Tax Return & Tax Audit Report

Income Tax - Sales Tax Bar Association Request for extension of due date of filing Income Tax Returns and Tax Audit Reports for the Assessment Year 2019-20 to 15th November 2019. Text of the representation is as follows:- SALES TAX BAR ASSOCIATION (REGD.) Office: IInd Floor, Department of Trade & Taxes, Vyapar Bhawan, Indraprastha Estate, New Delh...

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Extend last date of filing of Income tax returns in Tax Audit case

Income Tax - Representation regarding extension of last date of filing of Income tax returns in Audit case and Audit Reports from 30-09-2019 to 30-11-2019 by District taxation Bar Association, Karnal to Hon Smt Nirmala Sitharaman, Hon. Union Minister of Finance, Ministry of Finance, Government of India’. DISTRICT TAXTATION BAR ASSOCIATION (REGD.) RE...

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Extend date of filing of Tax Audit Report and income Tax Returns

Income Tax - RTCA has made a representation to CBDT Chairman and requested to extend the date of filing of Tax Audit Report and income Tax Returns in audit cases for Asstt Year 2019-20 to to 15th November 2019....

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PIL in Kerala HC for 3 Month extension of Tax Audit Due Date

Plywood and Allied Products Dealers Association Of India Vs. UOI & Ors (Kerala High Court) - Plywood and Allied Products Dealers Association of India Vs. UOI & Ors (Kerala High Court) The Petitioner is an association of plywood and allied product dealers and the 2nd petitioner is a member of that  association, they have filing  Public Interest Litgation praying for a general Order...

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Interest u/s 234A despite due date extension: HC issue Notice to CBDT

Lucknow CA Tax Practitioners Association VS. UOI (Allahabad High Court) - Lucknow CA Tax Practitioners Association VS. UOI (Allahabad High Court) As far as prayer no.1 of the petitioner-association for issuance of a mandamus to the respondents to extend the “Due Date” of filing of Income Tax Return of Tax Audit Cases from 15.10.2018 to at least up to 31.10.201...

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Tax Audit Due Date Extension: FTAPs withdraws writ filed in Delhi HC

Foundation of Tax and Accounting Professionals Vs. CBDT (Delhi High Court) - Appellant Foundation of Tax and Accounting Professionals (FTAPs) has withdrawn the writ in view of Further extension of Tax Audit Due Date by CBDT to 31.10.2018. ...

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Consider Extending Tax Audit Due Date to 31.12.2018: Gauhati HC

Tax Bar Association And Anr. Vs. Union of India And Anr. (Gauhati High Court) - Gauhati High Court has instructed CBDT to Consider Representation filed by Tax Bar Association on or before 25.10.2018 by which they requested to extend the Tax Audit Due Date to 31.12.2018. ...

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Tax Audit Due Date Extension: Gujarat HC disposes writ as not pressed

All Gujarat federation of tax Consultants Vs Union of India (Gujarat High Court) - All Gujarat Federation of Tax Consultants Vs Union of India (Gujarat High Court) 11.10.2018–  It is an agreed position that subsequent to filing of these petitions, CBDT has granted extension for filing returns and accompanying documents. In that view of the matter, learned counsel for the pe...

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CBDT deffer GST & GAAR Reporting in Tax Audit Report by one more year

Income Tax Circular No. 10/2020 - (24/04/2020) - Income Tax Circular No. 10/2020-Income -Regarding reporting requirement under clause 30C and clause 44 of the Form 3CD defers GST & GAAR Reporting in amended Income Tax Audit Report amidst Covid-19. Income Tax Circular No. 10/2020 F.No. 370142/9/2018-TPL Government of India Ministry of Finance D...

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TAR/ ITR Due date extended for J&K & Ladakh to 31st March 2020

F. No. 225/306/2019-ITA- II - (23/03/2020) - CBDT further extends the ‘due-date’ for filing of Income-tax Returns/Tax Audit Reports for the Assessment year 2019-20 as specified in section 139 (1) of the Act to 31st March, 2020 in the Union Territory of Jammu  and Kashmir and Union Territory of Ladakh. F. No. 225/306/2019-ITA- II Governmen...

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Due date for Audit/ITR Filing extended for J&K & Ladakh

F. No. 225/306/2019-ITA-11 - (24/12/2019) - Order u/s 119 of the Income-tax Act, 1961 for Extension of due date for filing of Income-tax Returns/Tax Audit Reports to 31st January, 2020 in respect of Union Territory of Jammu and Kashmir and Union Territory of Ladakh. F. No. 225/306/2019-ITA-11 Government of India Ministry of Finance Department...

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TAR/ ITR Due date extended for J&K & Ladakh to 30th Nov 2019

F.No. 225/306/2019-ITA-II - (31/10/2019) - Extension of due date for filing of Income-tax Returns (ITR)/Tax Audit Reports (TAR) to 30th November, 2019 in respect of Union Territory of Jammu and Kashmir and Union Territory of Ladakh F.No. 225/306/2019-ITA-II Government of India Ministry of Finance Department of Revenue Central Board of Direct...

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CBDT extends due date for filing of Tax Audit Reports & Relevant ITRs

F. No. 225/157/2019/ITA.II - (27/09/2019) - On consideration of representations recd from across the country, CBDT has decided to extend the due date for filing of ITRs & Tax Audit Reports from 30th Sep, 2019 to 31st of Oct, 2019 in respect of persons whose accounts are required to be audited....

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Recent Posts in "Tax Audit Report"

Section 44AB: An Analysis of Tax Audit provisions after Finance Act, 2020

The provisions of Section 44AB have been amended by the Finance Act, 2020 giving rise to major confusion in the minds of businessmen and professionals alike. A third threshold limit of Rs 5 crores has been added in order to reduce compliance burden on small retailers, traders, shopkeepers who comprise the MSME sector. In this […]...

Read More
Posted Under: Income Tax | ,

Income Tax audit under section 44AB​: FAQs

​Articles deals with Income Tax Audit Provisions in India. It explains What is tax audit, objective of tax audit, who is compulsorily required to get his accounts audited, What are Form Nos. 3CA/3CB and 3CD, Due Date for Tax Audit, penalty for not getting the accounts audited as required by section 44AB....

Read More
Posted Under: Income Tax | ,

How Many Tax Audit Report a Partner in CA firm can sign?

Question: If there are 10 partners in a firm of Chartered Accountants, then how many tax audits reports can each partner sign in a financial year?  Answer: As per amended Chapter VI of Council General Guidelines, 2008 (Tax Audit Assignments under Section 44AB of the Income Tax Act, 1961), a member of the Institute in […]...

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Posted Under: Income Tax |

Tax Audit Report- Applicability of Clause 30C & Clause 44 deferred

Circular No. 10/2020 - CBDT - Income Tax

Tax Audit Report (Form 3CD- Applicability of Clause 30C & Clause 44 deferred till March 31, 2021 Central Board of Direct Taxes (CBDT) has issued Circular No. 10/2020 dated April 24, 2020 by which the CBDT has deferred the applicability of certain Clause of Form 3CD (Tax Audit Report) till March 31, 2021. Order under […]...

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Posted Under: Income Tax |

Relief for Compliance Related to GST in Tax Audit Report

The Government vide CBDT circular No. 10/2020 Dated 24 April 2020 deferred reporting of Compliance related to Goods and Service Tax (GST)  in the income tax audit reports by a year. The move is a major relief to businesses struggling to cope with the challenges of the Covid -19 pandemic. The tax audit report form […]...

Read More
Posted Under: Income Tax |

Consequences of Non Filing of ITR

CBDT has vide its order dated 20.08.2014 extended the due date for e-filing of Tax Audit Report to 30.11.2014 for A.Y. 2014-15. The order has nowhere mentioned about the due date for e-filing of Income tax Return (ITR). It seems due date for filing of ITR are been kept same. If the Assessee who are covered under tax audit provisions but n...

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Posted Under: Income Tax |

CBDT deffer GST & GAAR Reporting in Tax Audit Report by one more year

Income Tax Circular No. 10/2020 (24/04/2020)

Income Tax Circular No. 10/2020-Income -Regarding reporting requirement under clause 30C and clause 44 of the Form 3CD defers GST & GAAR Reporting in amended Income Tax Audit Report amidst Covid-19. Income Tax Circular No. 10/2020 F.No. 370142/9/2018-TPL Government of India Ministry of Finance Department of Revenue Central Board of Di...

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TAR/ ITR Due date extended for J&K & Ladakh to 31st March 2020

F. No. 225/306/2019-ITA- II (23/03/2020)

CBDT further extends the ‘due-date’ for filing of Income-tax Returns/Tax Audit Reports for the Assessment year 2019-20 as specified in section 139 (1) of the Act to 31st March, 2020 in the Union Territory of Jammu  and Kashmir and Union Territory of Ladakh. F. No. 225/306/2019-ITA- II Government of India Ministry of Finance Departmen...

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Decoding the Lesser Talked About Nuances of Finance Bill 2020

First prima-facie impression and euphoria of the Union Budget 2020, especially the Finance Bill 2020, appeared to be of one a taxpayer-pro budget, with the Queen (Read FM), giving copiously to her masses. But is this euphoria for a real?...

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Posted Under: Income Tax |

Budget 2020- Demystifying hidden elements behind Budget Speech

Hello everyone, hope you all are doing well. This blog focuses on exploring the unknown elements of the Union Budget 2020-21 and analyses impact of proposed changes in Tax on Indian economy. Nirmala Sitharaman (Finance Minister (FM)) played very safely in his debut budget last time and kept distance from crucial issues to serve justice [&...

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Posted Under: Income Tax | ,

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