Tax Audit Report

No Tax audit for Turnover less than 1 crore & net profit less than 8%

Income Tax - Due to amendment in Finance Act, 2016, applicability of Tax audit in cases where turnover is less than 1 crore and net profit less than 8%, tax audit will not be required to be conducted....

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Sample Disclosure for ICDS un 3CD Report– Applicable for FY 2016-17

Income Tax - ICDS have been a talking point between a tax fraternity since last one year.An effort has been made to provide sample disclosures which may serve as base for chartered accountants to draft their own disclosures.Request you to provide your comments and suggestions. Happy Tax Audit Time !!!...

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TDS Compliance In Tax Audit Report

Income Tax - Where profits & gains of person from business are taxable on estimated basis u/s. 44AD, 44AE, 44BB or 44BBB & such person claims his income to be lower than profits & gains so estimated. 44AD: option to be assessed on presumptive basis, so long as the sales, turnover or gross receipts from an eligible business do not exceed Rs. 2 Crores....

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Changes in Tax Audit Report – Form 3CD (AY 2017-18)

Income Tax - I. Changes in Tax Audit Report – Form 3CD relating to ICDS Reporting Adjustments CBDT Notification No.88/2016 dt. 29 Sept. 2016 – ICDS Rules 2016 The CBDT has amended/ revised Form 3CD, applicable from AY 2017-18 (i.e. corresponding to Financial/ Previous Year 2016-17) to facilitate changes relating to ICDS Reporting Adjustments t...

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Revised Form No. 3CD Tax Audit Report as applicable from 01.04.2017

Income Tax - Nowadays on Social Media a Revised Format of Form 3D is circulating which is applicable from 01.04.2017 and few raised the query that when the same was released as there is no recent notification on the same. In this respect we would like to brought to your notice that the from 3D  as applicable from […]...

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Tax Audit /ITR Due date for AY 2016-17 extended to 17.10.2016

Income Tax - Due date for filing return & TAR for assessee whose due date for filing income tax return is 30th Sept (being Company,firms,and other required to get accounts audited under income tax act or other law and working partners of such firm) is extended to 17th October 2016 ...

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Increase Tax Audit Limit for Business to Rs. 2 Crore and for Profession to Rs. 1 Crore

Income Tax - It is recommended that the threshold limit may be revised from the present one crore rupees to two crore rupees for assessees carrying on business and from the present twenty-five lakhs rupees to rupees one crore for assessees exercising a profession....

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CBDT finally extended due date all over India to 31.10.2015

Income Tax - The issue of extension of last date for e-filing returns of income and audit reports u/s 44AB due by 30th September, 2015 has been the subject matter of litigation in various High Courts across the country. While some High Courts have ruled in favour of the extension of due date, some others have ruled otherwise. ...

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Bombay HC instructs CBDT to extend ITR Due Date to 31.10.2015

Income Tax - The Chamber of Tax Consultants Vs. Union of India & Ors. (Bombay High Court), WP 2764/2015, Filed on 22.09.2015. Bombay High Court Instructed CBDT to extend due date to 31.10.2015. We will upload copy of order and analysis soon. ...

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Orissa HC Instructed CBDT to extend due date of ITR to 31.10.2015

Income Tax - Jagdish Prasad Mittal Vs. Union of India (Orissa High Court), Writ Petition No. WP(C)-17178/2015, Date- 21/09/2015 In this case writ is been filed on 21.09.2015 for Non extension of due date of ITR and Tax Audit for Assessment Year 2015-16 by CBDT. The writ is scheduled for Hearing on 23rd September 2015....

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Bombay HC criticises CBDT move of extending of ITR due date for only two states & one Union territory

The chambers of Tax Consultant & Others Vs UOI (Bombay High Court) - It was argued that the above decisions were accepted by CBDT and the due date was extended in the respective territories of the High Court’s jurisdiction. Hon’ble HC after considering the above two judgments held that held that it is very unfair that benefit regarding an all India statute is res...

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Analysis of Gujarat HC judgement directing CBDT to extend ITR due date to 31.10.2015

All Gujarat Federation of Tax Consultants Vs CBDT (Gujarat High Court) - By this petition under article 226 of Constitution of India petitioners sought relief by way of writ and prayed before court that due date of filing ITR should be extended upto 30.11.2015. Following relief were sought in this instant writ petition...

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Analysis of P&H HC judgment directing CBDT to extend ITR due date to 31.10.2015

Vishal Garg Vs UOI (Punjab & Haryana High Court) - Vishal Garg Vs. UOI In the instant petition petitioners sought relief by way of writ under article 227 of the constitution of India and prayed before court that due date of filing ITR should be extended upto 31.10.2015....

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Guajrat HC also Directs CBDT to extend due date to 31st October 2015

All Gujarat Federation of Tax Consultants Vs CBDT (Gujarat High Court at Ahmedabad) - After Punjab & Haryana High Court the Gujarat High Court also directs CBDT to extend the due date for Filing of ITR to October 31st in its Judgement today. ...

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Extend ITR due date to 31st October 2015- P&H HC to CBDT

Vishal Garg & Ors. Vs Union of India & Anr. (Punjab & Haryana HC) - In the case of Vishal Garg & Ors. Vs. Union of India & Anr., Punjab & Haryana HC instructed CBDT extend due date of Tax Audit cases to 31st October 2015 from existing 30th September 2015. Its not clear if the due date for non audit cases also been extended ...

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Due date to file ITR & Income Tax Audit Reports extended to 31.10.2017

No. 225/270/2017/ITA.II - (31/08/2017) - CBDT hereby extends the 'due-date' prescribed therein for filing the return of income as well as various reports of audit prescribed under the Income-tax Act which are required to be filed by the said 'due date' from 30th September, 2017 to 31st October, 2017....

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CBDT relaxes PAN requirement for Section 269T reporting in 3CD

Notification No. 60/2017-Income Tax / G.S.R. 841(E) - (06/07/2017) - G.S.R. 841(E).—In the notification of the Government of India, Ministry of Finance, Department of Revenue (Central Board of Direct Taxes), number 58/2017, dated the 3rd July, 2017, published vide number G.S.R. 821(E) dated the 3rd July, 2017, in the Gazette of India, Extraordinary, Part II, Sectio...

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CBDT amends form 3CD to revise reporting U/s. 269SS & 269T

Notification No. 58/2017-Income Tax / G.S.R. 821(E) - (03/07/2017) - In the Income-tax Rules, 1962, in Appendix II, in Form No. 3CD, for serial number 31 and the entries relating thereto the following shall be substituted, namely: 31. (a) Particulars of each loan or deposit in an amount exceeding the limit specified in section 269SS taken or accepted during the previ...

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CBDT amends format of 3CD Report wef 01.04.2017

Notification No. 88/2016-Income Tax - (29/09/2016) - In the Income-tax Rules, 1962, in Appendix II , in Form No. 3CD, in Part-B, in clause 13, for sub-clause (d), the following shall be substituted ,namely, —(d) Whether any adjustment is required to be made to the profits or loss for complying with the provisions of income computation and disclosure...

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Extension of Due date is for both Tax Audit & ITR Filing: CBDT

F. No. 225/195/2016-ITA II - (14/09/2016) - Section 44AB of the Act, stipulates that the accounts are to be got audited by an accountant and furnished in the prescribed manner before the 'specified date'. The 'specified date' under Explanation (ii) to that section has been defined to be the 'due date' for furnishing the return of income under...

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Recent Posts in "Tax Audit Report"

Revised Form 3CD for A.Y. 2017-18 in Excel format with Annexures

Are you worried about the recent changes in Tax Audit Report and disclosure requirements as per ICDS for Assessment Year 2017-18 in Form 3CD? No problem! I ve put together in this attached excel sheet all 41 clauses along with necessary enclosure of Form 3CD after considering...

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Posted Under: Income Tax |

No Tax audit for Turnover less than 1 crore & net profit less than 8%

Due to amendment in Finance Act, 2016, applicability of Tax audit in cases where turnover is less than 1 crore and net profit less than 8%, tax audit will not be required to be conducted....

Read More
Posted Under: Income Tax |

Sample Disclosure for ICDS un 3CD Report– Applicable for FY 2016-17

ICDS have been a talking point between a tax fraternity since last one year.An effort has been made to provide sample disclosures which may serve as base for chartered accountants to draft their own disclosures.Request you to provide your comments and suggestions. Happy Tax Audit Time !!!...

Read More
Posted Under: Income Tax |

Due date to file ITR & Income Tax Audit Reports extended to 31.10.2017

No. 225/270/2017/ITA.II (31/08/2017)

CBDT hereby extends the 'due-date' prescribed therein for filing the return of income as well as various reports of audit prescribed under the Income-tax Act which are required to be filed by the said 'due date' from 30th September, 2017 to 31st October, 2017....

Read More

TDS Compliance In Tax Audit Report

Where profits & gains of person from business are taxable on estimated basis u/s. 44AD, 44AE, 44BB or 44BBB & such person claims his income to be lower than profits & gains so estimated. 44AD: option to be assessed on presumptive basis, so long as the sales, turnover or gross receipts from an eligible business do not exceed Rs. 2 Crores....

Read More
Posted Under: Income Tax |

Changes in Tax Audit Report – Form 3CD (AY 2017-18)

I. Changes in Tax Audit Report – Form 3CD relating to ICDS Reporting Adjustments CBDT Notification No.88/2016 dt. 29 Sept. 2016 – ICDS Rules 2016 The CBDT has amended/ revised Form 3CD, applicable from AY 2017-18 (i.e. corresponding to Financial/ Previous Year 2016-17) to facilitate changes relating to ICDS Reporting Adjustments t...

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Posted Under: Income Tax |

CBDT relaxes PAN requirement for Section 269T reporting in 3CD

Notification No. 60/2017-Income Tax / G.S.R. 841(E) (06/07/2017)

G.S.R. 841(E).—In the notification of the Government of India, Ministry of Finance, Department of Revenue (Central Board of Direct Taxes), number 58/2017, dated the 3rd July, 2017, published vide number G.S.R. 821(E) dated the 3rd July, 2017, in the Gazette of India, Extraordinary, Part II, Section 3, Sub- section (i), at page 4...

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CBDT amends form 3CD to revise reporting U/s. 269SS & 269T

Notification No. 58/2017-Income Tax / G.S.R. 821(E) (03/07/2017)

In the Income-tax Rules, 1962, in Appendix II, in Form No. 3CD, for serial number 31 and the entries relating thereto the following shall be substituted, namely: 31. (a) Particulars of each loan or deposit in an amount exceeding the limit specified in section 269SS taken or accepted during the previous year :‑...

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Revised Form No. 3CD Tax Audit Report as applicable from 01.04.2017

Nowadays on Social Media a Revised Format of Form 3D is circulating which is applicable from 01.04.2017 and few raised the query that when the same was released as there is no recent notification on the same. In this respect we would like to brought to your notice that the from 3D  as applicable from […]...

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Need To Rationalize TAR And ITRs – A Measure To Remove Duplication and To Minimise Litigation

In the present article, efforts have been made to analyse drawbacks in present ITR / TAR and to suggest some measures to eliminate them....

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Posted Under: Income Tax | ,
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