Income Tax : The new Form 26 replaces multiple audit forms with a single structured framework. It enhances transparency and introduces system-d...
Income Tax : Explains how Draft Form 26 fundamentally reshapes tax audit reporting by expanding it beyond book-to-tax reconciliation. The key t...
Income Tax : Understand the provisions of tax audit under Section 44AB of the Income Tax Act, including its objectives, applicability, prescrib...
Income Tax : Author note I was working on tax audit’s of one of my client’s, after submitting the report management wanted to make changes ...
Income Tax : Form 3CD requires mandatory reporting on taxpayer identity, business status, accounting methods (ICDS), depreciation, inadmissible...
Income Tax : MPTCA urges the Finance Ministry and CBDT to reconsider the proposed late fee for delayed tax audit reports in the Finance Bill, 2...
Income Tax : Laghu Udyog Bharati seeks extension of due date for filing Tax Audit Reports and ITR for AY 2025-26, citing portal issues, delays,...
Income Tax : Taxpayers and CAs request an extension of the September 30 tax audit deadline and a waiver of advance tax interest, citing portal ...
Income Tax : ICAI requests CBDT to extend tax audit and ITR filing deadlines due to delayed ITR utilities and seeks auto-renewal of registratio...
Income Tax : The CA Association Jalandhar has requested extension of TAR and 12A renewal deadlines to 30 Nov 2025 citing ITR delays, portal iss...
Income Tax : ITAT Delhi allowed the appeal after noting the CIT(A) ignored a revised Tax Audit Report proving timely PF/ESI payments. Key takea...
Income Tax : ITAT Delhi allows Henna Industries' appeal, deleting a Rs. 9.30 lakh disallowance made by the CPC under Section 143(1), confirming...
Income Tax : Allahabad High Court in the case of CIT vs. U P Hotels Pvt. Ltd. has held that in case assessee has not claimed any deduction in r...
Income Tax : Karnataka High Court grants another opportunity to C.T. Raghu to submit documents after his Tax Audit Report was rejected for unsi...
Income Tax : Discover how Chennai ITAT's verdict affects assessments. Learn how a typographical error in Form 3CD impacts additions to an asses...
CA, CS, CMA : ICAI sets limit of 60 tax audit assignments per CA or partner annually, effective from 1 April 2026, replacing earlier 2008 guidel...
Income Tax : CBDT amends Income Tax Rules, effective April 1, 2025, revising Form 3CD, MSME interest provisions, buyback reporting, and loan/de...
Income Tax : Stay updated with CBDT's Form 3CD Tax Audit Report Format, Form 3CEB & Form No. 65 revision. Learn about changes in tax audit rep...
Income Tax : CBDT extends the due date for filing of various reports of audit for Assessment Year 2022-23 from 30th September, 2022 to 7th Octo...
Income Tax : The due date of furnishing of Return of Income for the Assessment Year 2021-22, which is 31st July 2021 under sub-section (1) of s...
CBDT has vide Notification No. 28/2021-Income Tax inserted new clauses in Form 3CD (Tax Audit Report) and also notified that Tax Audit Report under Rule 6G can be revised if there is payment by Assessee after furnishing of report which necessitates recalculation of disallowance under section 40 or section 43B. MINISTRY OF FINANCE (Department of […]
Tax Audit Report (Form 3CD- Applicability of Clause 30C and Clause 44 by one more year i.e. will be applicable for the Financials year 2022-23 Now. Central Board of Direct Taxes (CBDT) has issued Circular No. 05/2021 dated March 25, 2021 by which the CBDT has deferred the applicability of certain Clause of Form 3CD […]
The Central Board of Direct Taxes (CBDT) deferred the Tax Audit Clause 30C and 44 till 31st Mar 2022 due to COVID-19. F.No. 370142/9/2018-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes TPL Division New Delhi **** Circular No. 05/2021, Dated 25th March, 2021 Order under section 119 of […]
Seven Reporting Clauses in Tax Audit Report (Form 3CA/CB read with 3CD) causing Dilemma & Hardships for Tax Auditor & Auditee, if Tax Audit Due Date for AY 2020-21 remains 31.12.2020 All of us know that presently the Tax Audit due date for AY 2020-21 is 31.12.2020 and the due date for filing of Returns […]
The Institute of Chartered Accountants of India, in its gazette notification dated 2nd August, 2019, had made generation of UDIN from ICAI website www.icai.org mandatory for every kind of certificate/tax audit report and other attests made by their members as required by various regulators. This was introduced to curb fake certifications by non-CAs misrepresenting themselves as Chartered Accountants.
In this article, the author highlights the issues faced by Tax Auditor and Assessee with respect to furnishing of Tax Audit Report one month prior to submission of Income Tax Return:
With the COVID-19 pandemic playing havoc and resulting in many practical challenges, the Indian Government has come out with various relief measures and also extended different statutory deadlines. Recently, the Finance Ministry via Press Release and as per Notification No. 88/2020 issued by CBDT dated 29 October 2020 announced further extension of deadlines for filing […]
CBDT issued Notification No. 88/2020 and extended Due dates of Income Tax Return and Tax Audit Report as follows:- A. Income Tax Return FY 2019-20/AY 2020-21 i. Without tax audit –31.12.20 ii. TP, tax audit & tax audit firm partners– 31.01.21 B. Various audit reports (tax audit, transfer pricing etc) – 31.12.20 C. Income tax […]
Arjun (Fictional Character): Krishna, tax departments have gifted taxpayers with their Dussehera gift, in form of date extension, what are the new due dates for GSTR-9 & 9C? Krishna(Fictional Character): Arjuna, around 53 GST and trade associations had submitted representations as well as filed a writ petition for extension of due dates, which has now […]
Extension of Due Date for Tax Audit and Furnishing of Income Tax Returns for FY 2019-2020 welcomed by many organisations The Central Board of Direct Taxes has extended due dates of filing income tax returns till January 31, 2021 for taxpayers who have to get their accounts audited and those that are required to furnish […]
