Income Tax : Understand key reporting requirements for Tax Audit Reports under Sections 44AA and 44AB, including forms, clauses, and disclosure...
CA, CS, CMA : Find out who needs to file a Tax Audit Report by September 30. Learn about the criteria, deadlines, and penalties for non-complian...
Income Tax : Learn about tax audit under Section 44AB, including objectives, requirements, forms, and penalties for non-compliance....
Income Tax : Explore the distinctions between business and profession, and how sales, turnover, and gross receipts are defined under the Income...
Income Tax : CBDT updates Form 3CD for AY 2023-2024, including major amendments for tax audit reporting. Essential insights for professionals a...
Income Tax : More than 30.75 lakh audit reports, including 29.5 lakh Tax Audit Reports, were filed for AY 2023-24 by the September 30 deadline,...
Income Tax : Explore the latest 2023 revision of the ICAI's Guidance Note on Tax Audit under Section 44AB of the Income-tax Act, 1961. Learn ab...
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 to extend the due date of filing of Audit reports under Income Tax Act, 1961, from 30th September, 2022 to 31st Oct...
Income Tax : Members may to raise any issues related to Tax Audit where elucidation, clarification or further elucidation is desired at email i...
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...
Income Tax : ITAT Mumbai order on ITO vs. Sambhav Shelter, where books of account withstand scrutiny despite an inadvertent mistake in the tax ...
Income Tax : Analysis of the ITAT Ahmedabad's ruling on Bharatbhai Makwana Vs PCIT. Delving into the implications of incorrect terminologies in...
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...
Income Tax : CBDT has vide Notification No. 28/2021-Income Tax inserted new clauses in Form 3CD (Tax Audit Report) and also notified that Tax A...
Income Tax : 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. 3701...
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 […]
Rationalisation of provisions relating to tax audit in certain cases. Under section 44AB of the Act, every person carrying on business is required to get his accounts audited, if his total sales, turnover or gross receipts, in business exceed or exceeds one crore rupees in any previous year. In case of a person carrying on […]
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
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.
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 of Revenue Central Board of Direct Taxes […]
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 Taxes North Block, ITA-II Division New Delhi Dated: 31st […]
This article wishes to bring to the notice of the concerned authorities a major inconsistency that exist between the provisions of section 44 AB and the Audit Report Utility available in the Income Tax E filing website.
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 Delhi-110002 EPABX […]
CBDT extended the deadline for the filing of income tax returns (ITR) and Tax audit reports (TAR) to October 31, 2019 for the Assessment Year 2019-20. Read Order- CBDT extends due date for filing of Tax Audit Reports & Relevant ITRs The Central Board of Direct Taxes has extended the deadline for the filing of […]
As per the combined readings of provisions of sections 44AB, 44AD and 44ADA of the Income Tax Act, 1961, every person carrying a business whose turnover exceeds Rs.1Cr./ 2 Cr. (as the case may be), or carrying on a profession whose gross receipts exceed Rs. 50 Lakh in the relevant assessment year, must get his/her accounts audited.
