Income Tax : Understand every reporting requirement under Form 3CD as amended by the Finance Act, 2026. This guide explains clause-wise disclos...
Income Tax : Understand who must undergo a tax audit under Section 44AB, the applicable turnover limits, audit forms, filing procedure, due dat...
Income Tax : Tax Audit Form 26 now requires reporting of both quantity and value of principal stock, purchases, and sales. The key takeaway is ...
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 : 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 Kolkata held that extensive documentary evidence, audited books, supplier confirmations and banking records established the g...
Income Tax : The Bombay High Court held that reassessment beyond four years was invalid because the assessee had fully and truly disclosed all ...
Income Tax : Mumbai ITAT held that disallowance under Section 40(a)(ia) cannot be made where expenditure remains part of work-in-progress and i...
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...
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...
Amendment of the Income-tax Rules, 1962 to prescribe manner relating to option under section 115BAC and 115BAD, and that of determination of depreciation under section 115BAA to 115BAD, of the Income-tax Act, 1961 CBDT vide Notification No. 82/2020-Income Tax notifies changes in Form 3CD, Form No 3CEB and ITR6. It amended Rule 5 of Income […]
Article explains Tax audit under section 44 AB of the Income Tax Act, 1961 and its due date and implications if not completed within the due date.
Request for extension of due date of filing Return of Income (ITR), Tax Audit Report and Transfer Pricing Report for the Assessment Year 2020-21 by Chamber of Commerce and Industry. Dated- 08/09/2020 Mr. P.C. Mody, IRS Chairman Central Board of Direct Taxes Department of Revenue Ministry of Finance Government of India North Block New Delhi-110 […]
National Association of Tax Professionals (Haryana Chapter) submitted a representation to The Central Board of Direct Taxes requested for Extension of Date of Filling of ITR and Audit Report. From: National Association of Tax Professionals (Haryana – Chapter) SCO-409,First Floor Mugal Canal, Karnal Haryana 5th, September, 2020. To, The Chairman, The Central Board of Direct […]
General Errors noticed in Reporting in Form 3CD -Section-44AB of Income Tax Act 1961 (TAX AUDIT U/S-44AB of Income Tax Act 1961) ♦ Legislation for A/Y 2020-21 U/s-44AB -Business:-Sales etc > Rs.1 Cr/5 Cr. -Profession:-Gross Receipt etc > Rs.50 Lacs -Business:- U/s-44AE/BB/BBB, Income<Deemed Profit -Profession:- U/s-44ADA, Income<50% Plus TI >Basic Exemption Limit -Business:- U/s-44AD, Income<8%/6% […]
A situation arose in which a company could not call its board meeting due to NCLT embargo and other reasons. The auditor was appointed, but balance sheet and financial statements could not be signed as requirement of sec 134 of companies act 2013 was not fulfilled. Section 134 requires a board meeting to take place and approve the accounts which shall be forwarded to auditor.
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 […]
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 […]
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 […]
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 […]
