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 : Key updates to Form 3CEB for specified domestic transactions, following CBDT Notification No. 27/2024, enhancing reporting require...
CA, CS, CMA : Explore disqualifications outlined in Income Tax Act for tax auditors in India, ensuring integrity and transparency in financial g...
Income Tax : Explore details of Clause 44 in Tax Audit Report (Form 3CD) and its GST reporting requirements. Learn how to fill out this crucial...
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 : 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 : ITAT Delhi held that the expenditure not claimed cannot be disallowed while determining the taxable income. Hence, disallowance of...
Income Tax : Understand the implications of the Jayaraj Charles Vs ITO case where ITAT Chennai ruled no penalty should be imposed under section...
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...
Analysis of the ITAT Ahmedabad’s ruling on Bharatbhai Makwana Vs PCIT. Delving into the implications of incorrect terminologies in tax audit reports relating to granule purchases.
Clause 44 in Form 3CD under Section 44AB of the Income Tax Act 1961- updated FAQs, guidelines for reporting GST details, and exemptions. Understand who needs to report, expert knowledge requirements, and more
ITAT Delhi held that the expenditure not claimed cannot be disallowed while determining the taxable income. Hence, disallowance of contingent liability as expenditure unjustified as the same was never claimed as expenditure for the purpose of determining total income.
In this comprehensive guide, we provide answers to 71 frequently asked questions (FAQs) regarding Tax Audit Reports (TAR) and Accounting Standards (ASs) in India. From understanding the applicability of TAR to exploring the roles of auditors and reviewing boards, this article covers key aspects of tax audits and accounting standards.
Exposure Draft of Revised ‘Guidance Note on Tax Audit under section 44AB of Income-tax Act, 1961’ is issued by ICAI Direct Taxes Committee.
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.
Understand the implications of the Jayaraj Charles Vs ITO case where ITAT Chennai ruled no penalty should be imposed under section 271B of the Income Tax Act when a return isn’t visible on the e-filing portal.
Exploring recent decision of ITAT Mumbai in Rasik Nemchand Pethad Vs DCIT where it was determined that Section 271B penalty doesn’t apply when there’s reasonable cause for failure to comply with provisions.
Explore the recent judgement of ITAT Pune in the case of Rupa Sanjay Nigade Vs ITO, where the Tribunal upheld the imposition of penalty under Section 271B due to non-audit of books of accounts.
ITAT Indore held that in the absence of any major discrepancies or defects in the books of accounts, the rejection of the books of account only for want of tax audit report is not justified.
