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...
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.
In these writ petitions, the writ petitioners are asking for some extension of time for submission of income tax returns in respect of certain categories of assesses, including the companies, firms and individuals
It has been brought to the notice of the Government that a fake order dated 26th September 2015 supposedly under section 119 of the Income-tax Act 1961 under the signature of one Upmanyu Reddy, Under Secretary to the Government of India is in circulation. The fake order extends the due date for filing of audit report under section 119 of the Income-tax Act to 15 October 2015.
10 Reasons, why you cannot rely on order dated 26.09.2015 which says that due date for Income Tax Return been extended to 15th October 2015.1. We confirmed with CBDT officials and they denied issue of any such Notifications. 2. We checked the official Websites of Income Tax, Government of India and Finance ministry and have not found any such notification, Order or announcement.
Chandramappa Ramanna Dhavalagi Vs Union of India (Karnataka High court , Dharwad ), W.P No. 110253/2015, Date of Filing- 21.09.2015. HC disposes the petition and directed CBDT to consider the representation submitted by ICAI for extension of due date upto 31.10.2015 by tomorrow 30.09.2015 and report to court. The case is argued by Advocate Prakash Andanimath and Ajit Parvatikar.
V. K. Tulsyan & Co. Vs UOI (Calcutta High Court), WP No.1187 of 2015, Date of Filing- 24.09.2015 Hearing could not take place due to demise of a Senior Advocate of Calcutta High Court. Matter is been fixed for hearing on 01.10.2015 but petitioner will try to get an hearing on 30.09.2015.
On account of extraneous factors a number of our members are finding challenges in filing returns of income and the tax audit reports in time. I would request you to put in little extra effort to meet the present due date which is quite near. I am sure you would be able to meet the deadline.
According to the amended provisions of Section 285BA(1)(k)of the Income Tax Act, 1961, some prescribed reporting financial institutions need to furnish a statement of financial transaction or reportable account (previously called as ‘Annual Information Return (AIR)) in connection with some specified financial transactions done by them during the financial year to the income tax department.
There has been much controversy over the above issue. Much complications have taken place in comparison to earlier years in respect of filling of Audit Reports and as well as Income Tax Return. Some years ago, in the tax audit cases, the due date for filling was October which was reduced to September. Tax- payers are complying to the requirements introduced every year otherwise they are forced to pay penalties.
In this article we have compiled the details of release of Schema of ITR Forms for AY 2015-16 , Schema of Forms (Other than ITR), Schema of Form BB (Return of Net Wealth) for AY 2015-16 and ITR Validation Rules for AY 2015-16 from the details we can make out that department has updated the […]
