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...
Clause 40 of the tax audit report requires the disclosure of important financial information regarding turnover, gross profit, net profit, stock-in-trade, and material consumption/finished goods production for the previous year and the preceding previous year.
Income tax Audit working sheet in Excel Format contains following checklist with relevant formats related to Tax Audit Income Tax, 1961- Audit Notes Check Opening balances Tally Turnover With GST Tally ITC with GST Tally ITC balance with GST Portal Compare GST2A with Books for ITC availed Verify the Provisions or expenses made, if any […]
All Odisha Tax Advocates Association Vs Union of India (Orissa High Court) HC held that Considering that the Department has itself acknowledge that there have been technical glitches which have prevented many Assesses from filing their returns and tax audit reports within time, and taking a cue from the aforementioned judgment of the Gujarat High […]
Since assessee did not file the Audit Report in Form No.56F as required under the law, AO had rightly disallowed deduction claimed u/s.10AA.
Tax audit procedure under Section 44AB of the Income Tax Act explained simply. Taxpayers need to appoint a Chartered Accountant to comply with 44AB provisions. Learn details with our analysis.
Tax Audit Report is a vital piece of evidence which goes to very root of matter and should be admitted for furtherance of cause of justice.
The section 269SS and 269T of the Income Tax Act, 1961 prohibits acceptance / repayment of loan, deposit, specified sum etc. otherwise than by an account payee cheque, account payee bank draft, ECS through bank account etc. The violation of the above provisions may attract stringent penalty under section 271D and 271E respectively. The clause […]
CBDT extends the due date for filing of various reports of audit for Assessment Year 2022-23 from 30th September, 2022 to 7th October, 2022 for certain categories of assessees. Circular No. 19/2022 dated 30.09.2022 issued. F. No. 225/49/2021/ITA-11 Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi Circular […]
Representation to extend the due date of filing of Audit reports under Income Tax Act, 1961, from 30th September, 2022 to 31st October, 2022. Please Read: CBDT extends due date for filing various Income Tax Audit reports ALL INDIA FEDERATION OF TAX PRACTITIONERS Dated: September 19,2022 To, 1. Smt. Nirmala Sitharaman Ji, The Honorable Union […]
Members may to raise any issues related to Tax Audit where elucidation, clarification or further elucidation is desired at email id taxauditclinic@icai.in
