Tax Audit

Section 44AB: An Analysis of Tax Audit provisions after Finance Act, 2020

Income Tax - 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 […]...

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Income Tax audit under section 44AB​: FAQs

Income Tax - ​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....

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Tax Audit under Income Tax Act after amendments by Finance Act 2020

Income Tax - Section 44AB, contains provisions of the ‘TAX AUDIT’ under the Income Tax Act 1961. ‘TAX AUDIT’ is an examination of books of accounts of the assessee. The examination is conducted to ensure that the assessee has properly maintained the books of accounts and other records and the tax liability has been computed pr...

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Draft Format Engagement letter & Management representation on Tax Audit

Income Tax - Article contains Draft Format of Engagement letter on Tax Audit and Draft Format of Management Representation letter related to Tax Audit -...

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How Many Tax Audit Report a Partner in CA firm can sign?

Income Tax - 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 […]...

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Turnover threshold for Tax Audit increased 5 times to Rs 5 Crore

Income Tax - 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...

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Extend due date of filing Income Tax Return & Tax Audit Report

Income Tax - 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 Delh...

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Extend last date of filing of Income tax returns in Tax Audit case

Income Tax - Representation regarding extension of last date of filing of Income tax returns in Audit case and Audit Reports from 30-09-2019 to 30-11-2019 by District taxation Bar Association, Karnal to Hon Smt Nirmala Sitharaman, Hon. Union Minister of Finance, Ministry of Finance, Government of India’. DISTRICT TAXTATION BAR ASSOCIATION (REGD.) RE...

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Extend date of filing of Tax Audit Report and income Tax Returns

Income Tax - RTCA has made a representation to CBDT Chairman and requested to extend the date of filing of Tax Audit Report and income Tax Returns in audit cases for Asstt Year 2019-20 to to 15th November 2019....

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Request to extend due date for submitting Tax Audit Reports/related ITR

Income Tax - Chartered Accountants’ Association Ahmedabad requested that CBDT shall exercise the discretionary powers vested in it under section 119 of the Act, by extending due date of 30th September, 2019, to ameliorate the difficulties faced by the assessees on account of no default on their part, by extending the due date for filing the inco...

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Power to conduct Service Tax Audit Upheld by Delhi High Court

Aargus Global Logistics Pvt. Ltd. vs. Union of India & Anr. (Delhi High Court) - Delhi High Court  after hearing detailed arguments  dismissed the Writ Petition filed by the Petitioner and has held that Section 174(2)(e) of the CGST Act, 2017 specifically empowers the authorities to institute any investigation, inquiry, verification, assessment proceedings, adjudication, etc. ...

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Kolkata high court stays service tax audit

Magma Housing Finance Ltd. and Magma ITL Finance Ltd. Vs Union of India & Ors. (Kolkata High Court) - Considering the submissions made by all the parties, and the orders placed before me in relation to stay of similar notices of Service Tax audit by the different High Courts,  I am of the prima facie view that the impugned notices dated December 13, 2018 and April 25, 2019 should be stayed till Jun...

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Penalty cannot be levied for mere filing of Form No. 3CB instead of Form 3CA

M/s. PMC Rubber Chemicals India Pvt. Ltd. Vs ACIT (ITAT Kolkata) - M/s. PMC Rubber Chemicals India Pvt. Ltd. Vs ACIT (ITAT Kolkata) We note that the assessee has filed form no. 3CD and 3CB and the same has not been disputed therefore the tax audit report was on record and hence the penalty should not be levied. However the Assessing Officer disputed that instead of...

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Penalty justified for failure to Furnish Tax Audit Report despite Due Date extension by CBDT

M/s. The Vaikom Palliprethussery Service Cooperative Bank Limited Vs. ITO (ITAT Cochin) - The assessee had not filed the audit report in this case. The assessee was very casual and did not enter appearance for the show cause notice issued for imposition of penalty. The assessee has not made out a reasonable cause as mentioned u/s 273B of the I.T.Act for non-furnishing of audit report u/s...

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Statutory audit delay is reasonable cause for delayed submission of tax audit Report

M/s. Giral Lignite Power Ltd. Vs ACIT (ITAT Jaipur) - Where there is a delay in completion of statutory audit, there exist a reasonable cause for the delay in completion of tax audit and issuance of tax audit report. ...

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CBDT deffer GST & GAAR Reporting in Tax Audit Report by one more year

Income Tax Circular No. 10/2020 - (24/04/2020) - Income Tax Circular No. 10/2020-Income -Regarding reporting requirement under clause 30C and clause 44 of the Form 3CD defers GST & GAAR Reporting in amended Income Tax Audit Report amidst Covid-19. Income Tax Circular No. 10/2020 F.No. 370142/9/2018-TPL Government of India Ministry of Finance D...

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TAR/ ITR Due date extended for J&K & Ladakh to 31st March 2020

F. No. 225/306/2019-ITA- II - (23/03/2020) - CBDT further extends the ‘due-date’ for filing of Income-tax Returns/Tax Audit Reports for the Assessment year 2019-20 as specified in section 139 (1) of the Act to 31st March, 2020 in the Union Territory of Jammu  and Kashmir and Union Territory of Ladakh. F. No. 225/306/2019-ITA- II Governmen...

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Due date for Audit/ITR Filing extended for J&K & Ladakh

F. No. 225/306/2019-ITA-11 - (24/12/2019) - 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...

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TAR/ ITR Due date extended for J&K & Ladakh to 30th Nov 2019

F.No. 225/306/2019-ITA-II - (31/10/2019) - 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...

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CBDT extends due date for filing of Tax Audit Reports & Relevant ITRs

F. No. 225/157/2019/ITA.II - (27/09/2019) - On consideration of representations recd from across the country, CBDT has decided to extend the due date for filing of ITRs & Tax Audit Reports from 30th Sep, 2019 to 31st of Oct, 2019 in respect of persons whose accounts are required to be audited....

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Recent Posts in "Tax Audit"

Section 44AB: An Analysis of Tax Audit provisions after Finance Act, 2020

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 […]...

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PPT- Explanation to 44 clauses of Form 3CD

APPLICABILITY OF Section 44AB Every person carrying on: > Business having turnover > 1 Crore rupees > Profession having gross receipts > 50 lakh rupees > Profit as per 44AE OR 44BB OR 44BBB OR 44ADA > Actual profit > Business to which sub-sec (4) of Sec 44AD applicable and income exceeds maximum amount not […]...

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Posted Under: CA, CS, CMA |

Income Tax audit under section 44AB​: FAQs

​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....

Read More

Tax Audit under Income Tax Act after amendments by Finance Act 2020

Section 44AB, contains provisions of the ‘TAX AUDIT’ under the Income Tax Act 1961. ‘TAX AUDIT’ is an examination of books of accounts of the assessee. The examination is conducted to ensure that the assessee has properly maintained the books of accounts and other records and the tax liability has been computed pr...

Read More
Posted Under: CA, CS, CMA |

Draft Format Engagement letter & Management representation on Tax Audit

Article contains Draft Format of Engagement letter on Tax Audit and Draft Format of Management Representation letter related to Tax Audit -...

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Posted Under: CA, CS, CMA |

How Many Tax Audit Report a Partner in CA firm can sign?

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 […]...

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Posted Under: CA, CS, CMA |

Revised FAQs on UDIN for Statutory Bank / Tax Audit | LFAR | Certificates

Q.1 While conducting Bank Audit, whether separate UDINs are required to be generated for LFAR, Tax Audit, Statutory Audit Report etc.? Ans: No, since UDIN has to be generated per Assignment per Signatory on a given date, so one UDIN will suffice for the Bank Audit Report including LFAR and Certificates. However, separate UDIN will [&helli...

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Posted Under: CA, CS, CMA |

Tax Audit- Applicability, Penalty, Due date & recent Amendments

A. Tax Audit is Conducted to achieve the following objectives ♣ Ensure proper maintenance and correctness of books and certification of the same by a tax auditor ♣ Reporting a) observations/discrepancies noted by tax auditor AFTER EXAMINATION b) prescribed information such as tax depreciation, compliance of income tax law ♣ Checks f...

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Posted Under: CA, CS, CMA |

Income Tax Audit – Recent Changes & Key Areas

Income Tax Audit Focusing on Recent Changes and Key Areas with Practical Examples This Article explains the Provisions of Income Tax Audit governed by Section 44AB of Income Tax Act, 1961 including the recent amendments in Budget 2020. Income Tax Audit Meaning: Tax Audit is an audit which is made compulsory by Income Tax Act, […]...

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Posted Under: CA, CS, CMA |

Relief for Compliance Related to GST in Tax Audit Report

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 […]...

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Posted Under: CA, CS, CMA |

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