Tax Audit

Understanding Important Tax Audit Reporting Clauses with Funny QAs

Income Tax - After hectic Tax Audit times, for AY 2022-23, now it’s time for some Tax Audit Fun Moments. So, in this Blog I am presenting some hilarious Tax Audit QAs/visualisations conceived and visualised by me, which will help You in understanding all important reporting clauses in the Form 3CD Annexure in the Tax Audit Report (TAR), […]...

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Applicable TAR Clause – 44AB(a) Or 44AB(e) For Turnover Between Rs. 1cr – 2cr

Income Tax - Which Clause Of Tax Audit Is Applicable – 44AB(a) OR 44AB(e) – When Business Turnover, Sales, Gross Receipts Etc. Is Over Rs. 1 Cr. But Up to Rs. 2 Cr. INTRODUCTION :- The section 44AB of the Income Tax Act, 1961 (“Act”) imposes liability for mandatory tax audit when any of the condition mentioned in […]...

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Disclosure in Tax Audit Clause 44

Income Tax - In this article author has shared the matter for qualification regarding clause 44 of the Tax audit: In this clause heading of the table which starts with the words “Breakup of total expenditure” and hence the total expenditure including purchases as per the above format may be given. It could also be noted that if […]...

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FAQ’s on issues in filing of Tax Audit Report Form 3CA-CD/3CB-CD

Income Tax - Question 1: What are the prerequisites for filing of Form 3CA- Form 3CD/Form 3CB-Form 3CD? Resolution: The following are the prerequisites for filing of Form 3CA-3CD/3CB-3CD -Taxpayer and CA are registered on the e-Filing portal with valid user ID and password -Status of PAN of taxpayer and CA is active – Taxpayer has assigned CA [&...

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Exhaustive Criteria for Tax Audit : Normal & Presumptive

Income Tax - The tax audit provisions are contained in section 44AB clause (a) to Clause (e). Section 44AD provides for beneficial provision of presumptive taxation of declaring net profit of 6%/8% of the turnover of the business and get out of the compulsory tax audit provisions under certain circumstances. This scheme of presumptive taxation, sectio...

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Representation to extend due date of filing of Income Tax Audit reports

Income Tax - 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 U...

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Income Tax Audit Clinic

Income Tax - Members may to raise any issues related to Tax Audit where elucidation, clarification or further elucidation is desired at email id taxauditclinic@icai.in...

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Abolish requirements of reporting under Clause 44 of Tax Audit Report: CASS

Income Tax - Representation to CBDT on information sought from Tax Auditors under Clause 44 of Form 3CD and request to abolish this requirement...

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Guidance Note on Tax Audit under Section 44AB

Income Tax - ICAI Guidance Note on Tax Audit under Section 44AB of the Income-tax Act, 1961 AY 2022-23 (Effective for the AY 2022-23 and subject to amendments made by law, judiciary or administration, for the subsequent assessment years) Tax Audit is applicable since the year 1984. The provision of Section 44AB requires providing inputs useful for com...

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Representation to scrap Clause No. 44 of Tax Audit Report (Form 3CD)

Income Tax - Representation requesting to scrap  Clause No. 44 of  Tax Audit Report (Form 3CD) under the Income Tax Act, 1961...

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No penalty for non-getting account audited under bona fide belief based on ICAI Guidance Note on tax audit

Sachin Marotrao Rangari Vs ACIT (ITAT Rajkot) - If assessee was under bona fide belief that as per Guidance Note issued by ICAI on 'tax audit under section 44AB' net result in derivative transaction was to be considered as turnover and accordingly, he would not be liable to get his books audited as turnover did not exceed more than Rs. 1 crore, p...

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Section 143(1) adjustment based on mere Tax Audit report vitiated in law

K A Hospitality Private Ltd. Vs Income Tax Department (ITAT Mumbai) - No disallowance forzdelay in payment of employees’ contribution for provident fund, based on mere Tax Audit Report ...

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ITAT deletes penalty for not getting account audited in absence of determination of turnover

Yuvraj Singh Vs ITO (ITAT Delhi) - Yuvraj Singh Vs ITO (ITAT Delhi) ITAT find that reasonable cause exists for failure of the assessee to get his account audited in respect of previous year relevant to Assessment Year 2011-12 in question. The assessee has claimed turnover in business to the tune of Rs.58,42,500/-which is below the th...

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No section 271B penalty for delay in Audit report filing due to Illness of Accountant

Swaminath N. Patil Vs Ward 2(5) Solapur (ITAT Pune) - Section 273B of the Act provides that the penalty u/s 271B need not be imposed if there is a reasonable cause for the said failure....

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Section 271B penalty deleted for delay in Tax Audit Due to Ongoing Assessment under other Laws

Erumapalayam Primary Agricultural Co-Op Credit Society Vs ITO (ITAT Chennai) - Erumapalayam Primary Agricultural Co-Op Credit Society Vs ITO (ITAT Chennai) The Ld. AR pleaded that there was sufficient cause for delay in the audit since the assessee being cooperative society, it was governed by the Tamil Nadu Cooperative Societies Act, 1983 and the relevant rules 1988. For the ...

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CBDT extends due date for filing various Income Tax Audit reports

Circular No. 19/2022-Income Tax - (30/09/2022) - 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 ...

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Income Tax Audit Due & ITR Due date for AY 2021-22 extended

Circular No. 01/2022-Income Tax - (11/01/2022) - On consideration of difficulties reported by taxpayers/stakeholders due to Covid & in e-filing of Audit reports for AY 2021-22 under the IT Act, 1961, CBDT further extends due dates for filing of Audit reports & ITRs for AY 21-22. Income Tax Audit date extended to 15 Feb 2022 and Income Tax ...

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CBDT extends due dates of ITR & various Audit reports for AY 2021-22

Circular No. 17/2021-Income Tax | (Release ID: 1753603) - (09/09/2021) - The due date of furnishing of Return of Income for the Assessment Year 2021-22, which was 31st July, 2021 under sub-section (1) of section 139 of the Act, as extended to 30th September, 2021 vide Circular No.9/2021 dated 20.05.2021, is hereby further extended to 31st December, 2021;...

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Income Tax Return, Tax Audit due date & Other dates extended

Circular No. 9 of 2021 - Income Tax - (20/05/2021) - 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 section 139 of the Act, is extended to 30th September 2021; 10) The due date of furnishing of Report of Audit under any provision of the Act for the Previous Year 2020-...

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New reporting requirements in Form 3CD & Revision

Notification No. 28/2021 [G.S.R. 246(E).] - (01/04/2021) - CBDT has vide Notification No. 28/2021-Income Tax inserted new clauses in Form 3CD (Tax Audit Report) and also notified that Tax Audit Report under Rule 6G can be revised if there is payment by Assessee after furnishing of report which necessitates recalculation of disallowance under section 40 or s...

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Recent Posts in "Tax Audit"

No penalty for non-getting account audited under bona fide belief based on ICAI Guidance Note on tax audit

Sachin Marotrao Rangari Vs ACIT (ITAT Rajkot)

If assessee was under bona fide belief that as per Guidance Note issued by ICAI on 'tax audit under section 44AB' net result in derivative transaction was to be considered as turnover and accordingly, he would not be liable to get his books audited as turnover did not exceed more than Rs. 1 crore, penalty levied under section 271B was to ...

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Understanding Important Tax Audit Reporting Clauses with Funny QAs

After hectic Tax Audit times, for AY 2022-23, now it’s time for some Tax Audit Fun Moments. So, in this Blog I am presenting some hilarious Tax Audit QAs/visualisations conceived and visualised by me, which will help You in understanding all important reporting clauses in the Form 3CD Annexure in the Tax Audit Report (TAR), […]...

Read More
Posted Under: Income Tax | ,

CBDT extends due date for filing various Income Tax Audit reports

Circular No. 19/2022-Income Tax 30/09/2022

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...

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Applicable TAR Clause – 44AB(a) Or 44AB(e) For Turnover Between Rs. 1cr – 2cr

Which Clause Of Tax Audit Is Applicable – 44AB(a) OR 44AB(e) – When Business Turnover, Sales, Gross Receipts Etc. Is Over Rs. 1 Cr. But Up to Rs. 2 Cr. INTRODUCTION :- The section 44AB of the Income Tax Act, 1961 (“Act”) imposes liability for mandatory tax audit when any of the condition mentioned in […]...

Read More
Posted Under: Income Tax | ,

Disclosure in Tax Audit Clause 44

In this article author has shared the matter for qualification regarding clause 44 of the Tax audit: In this clause heading of the table which starts with the words “Breakup of total expenditure” and hence the total expenditure including purchases as per the above format may be given. It could also be noted that if […]...

Read More
Posted Under: Income Tax |

FAQ’s on issues in filing of Tax Audit Report Form 3CA-CD/3CB-CD

Question 1: What are the prerequisites for filing of Form 3CA- Form 3CD/Form 3CB-Form 3CD? Resolution: The following are the prerequisites for filing of Form 3CA-3CD/3CB-3CD -Taxpayer and CA are registered on the e-Filing portal with valid user ID and password -Status of PAN of taxpayer and CA is active – Taxpayer has assigned CA [&...

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Posted Under: Income Tax | ,

Exhaustive Criteria for Tax Audit : Normal & Presumptive

The tax audit provisions are contained in section 44AB clause (a) to Clause (e). Section 44AD provides for beneficial provision of presumptive taxation of declaring net profit of 6%/8% of the turnover of the business and get out of the compulsory tax audit provisions under certain circumstances. This scheme of presumptive taxation, sectio...

Read More
Posted Under: Income Tax | ,

Representation to extend due date of filing of Income Tax Audit reports

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 U...

Read More
Posted Under: Income Tax | ,

Income Tax Audit Clinic

Members may to raise any issues related to Tax Audit where elucidation, clarification or further elucidation is desired at email id taxauditclinic@icai.in...

Read More
Posted Under: Income Tax |

Tax Audit Report (TAR) + Accounting Standards (AS) in India

(A) Obligations for preparing of information’s by taxpayer + auditing by auditor 1. Applicability of TAR (i) On taxpayer as carrying a business + having total sale + turnover + gross receipt (all together) are exceeding 1 crore in previous year under section 44AB of Income Tax Act (ITA), 1961 (ii) On taxpayer as carrying […]...

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Posted Under: Income Tax |

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