Tax Audit

Applicability of Rs. 5 crore threshold Tax Audit limit from AY 2020-21 onwards

Income Tax - Will threshold limit of 5 crore as mentioned in 44AB applicable for AY 2020-21? Yes, it will be applicable. NOTE: The discussion in article is only w.r.t Tax Audit for person carrying on Business. FACTS: 1) Before amendment, applicable limit u/s 44AB for getting Tax Audit done is 1 crore. 44AB clause a in FA […]...

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Voluntary Tax Audit u/s 44AB of Income Tax Act, 1961. Is it possible ?

Income Tax - Today we will discuss whether one can get Tax Audit Report u/s 44 AB of the Income Tax Act, 1961 and can e file it on income tax website voluntarily. This voluntary tax audit has following points : 1] Person is not required to get his books of account audited and furnished as per section […]...

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7 Clauses in Tax Audit Report causing Dilemma & Hardships

Income Tax - Seven Reporting Clauses in Tax Audit Report (Form 3CA/CB read with 3CD) causing Dilemma & Hardships for Tax Auditor & Auditee, if Tax Audit Due Date for AY 2020-21 remains 31.12.2020 All of us know that presently the Tax Audit due date for AY 2020-21 is 31.12.2020 and the due date for filing of Returns […]...

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Compulsory Tax Audit Provisions under Section 44AB

Income Tax - Sec 44AB states the provisions related to tax audit of certain entities. A tax audit is an independent examination of books of account by a chartered accountant.The chartered accountant conducting tax audit gives his observations, findings and qualifications in form 3CA/ 3CB. The provisions of Sec 44AB are as: 44AB. Every person,— (a) c...

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Understanding of Turnover & Tax Audit for Market Traders

Income Tax - EASY UNDERSTANDING OF TURNOVER & TAX AUDIT FOR TRADERS 1. When Tax Audit is Required? Answer: Threshold Limit 5 Crores: If a person’s Gross receipt and payment in cash does not exceed 5% of total receipts and total payment then the limit of turnover for mandatory tax audit is Rs. 5 Crores. Section 44 AD […]...

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Extend Due Date of filing Tax Audit & ITR to 31.03.2021

Income Tax - Jamshedpur Chartered Accountants Society has made a representation to FM requesting for extension of Due Date of filing of Tax Audit and Income Tax Return for Assessment Year 2020-21 due to COVID 19 Pandemic. Date: 16/12/2020 Smt. Nirmala Sitaraman Hon’ble Finance Minister, Ministry of Finance. Government of India, North Block, New ...

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Extend Due date for filing Tax Audit Report & ITR

Income Tax - Lucknow CA Tax Practioners’ Association has made a Requested to FM  that the due date for filing of ITRs for all the taxpayers for AY 2020-21 be extended to 31st March, 2021 and the due date for filing the tax audit report also be extended to 28th February, 2021 and further requested to extend the […]...

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Extend due date of ITR & Tax Audit for AY 2020-21

Income Tax - Direct Taxes Professionals’ Association has Request FM to consider extension in the due dates of furnishing of Tax Audit Report under section 44AB and the due date of filing ITRs of AY 2020-21 to to 31st March, 2021. Full Text of the Representation is as follows:- DIRECT TAXES PROFESSIONALS’ ASSOCIATION Income Tax Building, 3, Govt. [...

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Request to extend Due Date of filing of Tax Audit & ITR

Income Tax - Tax Bar Association, Bhilwara  has requested for extension of Due Date of filing of Tax Audit and Income Tax Return for Assessment Year 2020 due to COVID 19 Pandemic. Request is been made to Hon’ble Finance Minister, Smt. Nirmala Sitaraman. It is requested to further extend the due date of filing tax audit report to […]...

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Request to Extend Due dates under GST & Income Tax

Income Tax - A Request for extension of various due dates under Income-tax Act, 1961 for AY 2020­-21 and for filing the Annual Reconciliation Statement (GSTR-9C) along with the annual return (GSTR-9) for financial years 2018-2019 & 2019-2020 is made by Bombay Chartered Accountants’ Society, Chartered Accountants Association (Ahmedabad), Charter...

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SC transfers petitions challenging validity of Tax Audit Limit of 60

The Institute of Chartered Accountants of India & Ors. Vs. Shaji Poulose & Ors. (Supreme Court) - The Institute of Chartered Accountants of India & Ors. Vs. Shaji Poulose & Ors. (Supreme Court) In the writ petitions, which are sought to be transferred, writ petitioners have challenged validity of Chapter VI of Guidelines No.1‑CA(7)/02/2008 dated 08.08.2008 issued by the Council of peti...

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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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CBDT notifies extended Due dates of Return & Tax Audit Report for A.Y.2020-21

Notification No. 88/2020-CBDT [S.O. 3906(E)] - (29/10/2020) - CBDT issued Notification No. 88/2020 and extended Due dates of Income Tax Return and Tax Audit Report as follows:- A. Income Tax Return FY 2019-20/AY 2020-21 i. Without tax audit –31.12.20 ii. TP, tax audit & tax audit firm partners– 31.01.21 B. Various audit reports (tax audit, transfer pri...

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Due date of furnishing of ITR & Tax Audit Reports extended

Release ID: 1667281 - (24/10/2020) - The due date for furnishing of Income Tax Returns for the taxpayers (including their partners) who are required to get their accounts audited [for whom the due date (i.e. before the extension by the said notification) as per the Act is 31st October, 2020] has been extended to 31st January, 2021....

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CBDT amends Form 3CD, Form No 3CEB, ITR6, & Inserted New Forms & Rules

Notification No. 82/2020-Income Tax [G.S.R. 610(E)] - (01/10/2020) - Amendment of the Income-tax Rules, 1962 to prescribe manner relating to option under section 115BAC and 115BAD, and that of determination of depreciation under section 115BAA to 115BAD, of the Income-tax Act, 1961 CBDT vide Notification No. 82/2020-Income Tax notifies changes in Form 3CD, Form No 3C...

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

Circular No. 10/2020-Income Tax - (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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Recent Posts in "Tax Audit"

Applicability of Rs. 5 crore threshold Tax Audit limit from AY 2020-21 onwards

Will threshold limit of 5 crore as mentioned in 44AB applicable for AY 2020-21? Yes, it will be applicable. NOTE: The discussion in article is only w.r.t Tax Audit for person carrying on Business. FACTS: 1) Before amendment, applicable limit u/s 44AB for getting Tax Audit done is 1 crore. 44AB clause a in FA […]...

Read More
Posted Under: Income Tax |

Voluntary Tax Audit u/s 44AB of Income Tax Act, 1961. Is it possible ?

Today we will discuss whether one can get Tax Audit Report u/s 44 AB of the Income Tax Act, 1961 and can e file it on income tax website voluntarily. This voluntary tax audit has following points : 1] Person is not required to get his books of account audited and furnished as per section […]...

Read More
Posted Under: Income Tax |

7 Clauses in Tax Audit Report causing Dilemma & Hardships

Seven Reporting Clauses in Tax Audit Report (Form 3CA/CB read with 3CD) causing Dilemma & Hardships for Tax Auditor & Auditee, if Tax Audit Due Date for AY 2020-21 remains 31.12.2020 All of us know that presently the Tax Audit due date for AY 2020-21 is 31.12.2020 and the due date for filing of Returns […]...

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Posted Under: Income Tax |

Extend Due Date of filing Tax Audit & ITR to 31.03.2021

Jamshedpur Chartered Accountants Society has made a representation to FM requesting for extension of Due Date of filing of Tax Audit and Income Tax Return for Assessment Year 2020-21 due to COVID 19 Pandemic. Date: 16/12/2020 Smt. Nirmala Sitaraman Hon’ble Finance Minister, Ministry of Finance. Government of India, North Block, New ...

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Posted Under: Income Tax | ,

Extend Due date for filing Tax Audit Report & ITR

Lucknow CA Tax Practioners’ Association has made a Requested to FM  that the due date for filing of ITRs for all the taxpayers for AY 2020-21 be extended to 31st March, 2021 and the due date for filing the tax audit report also be extended to 28th February, 2021 and further requested to extend the […]...

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Posted Under: Income Tax | ,

Extend due date of ITR & Tax Audit for AY 2020-21

Direct Taxes Professionals’ Association has Request FM to consider extension in the due dates of furnishing of Tax Audit Report under section 44AB and the due date of filing ITRs of AY 2020-21 to to 31st March, 2021. Full Text of the Representation is as follows:- DIRECT TAXES PROFESSIONALS’ ASSOCIATION Income Tax Building, 3, Govt. [...

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Posted Under: Income Tax | ,

Request to extend Due Date of filing of Tax Audit & ITR

Tax Bar Association, Bhilwara  has requested for extension of Due Date of filing of Tax Audit and Income Tax Return for Assessment Year 2020 due to COVID 19 Pandemic. Request is been made to Hon’ble Finance Minister, Smt. Nirmala Sitaraman. It is requested to further extend the due date of filing tax audit report to […]...

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Posted Under: Income Tax | ,

Request to Extend Due dates under GST & Income Tax

A Request for extension of various due dates under Income-tax Act, 1961 for AY 2020­-21 and for filing the Annual Reconciliation Statement (GSTR-9C) along with the annual return (GSTR-9) for financial years 2018-2019 & 2019-2020 is made by Bombay Chartered Accountants’ Society, Chartered Accountants Association (Ahmedabad), Charter...

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Posted Under: Income Tax | ,

Extend due dates of Tax Audit Reports/ITR for A.Y. 2020-21

AGFTC, ITBC and CAA has made a Request for further extension of due dates of furnishing Tax Audit Reports/ITR for A.Y. 2020-21 due to spike in Covid cases and consequential delay in notification/amendment of ITR forms/e-filing platform to Ms. Nirmala Sitharaman, Union Finance Minister of India. Text of the Representation is as follows:- T...

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Extend due dates for Tax/Transfer Pricing Audit & ITR for AY 2020-21

The Chamber Of Tax Consultants has requested to extend the due dates for Tax Audit and Transfer Pricing Audit to February 28, 2021 and Income Tax Return filing to March 31, 2021. Relevant Text of their representation to Smt. Nirmala Sitharaman, The Hon’ble Union Finance Minister, Government of India, North Block, New Delhi is as [&h...

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Posted Under: Income Tax | ,

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