Tax Audit

Inconsistency between Section 44AB and Form 3CD Audit Report Utility

Income Tax - This article wishes to bring to the notice of the concerned authorities a major inconsistency that exist between the provisions of section 44 AB and the Audit Report Utility available in the Income Tax E filing website....

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Tax Audit Liability with reference to 5 Years restriction- Section 44AD

Income Tax - The section 44AD of the Income Tax Act contains special provisions for computing profits and gains of a business on presumptive basis. It is applicable in respect of eligible business / (es) carried by an eligible assessee....

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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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Analysis of recent CBDT order extending due date of ITR/TAR

Income Tax - CBDT extended the deadline for the filing of income tax returns (ITR) and Tax audit reports (TAR) to October 31, 2019 for the Assessment Year 2019-20. Read  Order- CBDT extends due date for filing of Tax Audit Reports & Relevant ITRs The Central Board of Direct Taxes has extended the deadline for the filing of […]...

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Tax Audit Under Income Tax Laws

Income Tax - As per the combined readings of provisions of sections 44AB, 44AD and 44ADA of the Income Tax Act, 1961, every person carrying a business whose turnover exceeds Rs.1Cr./ 2 Cr. (as the case may be), or carrying on a profession whose gross receipts exceed Rs. 50 Lakh in the relevant assessment year, must get his/her accounts audited....

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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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Extend due date for filing tax audit reports and related ITR: ICAI

Income Tax - Representation to CBDT requesting for extension of time for submission of Tax Audit Reports and related returns from 30th September, 2019 to 30th November, 2019 Section 44AB of the Income-tax Act, 1961 requires the assessee to get his accounts audited by an accountant before the specified date and furnish the same by that date, which [&he...

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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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PIL in Kerala HC for 3 Month extension of Tax Audit Due Date

Plywood and Allied Products Dealers Association Of India Vs. UOI & Ors (Kerala High Court) - Plywood and Allied Products Dealers Association of India Vs. UOI & Ors (Kerala High Court) The Petitioner is an association of plywood and allied product dealers and the 2nd petitioner is a member of that  association, they have filing  Public Interest Litgation praying for a general Order...

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Interest u/s 234A despite due date extension: HC issue Notice to CBDT

Lucknow CA Tax Practitioners Association VS. UOI (Allahabad High Court) - Lucknow CA Tax Practitioners Association VS. UOI (Allahabad High Court) As far as prayer no.1 of the petitioner-association for issuance of a mandamus to the respondents to extend the “Due Date” of filing of Income Tax Return of Tax Audit Cases from 15.10.2018 to at least up to 31.10.201...

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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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ICAI notifies guideline for Mandatory issue of UDIN

Notification No.1-CA(7)/192/2019 - (02/08/2019) - A member of the Institute in practice shall generate Unique Document Identification Number (UDIN) for all kinds of the certification, GST and Tax Audit Reports and other Audit, Assurance and Attestation functions undertaken/signed by him which made mandatory from the following dates through announce...

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CBDT defers furnishing of GST & GAAR details in Form 3D till 31.03.2020

Circular No. 09/2019-Income Tax - (14/05/2019) - Reporting requirements under clause 30C (pertaining to General Anti-Avoidance Rules (GAAR)) and clause 44 (pertaining to Goods and Services Tax (GST) compliance) of the Form No. 3CD is been kept in abeyance till 31st March, 2020. Circular No. 9/2019 F. No. 370142/9/2018-TPL Government of India Minis...

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Due date for filing of ITRs/Audit Report for Kerala Region extended to Feb 28, 2019

F.No. 225/15/2019/ITA.II - (27/02/2019) - In case of taxpayers of Kerala for whom the due date for filing return of income and report of audit pertaining to assessment year 2018-19 was 31.10.18, all returns of income and reports of audit which are filed till 28.02.19 shall be deemed to have been filed by 31.10.18. ...

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Recent Posts in "Tax Audit"

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 Taxes North Block, ITA-II Division New ...

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Inconsistency between Section 44AB and Form 3CD Audit Report Utility

This article wishes to bring to the notice of the concerned authorities a major inconsistency that exist between the provisions of section 44 AB and the Audit Report Utility available in the Income Tax E filing website....

Read More
Posted Under: Income Tax |

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

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...

Read More
Posted Under: Income Tax | ,

Tax Audit Liability with reference to 5 Years restriction- Section 44AD

The section 44AD of the Income Tax Act contains special provisions for computing profits and gains of a business on presumptive basis. It is applicable in respect of eligible business / (es) carried by an eligible assessee....

Read More
Posted Under: Income Tax | ,

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
Posted Under: Income Tax | ,

Analysis of recent CBDT order extending due date of ITR/TAR

CBDT extended the deadline for the filing of income tax returns (ITR) and Tax audit reports (TAR) to October 31, 2019 for the Assessment Year 2019-20. Read  Order- CBDT extends due date for filing of Tax Audit Reports & Relevant ITRs The Central Board of Direct Taxes has extended the deadline for the filing of […]...

Read More
Posted Under: Income Tax |

Tax Audit Under Income Tax Laws

As per the combined readings of provisions of sections 44AB, 44AD and 44ADA of the Income Tax Act, 1961, every person carrying a business whose turnover exceeds Rs.1Cr./ 2 Cr. (as the case may be), or carrying on a profession whose gross receipts exceed Rs. 50 Lakh in the relevant assessment year, must get his/her accounts audited....

Read More
Posted Under: Income Tax |

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....

Read More

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

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...

Read More
Posted Under: Income Tax |

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

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....

Read More
Posted Under: Income Tax |

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