CA, CS, CMA : Understand the 60-tax audit rule for Chartered Accountants, its exceptions, and its implications on professional conduct and ethic...
Income Tax : How to calculate the turnover of Futures & Options (F&O) for taxation purposes, including detailed examples and tax filing require...
Income Tax : Understand tax audit requirements under Section 44AB for AY 2024-25. Detailed analysis for businesses and professionals, including...
CA, CS, CMA : Discover the Supreme Court's ruling on ICAI's 60 tax audits limit per Chartered Accountant, its implications, and future impact on...
Income Tax : Understand the recent changes in tax audit responsibilities imposed by the Central Board of Direct Tax in India. Explore amendment...
Income Tax : Read CAASs recommendations for fair tax audit allocation, ensuring auditor independence and quality. They suggested automated allo...
Income Tax : Chamber of Tax Consultants seeks an extension for filing Form 10B and Form 10BB while requesting relaxation of requirements. Detai...
Income Tax : More than 30.75 lakh audit reports, including 29.5 lakh Tax Audit Reports, were filed for AY 2023-24 by the September 30 deadline,...
Income Tax : Explore the latest 2023 revision of the ICAI's Guidance Note on Tax Audit under Section 44AB of the Income-tax Act, 1961. Learn ab...
Income Tax : Income Tax Glossary Advance Ruling : The Advance Ruling is a mechanism that helps in bringing certainty in the determination of ta...
Income Tax : ITAT Ahmedabad's verdict exempts individuals not subject to tax audit from TDS obligations, highlighting the Nilesh Patel vs DCIT ...
Income Tax : Analysis of the ITAT Ahmedabad's ruling on Bharatbhai Makwana Vs PCIT. Delving into the implications of incorrect terminologies in...
Income Tax : ITAT Mumbai rules on V.K. Patel Securities Pvt Ltd appeal against defective notice by CPC under section 44AB of Income Tax Act. De...
Income Tax : A significant ITAT Kolkata ruling declares no penalty for delayed filing of books of account due to reasonable causes under Sectio...
Income Tax : The ITAT Cochin has upheld the penalty imposed on Paravur Service Cooperative Bank for its failure to furnish the audit report of ...
Company Law : NFRA issues order penalizing CA Pawan Jain and Mis Kumar Jain & Associates for lapses in issuing reports under Income Tax Act for ...
Income Tax : Read Circular 18/2023 from the Government of India Ministry of Finance. Learn about the extension of the filing deadline for Incom...
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 : On consideration of difficulties reported by taxpayers/stakeholders due to Covid & in e-filing of Audit reports for AY 2021-22...
Income Tax : 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...
Overview Service Tax Audit (Department refers it as internal audit as per service tax audit manual) is conducted by Office of the Commissioner of Central Goods & Service Tax – Audit according to the provisions of rule 5A of Service Tax Rules, 1994 and follow Service Tax Audit Manual to process the service tax audit […]
It is proposed to increase the threshold limit for Tax Audit Under section 44AB from five crore rupees to ten crore rupees in cases listed above.
We have not noticed any heed being extended towards various issues and possible solutions we have proposed through those representations to your good selves and it gives an impression to us that the same were safely brushed aside by your ministry.
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 […]
Wondering if you can voluntarily get a Tax Audit Report u/s 44AB of the Income Tax Act, 1961? Find out the answer and the benefits of doing so.
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 […]
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 Delhi 110 001 Request […]
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 […]
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. […]
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 […]
