Income Tax : Analysis of Form 3CD amendments effective April 1, 2025. Understand the impact on tax audits, MSME reporting, and cross-border com...
CA, CS, CMA : CBDT notifies amendments in Form 3CD from AY 2025–26, covering MSME interest, buy-backs, presumptive tax, and cross-border payme...
Income Tax : Discover the highlights of the Form 3CD amendments effective April 1, 2025, including new clauses for cruise ships and MSMEs....
Income Tax : Explore our analysis on including Company Secretaries as Accountants under the Income-Tax Bill 2025. Benefits include improved com...
Income Tax : Learn about common irregularities in tax audit reports for AY 2023-24, including reporting gaps in Forms 3CA/3CB, SA 700, and sect...
Income Tax : Over 34 lakh Audit Reports filed on the e-filing portal by October 7, 2024, showing a 4.8% increase from last year, according to t...
Income Tax : Join our 5-day live course from Sept 8-12, 2024, for an in-depth understanding of tax audits under Section 44AB, with practical in...
Income Tax : Join our live course from Aug 23-25, 2024, to master tax audits, including Form 3CD, financial statements, and GST, with practical...
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 : Gujarat High Court rules write-back of provisions isn't 'turnover' or 'gross receipts' under Sec 44AB, quashing tax return invali...
Income Tax : ITAT Delhi cancels ₹1,09,807 penalty u/s 271B for Ved Singh, acknowledging his commission-based income and reasonable belief on ...
Income Tax : ITAT Delhi rules on Sh. Nikki Tyagi's appeal against penalty under Sec. 271B for failure to audit accounts due to turnover limits....
Income Tax : ITAT Chennai deletes Section 271B penalty for audit delay due to partner's health issues in Balaji Logistics case. Learn about the...
Income Tax : ITAT Ahmedabad's verdict exempts individuals not subject to tax audit from TDS obligations, highlighting the Nilesh Patel vs DCIT ...
Income Tax : CBDT amends Income Tax Rules, effective April 1, 2025, revising Form 3CD, MSME interest provisions, buyback reporting, and loan/de...
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...
According to income tax law, for the financial year 2015-16, the businessmen whose annual turnover exceeds Rs.1 Crore and the professionals for example; doctors, engineers, advocates, etc. whose annual income exceeds Rs.25 lakhs will have to get their books audited.
A situation arose in which a company could not call its board meeting due to NCLT embargo and other reasons. The auditor was appointed, but balance sheet and financial statements could not be signed as requirement of sec 134 of companies act 2013 was not fulfilled. Section 134 requires a board meeting to take place and approve the accounts which shall be forwarded to auditor.
Critical Analysis of interrelation between Provisions of Section 44AD & Section 44AB along with other ancillary aspects of Income Tax Act, 1961 The provisions of Section 44AD was introduced in the Chapter of Profits & Gains from Business or profession with an objective to reduce the compliance burden of resident small Tax payers. Undoubtedly throughout, […]
Justification of provisions relating to tax audit in certain cases As per Section 44AB of the Act, every person carrying on business is required to get his accounts audited, if his total sales, turnover or gross receipts, in business exceeds one crore rupees in any previous year. In case of a person carrying on profession, […]
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 […]
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 […]
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 properly. Tax Auditor, while […]
Article contains Draft Format of Engagement letter on Tax Audit and Draft Format of Management Representation letter related to Tax Audit –
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 […]
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 […]
