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...
Dear Taxpayer, As per the section 44AB of Income Tax Act, the books of accounts for the relevant previous year are required to be audited by a Chartered Accountant and the audit report has to be electronically filed prior to or along with the return of income before the due date. In order to assist to […]
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 of extension of the “due dates” for filing the Tax Audit Report(TAR) and […]
CBDT further extends due date for filing of Income Tax Returns & Tax audit reports from 15th Oct,2018 to 31st Oct, 2018 for all assessees liable to file ITRs for AY 2018-19 by 30.09.2018, after considering representations from stakeholders. Liability to pay interest u/s 234A of IT Act will remain. The due date for […]
Petitioner highlighted the difficulties faced by them in filing returns before the last date because of the recent flood ravage in Kerala State. So they wanted the last date for the filing of returns extended to 31.12.2018. The Department has, however, extended the period till 15.10.2018. Reckoning that period to be inadequate, the petitioners have filed this writ petition.
In the year 2018, You have already extended the date for filing Income Tax Returns by those assessees whose accounts are not required to be audited for a month without levy of any interest and also extended the submission of Tax Audit Reports by 15 days i.e up to 15th October 2018.
Northern India CA Federation Vs. Central Board Of Direct Taxes (Delhi High Court) In respect of appeal filed by Northern India CA Federation by which it requested Hon’ble Delhi High Court to direct CBDT to extend the due date of Tax Audit and relevant Income Tax Returns to 31st October 2018. Hon’ble High Court while […]
Rajasthan High Court directed CBDT to consider the representation of the petitioner-Association and take a decision on both the aspects i.e. extension of date by another 15 days and extension of due for the purpose of Explanation 1 to Section 234A of the Act for waiver of interest and decide the same by passing speaking order preferably before 10.10.2018.
Sri Mathur has placed before us an order under Section 119 whereby the due date has already been extended by this order till 15th October, 2018. In view of the above, it appears that the matter has become infructuous as it has lost its efficacy.
In the case of Association Of Tax Practitioners & Hindu Economic Forum Vs. UOI filed with Kerala High Court it was argued that once an assessee is allowed to submit returns upto 15.10.2018, the department cannot demand interest under section 234A for the extended period. Hon’ble high court posted these writ petitions for further consideration on 11.10.2018.
This document is the compilation of all series on Tax Audit. Total 21 issues of this series were published which started since 31st July 2018. I thank everyone for the overwhelming response given to this series and I am sure that this would have helped many professionals in their tax audit reporting. I have received […]
