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...
CA, CS, CMA : Overlapping deadlines for MCA, tax audits, and GST filings are creating difficulties for professionals, leading to late fees and c...
Income Tax : Learn about disallowances under Income Tax Act sections and their reporting requirements in Form 3CD during tax audits. Key provis...
Income Tax : Understand key reporting requirements for Tax Audit Reports under Sections 44AA and 44AB, including forms, clauses, and disclosure...
CA, CS, CMA : Find out who needs to file a Tax Audit Report by September 30. Learn about the criteria, deadlines, and penalties for non-complian...
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 : 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 : Analysis of the ITAT Ahmedabad's ruling on Bharatbhai Makwana Vs PCIT. Delving into the implications of incorrect terminologies in...
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Author has compiled Tax Audit Report form 3CD after considering the changes vide Notification No. 33/2018 for ready reference of our readers.
CBDT vide Notification No. 33/2018 amends Form no. 3CD in respect of tax audit under section 44AB. The new reporting requirements, especially with reference to secondary adjustment, limitation on interest deduction, GAAR, Country-by-country Report, etc. are onerous and obligatory on the taxpayers and chartered accountants. Introduction: The Central Board of Direct Taxes (CBDT) vide Notification […]
Tax Audit Report (Form 3CD) AY 2018-19 – Amendments and Detailed Analysis In order to get various amendments made to Income-tax Act, 1961 and other laws (indirect taxes) within the format of tax audit report (TAR), the Central Board of Direct Taxes (CBDT) issued notification No. 33/2018 on 20 July 2018 amending the report format […]
There are 6 amendments in existing clauses of form 3CD Income Tax Audit Report and 9 different new insertions/ additional clauses for disclosure purposes.
A person covered u/s 44AD is required to get his books of account compulsorily audited u/s 44AB if such person claims that the profits and gains from the business are lower than the profits and gains computed in accordance with the provisions of section 44AD(1) and if his income exceeds the maximum amount which is not changeable to tax(i.e basic exemption limit).
CBDT has revised Tax Audit Form 3CD Revised vide Notification 33/2018 dated 20.07.2018 (effective from 20.08.2018) by which it has made 6 Amendments and 9 Insertions in Tax Audit Report Form 3CD. Read here at a glance…!! Summary of Amendments: 1. 4 – GSTIN to be mentioned. 2. 19 – Allowance under Section 32AD is […]
CBDT has vide Notification No. 33/2018, Dated: July 20, 2018 Amended Income Tax Audit Form No. 3CD with effect from 20th August, 2018 to incorporate further reporting requirement related to Goods and Service Tax (GST) , Transfer pricing, Statement of Financial Transactions, Section 32AD, Income from other sources as referred to in clause (x) of […]
Extract of Section – 44AD of Income-tax Act, 1961 Special provision for computing profits and gains of business on presumptive basis. 44AD. (1) Notwithstanding anything to the contrary contained in sections 28 to 43C, in the case of an eligible assessee engaged in an eligible business, a sum equal to eight per cent of the […]
The Section 44AD of the Income Tax Act contains special provisions for computing profits and gains of a business on presumptive basis. According to this section the profits and gains from eligible businesses carried by an eligible assessee are required to be computed at least at the rate of 8% / 6% of the total turnover / gross receipts.
The Section 44AD of the Income Tax Act contains special provisions for computing profits and gains of a business on presumptive basis. According to this section the profits and gains from eligible businesses carried by an eligible assesse are required to be computed at least at the rate of 8% / 6% of the total turnover / gross receipts. However, the assessee can declare lower profit by maintaining books of account etc. as required under section 44AA and by furnishing audit report as required under Section 44AB.
