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...
We submit that on account of certain judicial decisions, some kind of uncertainty coupled with unrest has cropped up amongst a particular class of professionals practising in tax laws by virtue of the licenses / registrations granted in favour of the practitioners by the central / State governments in exercise of the powers under the respective enactments to say Income Tax Act 1961 authorized issuance of license in favaour of Income Tax Practitioners and State Sales Tax law or VAT Acts have provided suitable provision for licensing the Practitioners.
A chartered accountant is mandated to conduct statutory and other audit of banking industries. This is in compliance of various statutes applicable to audits, there are kind of audits and there are many ways to appoint the auditors for the Banking Sector.
Audit of accounts of certain persons carrying on business or profession The purpose of Tax Audit is to ensure that books of Accounts have been maintained in accordance with the provisions of the Income Tax Act. Tax Audit also ensures that the Accounts are properly being presented to the Assessing Officers when called for. However […]
Attention has been drawn to certain issues raised on the certification work done by the members of the profession in the report of Comptroller and Auditor General of India (C&AG) entitled ‘Appreciation of Third Party (Chartered Accountant) Reporting in Assessment proceedings’ (Report No. 32 of 2014).
All the auditors cannot be placed on an equal footing and an assumption cannot be made that an auditor would be able to fulfil his obligations only up to 30 tax audit assignments under section 44AB of the Income-tax Act, per financial year.
The Comptroller and Auditor General Report no. 32 of 2014 has taken the list of Chartered Accountants who have signed tax Audit cases under Income tax Act of more than 400 during FY 2012-13 and there are 22 people in the list.
List of CAs issuing more than 400 TAR; 18.87% CAs issued more than 45 Tax Audit Report- CAG Control on number of tax audit assignment In order to maintain the quality of tax audit to be conducted by CAs, ICAI issued Guidelines15 for the Members under the provisions of the Chartered Accounts Act, 1949. It […]
Controversial and debated issue of whether board (CBEC) has power to conduct service tax audit of assessee has gone into various folds recently, but now it has got finality. Department has initiated and conducted Service Tax Audit of many assessees.
The Madras high court has granted an interim stay on imposing interest under section 234A of the Income Tax Act,1961 on taxpayers who are required to file their income tax (I-T) returns by the extended due date of November 30. The CBDT had issued the notification no. F.No.153/53/2014-TPL (Pt.I) dated 26.09.2014 extending the due date […]
CA Rajesh Condoor I am herewith attaching a document on Reporting in New Form 3CD clause wise vis a vis ICAI revised Guidance Note in a tablular form with respect to each clause of the Form 3CD. Will be useful as a Ready Reckoner for tax auditor and his team. Download The Ready Reckoner on […]
