Income Tax : Clause 43 in Tax Audit Form No. 26 requires auditors to verify remittances reported in Part-D of Form 145. Incorrect classificatio...
CA, CS, CMA : The FAQs explain how the 60 Tax Audit assignment ceiling will operate through the UDIN system from 1 April 2026. ICAI clarified wh...
Income Tax : Explains when professionals must undergo tax audit based on Sections 44ADA, 44AD, and 44AB. Key takeaway: audit depends on profess...
Income Tax : The new law introduces audit requirements for businesses declaring profits below presumptive rates. It removes the earlier flexibi...
Income Tax : The issue concerns applicability of tax audit based on turnover thresholds. The ruling highlights that exceeding prescribed limits...
CA, CS, CMA : The UDIN portal will now validate turnover, gross receipts, and presumptive tax conditions before allowing UDIN generation for tax...
CA, CS, CMA : UDIN generation now requires disclosure of preceding year audit details for specific audit categories. The update strengthens audi...
Income Tax : Gujarat HC has directed CBDT to ensure that there is a mandatory one-month gap between date for furnishing tax audit reports (unde...
Income Tax : Rajasthan High Court granted a one-month extension for filing TARs under Section 44AB for AY 2025-26, citing delayed audit utility...
Income Tax : The Pune Chartered Accountants' Society has requested an extension for tax audit and ITR filing deadlines for FY 2024-25, citing t...
Income Tax : The Tribunal held that audit under section 44AB depends on turnover, not taxability of income. Exempt entities must still comply i...
Income Tax : ITAT Delhi allows Henna Industries' appeal, deleting a Rs. 9.30 lakh disallowance made by the CPC under Section 143(1), confirming...
Income Tax : HC directed CBDT to issue a circular extending due date for filing income tax returns to 30th November 2025, especially for taxpay...
Income Tax : The Gujarat High Court has issued notice to the Union of India, demanding an explanation for not extending the Income Tax Return (...
Income Tax : ITAT Kolkata ruled that the assessee’s double addition in the tax audit was a genuine error, dismissing Revenue’s appeal for A...
Income Tax : CBDT Circular 15/2025 extends the AY 2025-26 ITR filing deadline for audited accounts from Oct 31 to Dec 10, 2025. Audit reports a...
CA, CS, CMA : ICAI sets limit of 60 tax audit assignments per CA or partner annually, effective from 1 April 2026, replacing earlier 2008 guidel...
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...
Certain accountants not to give reports/certificates The Act contains several provisions (e.g. section 44AB, section 80-IA, section 92E, section 115JB, etc.) which mandate the taxpayers to furnish audit reports and certificates issued by an ‘accountant’ for ensuring correct reporting/computation of taxable income by the tax payers. Explanation below section 288(2) of the Act defines an […]
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 […]
