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...
ITAT Mumbai ruled on 07/12/2022 in the case of P R Packaging Service Vs ACIT (ITAT Mumbai) Appeal No. ITA 2376/Mum/2022 on employee’s contribution to Provident Fund. Find out the ruling!
Held that the disallowance of employees contribution to Provident Fund paid before filing income tax return u/s 139(1), based on the statement made in the Tax Audit Report is not permissible u/s. 143(1)(a) as did not fall within the ambit of prima-facie adjustments.
If assessee was under bona fide belief that as per Guidance Note issued by ICAI on ‘tax audit under section 44AB’ net result in derivative transaction was to be considered as turnover and accordingly, he would not be liable to get his books audited as turnover did not exceed more than Rs. 1 crore, penalty levied under section 271B was to be deleted
Understand important tax audit reporting clauses with funny Q&As. Learn and enjoy the Form 3CD Annexure in the Tax Audit Report (TAR) in a humorous and useful way.
CBDT extends the due date for filing of various reports of audit for Assessment Year 2022-23 from 30th September, 2022 to 7th October, 2022 for certain categories of assessees. Circular No. 19/2022 dated 30.09.2022 issued. F. No. 225/49/2021/ITA-11 Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi Circular […]
Find out which clause of the tax audit is applicable – 44AB(a) or 44AB(e) – for businesses with a turnover between Rs. 1cr – 2cr.
Understanding clause 44 of Tax Audit Learn about the qualification requirements and what details need to be provided. Ensure compliance for a smooth tax audit process.
Discover the FAQs on issues in filing Tax Audit Report Form 3CA-CD/3CB-CD. Learn about prerequisites, process, and more.
Understanding tax audit criteria normal and presumptive. Learn about the provisions under section 44AB and 44AD for beneficial taxation schemes.
Representation to extend the due date of filing of Audit reports under Income Tax Act, 1961, from 30th September, 2022 to 31st October, 2022. Please Read: CBDT extends due date for filing various Income Tax Audit reports ALL INDIA FEDERATION OF TAX PRACTITIONERS Dated: September 19,2022 To, 1. Smt. Nirmala Sitharaman Ji, The Honorable Union […]
