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...
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...
As the members are aware that all audit reports in respect of audits of financial statements for period beginning on or after 1st April 2012 are to be issued in accordance with the requirements of SA 700 (Revised) – Forming an Opinion and Reporting on Financial Statements. We were receiving messages seeking clarification regarding applicability of SA 700 on tax-audit reports, i.e. Form No. 3CA/3CB.
CA. Rajesh Condoor S. 44 AA 1. Who are the persons that are required to compulsorily maintain books of account ?Every person carrying on legal, medical, engineering or architectural profession, or profession of accountancy or technical consultancy or interior decoration or any other profession as is notified by the CBDT are mandatorily required to keep and […]
CA Rajesh Condoor Please find a brief presentation on important reporting requirements in Form 3CB and Form 3CD based upon New Guidance Note on Tax Audit u/s 44AB of Income Tax Act, 1961 issued by ICAI.
CA SUDHIR HALAKHANDI The utility for uploading Audit report under section 44AB in Form 3CB/3CD is changed on the department’s site within a period of less than one month from its first introduction. In this article we are not very critical about this re-introduction of the utility because the utility given by them this time is much better than the earlier one and it includes some important suggestions given by the professional fraternity after using the previous utility.
ICAI has released the Revised Guidance Note on Tax Audit u/s 44AB of the Income-tax Act, 1961- Revised 2013 Edition on 09th July 2013. The last edition of this Guidance Note was brought out in the year 2005. Thereafter, a number of amendments were made in the Income-tax Act, 1961 which had a great bearing […]
Clarification Regarding Applicability of SA 700 on Tax Audit Report under Section 44AB of The Income-Tax Act, 1961. As the members are aware that all audit reports in respect of audits of financial statements for period beginning on or after 1st April 2012 are to be issued in accordance with the requirements of SA 700(Revised) […]
CA Hardik Mehta Point wise checklist on preparation of form 3CB/CD audit report to be filed with Income Tax Department. We are attaching herewith a Form 3CB/3CD Checklist as applicable for A.Y. 2013-14 and onwards. The checklist is useful in preparation of Tax Audit Report. Download Point wise checklist on preparation of form 3CB/CD online […]
Yesterday we wrote an article on my experience of E-filing of Tax audit report and received a very interesting question – Is there any need to file tax audit report u/s 44AD? I have analyzed the case and framed the following opinion:- 1. A proviso is added to rule 12(2) w.e.f. 01/04/2013 and the same […]
In simple words, the assessee who is required to furnish the tax audit report for AY 2013-14 shall submit the tax audit report electronically. The following steps should be followed for filing the tax audit report electronically.
MORE INTERPRETATION OF 2ND PROVISO TO SECTION 44AB OF INCOME-TAX ACT Account books of State Co-Operative Societies are also audited by co-operative auditors of respective State Govt. Similarly, in Karnataka Value Added Tax Act, 2003, accounts of registered dealers are audited by Cost Accountants. 2nd Proviso to Section 44AB of Income-Tax Act takes care of […]
