Income Tax : Understand every reporting requirement under Form 3CD as amended by the Finance Act, 2026. This guide explains clause-wise disclos...
Income Tax : Understand who must undergo a tax audit under Section 44AB, the applicable turnover limits, audit forms, filing procedure, due dat...
Income Tax : Tax Audit Form 26 now requires reporting of both quantity and value of principal stock, purchases, and sales. The key takeaway is ...
Income Tax : The article analyses whether declaring profits below presumptive rates automatically triggers tax audit under the Income-tax Act, ...
Income Tax : The Income Tax Act, 2025 introduces detailed reporting requirements for books maintained in electronic form. Tax auditors must now...
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 : ITAT Chennai held that the assessees bona fide belief, based on the Departments consistent acceptance of interest income as Income...
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 : 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...
The Uttar Pradesh (UP) Government vide Section 21 of The Uttar Pradesh Value Added Tax Act 2008 and Rule 42 thereof has already recognized Cost Accountants for the purpose of Auditing of Books of every taxable dealers under the Act. Now The UP Government has issued an amendment to Rules vide Government Notification no. Ka.Ni.-2-684/XI-9(295)/07-U.P.VATRULES-08-order-(114)-2014, […]
Advocate B.S.K.RAO 1. Below are the accounting bodies of various country’s world over on date, In spite of this, they have separate bodies/legislation for regulation of Tax Professionals. Reason being, situation similar to that of latest Supreme Court verdict in the case of Bar Council of India Vs A.K.Balaji about Practice of Law by only […]
In its pre-budget memorandum 2014 Institute of Chartered Accountants (ICAI) has suggested that the provision of Excise/Service tax audit by Chartered Accountant be introduced, similar to the Tax Audit Under Income Tax Act 1961 and VAT audit under various states. ICAI has further suggested that Excise/Service Tax Audit in line with the Income-Tax Audit be […]
ICAI has in its Pre-Budget Memorandum Presented to Ministry of Finance suggested that porposed changes in Definition of the term accountant in the Direct Taxes Code, 2013 are not required and claimed that ICAI is a premier body formed by MCA only to train chartered accountants to gain expertise in accounting and auditing ICAI.
Income Tax Department has releases utility for A.Y. 2014-15 for Filing of Tax Audit Report , Transfer pricing Audit Report, MAT Audit , Trust Audit, Special Audit etc. Details of such Audit reports is as follows :- Form 3CA-3CD – Audit report under section 44AB of the Income-tax Act, 1961 in a case where the […]
The requirements of Form 3CA/Form 3CB require the auditor to give a true and fair view on the accounts of the assessee which can be given only by persons having a high degree of training and competence in accounting. This level of knowledge in accounting is possessed only by chartered accountants acquired by virtue of […]
In case of Corporates, chartered Accountants are getting fees in the range of Lakhs, but in non-corporates cases, they get fees in the range of Thousands only. Therefore, CA’s make best combination of tax audit assignments to sign tax audit reports under section 44AB to yield Revenue.
In order to maintain the quality of tax audit to be conducted by our members. ICAI in the year 1989 imposed a limit on audits to be conducted by a practicing member in any financial year. At that time the limit was specified at 30. The process of fixation of ceiling on the number of […]
Clause 1: Name of Assessee- 1. Give name of the assessee whose accounts are being audited under section 44AB. 2. Incase of audit of a branch, the name of the branch should be stated alongwith the name of the assessee. 3. Incase of proprietary concern, Furnish name of the proprietary firm along with the name of the proprietor.
In view of the enhancement of professional competence of members to perform quality services in an IT-enabled environment, the Council of the Institute at its 331st meeting held from 10th to 12th February, 2014 has decided to increase the specified number of tax audit assignments for practicing Chartered Accountants, as an individual or as a partner in a firm , from 45 to 60.
