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...
There is a rumor doing rounds on Various Yahoo, Facebook and whatsapp group, which say that tax audit limit been increased to 60 from existing limit of 45. These groups are claiming the same been told them by a Central Council member (CCM) of Institute of Chartered Accountants of India (ICAI) . We have searched Official […]
THE BONDED LABOUR SYSTEM (ABOLITION) ACT, 1976 (ACT NO. 19 OF 1976) was introduced in India to abolish Bonded Labour way back in 1976. Does this really helped to abolish Bonded Labour? Can we say definitely that Now NO BONDED LABOUR existed in India? What will be the fate of legislation when even the government […]
The brief facts of the case are that the AO observed from the return of income filed by the assesee that the assessee’ s income included income from salary from Price Water House of which he was a partner. Since income by way of salary or remuneration from a firm was to be assessed
In case of private assessee, the Commissioner will refer the matter to an officer to collect the material or Chartered Accountant for the purpose of audit. Thus, for the purpose of audit, the material can be collected either by the officer authorized by the Commissioner or by the Auditor himself. But, audit will be performed only by the Chartered Accountant.
In exercise of powers conferred under section 119 of the Income tax Act, 1961, the Central Board of direct Taxes, in continuation to order u/s 119 dated 26.09.2013 in F. No. 225/117/2013/ITA.II, hereby directs that in cases where the ‘due date’ of furnishing reports of audit and corresponding income-tax returns was 30th September, 2013
1) Committee met with CBDT and sought one month extension from CBDT. 2) CBDT did not agree with the proposal in the meeting and said that they will communicate the final decision. 3) Next hearing at Delhi High Court is on 24th.
Delhi Chartered Accountants Society has filed a writ petition in the Delhi High Court for extension of due date of tax audit as, on the last date of tax Audit i.e. 30.09.2013, there was default on the part of the Respondents (Union of India, CBDT) as the site of the Income Tax Department had crashed.
As per verbal talk with the CA Swadesh Gupta, a counter affidavit was filed by CBDT in high court stating that there were no service validation error, so we require evidence to prove that there were service validation errors in ITR and Tax Audit Report Filing.
CA Haresh N Mehta Can you allow anybody to give untested medicines to Citizens of India? Can you allow anybody to serve half-cooked food to public at large? This is exactly what our beloved Government Departments are doing. They are releasing various forms & e-filing templates which are like half cooked food & which is […]
Hearing an appeal from Delhi Chartered Accountants Society (DCAS) for Non extension of Due Date of tax Audit Report Honourable Delhi High Court (DHC) Formed a committee with Representatives from ICAI and DCAS to appear before CBDT and resolve on 21-10-2013 else DHC will hear the matter finally on 24-10-2013.
