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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...
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Tax audit procedure under Section 44AB of the Income Tax Act explained simply. Taxpayers need to appoint a Chartered Accountant to comply with 44AB provisions. Learn details with our analysis.
Under section 44AB of the Act, every person carrying on business is required to get his accounts audited, if his total sales, turnover or gross receipts, in business exceeds one crore rupees in any previous year. The limit is raised to ten crore rupees where at least 95% of receipts/payments are in non-cash mode.
When assessee entertained bona-fide belief that its account were not subject to audit u/s 44AB, it would certainly constitute reasonable cause for not obtaining the audit report and, therefore, question of imposing of penalty u/s 271B does not arise.
How to Calculate Futures and Options Turnove ? It is important to determine turnover in order to determine the applicability of tax audit as per Section 44AB of the Income Tax Act, 1961 or declaring income u/s 44AD.
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.
