All About Documentation for Tax Audit U/S 44AB The main objective of the tax audit is to compute the taxable income according to the law and to maintain transparency in the financial statements filed by the assesses with the Income-tax department. The tax audit u/s. 44AB of the Income-tax Act 1961 is significant The assessee …
Big News for Chartered Accountants – 60-Tax Audit Capping- Confirmed by Supreme Court Supreme Court in the matter of Case: B. V. Nagarathna & Augustine George Masih, JJ. The Supreme Court’s decision to uphold the 60-tax audit capping imposed by ICAI (Institute of Chartered Accountants of India) is a significant development in the accounting profession. …
ICAI issue guidance Note on Clause 44 of Tax Audit under Income tax act? ICAI issue Guidance Note provides basic guidance to CA members while conduct of tax audit, making of report & related income tax Filling matters Break up of expenditure in Total is to be given and not head wise. Bad debts, Depreciation etc. which …
Amendments in the tax audit form in Form 3CD New Revision of Income-tax audit report in form 3CD in certain cases Changes in Income tax audit Clause 32 to report adjustment is brought forward of losses if option Under Section 115BAC/115BAD is exercised Modification to Income tax audit Clause 8a to include the exercise of …
What is revise Income Tax Audit Limits for FY 2021-22? Under the Income tax section 44AB of the Income tax Act, every person carrying on business is needed to get his accounts audited, if his Total turnover, sales, or gross receipts, in business More than INR 1 Cr in any previous year. If a person …
CBDT Extension of Due date for filing of ITR & Different reports of audit for the AY 2021-22 to 15 March; check details here The due date for furnishing a Tax Audit Report under any provision of the Act for the previous year 2020-21, which was 30th September 2021 in the case of assessees referred …
COMPLETE UNDERSTANDING ABOUT TAX AUDIT An audit of the books of account and the submission of a report by the assessee before the due date is mandated under Section 44 AB of the Income Tax Act. A practicing Chartered Accountant can conduct the tax audit. We’ll look at some of the most often asked questions …
PRESUMPTIVE TAXATION FOR BUSINESS AND PROFESSION SECTION 44AD, 44ADA, 44AE Under the new provisions, implemented by the Income Tax Department, some sought of relief has been provided to small taxpayers, wherein, instead of undertaking the tedious job of maintenance of books of account and their auditing, they can apply for presumptive taxation scheme under sections …
TAX AUDIT CEILING U/S 44AB FROM RS 1 TO RS 5 CRORE APPLIES WITH EFFECT FROM AY 2020-21 There might be some uncertainty between specialists as to the assessment year from which the modification to raise the tax audit ceiling under section 44AB from Rs 1 crore to Rs 5 crore applies, i.e. whether the …
Professional Update For the Day: Direct Tax: IT : Merely because creditor could not be traced on date when verification was made, is not a ground to conclude that there was cessation of liability in terms of section 41(1) because cessation of …