Tag: tax audit limit
Increase in the turnover limit for Tax Audit u/s 44AB from 5 crores to 10 crores for non cash transactions. Budget 2021-22 Presently, under section 44AB of the Income Tax Act, every person carrying on business is required to get his accounts audited, if his total sales, turnover …
Has restriction on number of tax audits become redundant if not infructuous in view of judgment of Madras High Court and dismissal of the SLP of ICAI? ICAI has announced that audits conducted under Section 44AD, 44ADA and 44AE of the Income tax Act, 1961 shall not be …
Tax audit turnover threshold limit increased to Rs. 5 crores for business. Due date of furnishing report made 31st October 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 …
Non doctor running a hospital is not a professional for tax audit turnover limit purpose, but it is a business activity – ITAT deletes penalty u/s 271B ABCAUS Case Law Citation: ABCAUS 2914 (2019) (05) ITAT The appeal was filed by the assessee against the order of CIT(A) …
The Kerala High Court has stayed disciplinary proceedings for conducting tax audit in excess of limits prescribed by ICAI Guidelines for member chartered accountants from time to time IN THE HIGH COURT OF KERALA AT ERNAKULAM Present: THE HONOURABLE MR. JUSTICE P.B.SURESH KUMAR Wednesday, the 3rd day of August …