Tag: tax audit u/s 44AB
Tax Audit Report can be revised by CA for recalculation of disallowance u/s 40 or 43B on payments made after furnishing of report in Form 3CD MINISTRY OF FINANCE(Department of Revenue)(CENTRAL BOARD OF DIRECT TAXES) Notification No. 28 /2021 New Delhi, the 1st April, 2021 (INCOME-TAX) G.S.R. 246(E).––In …
GAAR & GST reporting clauses in Tax Audit Report Form-3CD further extended till 31.03.2022 – CBDT Circular Circular No. 05 of 2021 F. No. 370142/9/2018-TPLGovernment of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Direct TaxesTPL Division**** New Delhi, dated 25th March , 2021 Order under section …
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 …
CBDT issues 17 FAQs on UDIN -What happens when UDIN is revoked? FAQs on UDIN 1. What is Unique Document Identification Number (UDIN)? The Institute of Chartered Accountants of India, on noticing about the fake certifications by Non-CAs misrepresenting themselves as Chartered Accountants which misled the authorities …
CBDT further defers GAAR & GST reporting in Tax Audit Report Form-3CD till 31.03.2021 GAAR & GST reporting in Tax Audit Report deferred till 31.03.2021 Circular No. 10 of 2020 F. No. 370142/9/2018-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes …
Penalty u/s 271B deleted. Books of Accounts not finalised due to TDS credit mismatch despite assessee made sincere attempts for its rectification and resignation of accountant ABCAUS Case Law Citation:ABCAUS 3246 (2020) (02) ITAT The assessee had filed an appeal against the order of Commissioner of Income Tax …
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 …
Income Tax Department Bihar & Jharkhand, Patna has invited application from Chartered Accountants firms for empanelment as Auditors to carry out special Tax Audit u/s 142(2A) of Income Tax Act 1961 Last date is 8th February 2020 Empanelment of CA firms for Special Tax Audit u/s 142(2A) Eligibility …
No Penalty u/s 271B where assessee under bona-fide belief failed to get accounts audited u/s 44AB despite turnover exceeding threshold for sale/purchase of shares ABCAUS Case Law Citation:ABCAUS 3216 (2020) (01) ITAT In the instant case, the appeal had been filed at the instance of the Assessee against …
Penalty u/s 271B deleted for frequent change of Managing Director resulting delay in statutory audit causing delay in audit u/s 44AB within stipulated period. ABCAUS Case Law Citation: ABCAUS 2967 (2019) (05) ITAT Important Case Laws Cited/relied upon by the parties: Rajasthan Rajya Vidhyut Utpadan Nigam Ltd. vs. …
