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The blog illustrates the role of balance sheet software in helping companies prepare clear audit reports. Preparing audit reports is a fundamental responsibility for any company. Such reports are essential for ensuring financial transparency, verifying compliance with regulatory standards, and fostering trust among stakeholders, including investors, lenders, and government authorities. Earlier, the audit process required […]
People are wondering whether the due date of Income Tax Returns (ITRs) and Tax Audit Reports (TAR) for September 15 will be extended by the government. CAs and professionals appealed to the Income Tax Department to permit the extension of the deadline during the peak of the filing season, to have precise and error-free compliance. […]
As per the Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT), it said that Section 271B penalty of the Income Tax Act, 1961 is applicable merely when the accounts are not audited as mandated u/s 44AB not just for the late submission of the audit report. The taxpayer Vardhabhai Jethabhai Patel, is an individual […]
Income Tax Appellate Tribunal (ITAT), Bangalore in a case where the appeal of the taxpayer was permitted by considering the Medical Certificate as adequate evidence for condonation of taxpayer’s filing delay of the audit report. The appellant Home of Peoples Empowerment Foundation has submitted an appeal against the impugned order of the income tax officer. […]
Over 30.75 lakh audit reports had been filed on the e-filing portal by the end of the due date on September 30, 2023. In this also included approximately 29.5 lakh tax audit reports for the assessment year 2023-24. These reports involved tax audit reports (TARs) as well as other audit reports in Form No. 29C, […]
The Income Tax Appellate Tribunal (ITAT), Mumbai has permitted the deduction under Section 11(1)(a) of the Income Tax Act, 1961 since there was the subsequent filing of the audit report including the Income Tax Return. The taxpayer, The Dadabhai Kavasji Tata School Trust is a charitable trust registered with Charity Commissioner, under the Income Tax […]
The income tax department has circulated the Availability of the audit report and the process flow towards audit reports in e-filing 2.0. The process flow towards the audit reports excluding Form 15CB and Form 10CCB poses that the assessee needs to add CA in My CA functionality beneath the assessee login. When a CA is […]
The high court of Gujarat has asked the Central Board of Direct Taxes ( CBDT) to fix the technical problems which has been faced by the taxpayers while filing the Tax Audit Report (TAR ) and Income tax returns (ITR), warning to expand the deadline to March 15 in case the job is not been […]
The investigation of the books of accounts of the assessee is called a tax audit, which is done by a Chartered Accountant under the Income Tax Act 1961. Section 44AB functions through the situation under which the tax audit becomes essential for specific assessments. The purpose of the tax audit is to validate the accuracy […]
