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In response to a plea filed by KTC (India), a travel & tour’s operator, against the Special Audit notice of GST, the Delhi High Court has recently issued a notice asking Centre to declare Rule 5A of the Service Tax Rules, 1994 as unconstitutional and inoperative.
The auditor failed to file the audit report including the return of income the Ahmedabad bench Income Tax Appellate Tribunal ( ITAT ) ruled while asking to permit an exemption under section 11 of the Income Tax Act, 1961. In this matter, the taxpayer, Karma Falya Trust filed an income tax return for Assessment Year […]
There has been an alert given by the government of India regarding a counterfeit income tax notice that has been circulating from the online process. The tax notice, allegedly from the Income Tax Department, asks for payments for audited balance sheets through February 15, 2024. This notice, however, has been deemed fraudulent by the govt, […]
The Madras High Court (Madurai Bench) recently made a significant ruling in the case of M/s. Tvl. Diamond Shipping Agencies Pvt. Ltd. vs. Assistant Commissioner, Tuticorin [W.P. (MD) 6874 of 2023 dated August 29, 2023]. The court approved the writ petition and ruled that an assessment order cannot be issued without serving proper GST notice […]
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, […]
After the completion of an income tax audit, it’s essential for individuals to verify certain aspects to ensure the accuracy of the audit report. This verification is crucial to prevent potential penalties imposed by the income tax department due to inaccuracies in the report. Additionally, rectifying any errors may necessitate rehiring an auditor for a […]
On April 1st, 2024, the income tax department released the latest common offline utility for Form 3CA-3CD and 3CB-3CD. On the date 10th September 2021, the department has listed the first version of the form utility. Under Section 44AB of the Income-tax Act, 1961, Form 3CA-3CD is an audit report for the case in which […]
Since the plan of the tax authorities is deep dive into their business exercise to fetch the potential of a raft tax associated irregularities and thus the insurance companies might face GST audits. On the basis of fictitious invoices created by their channel partners and intermediaries, several insurance businesses are being investigated for improperly claiming […]
The new Forms 10B and 10BB that charity or religious trusts, institutions, universities, or other educational institutions must file in line with Sections 10(23C) and 12A of the Income Tax Act have been released by the Central Board of Direct Taxes (CBDT). Note: The Income tax department extends the due date for filing form 10B/10BB […]
