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The Central Board of Direct Taxes (CBDT) has issued a clarification concerning the Audit Report Requirements outlined in Section 119 of the Income-tax Act, 1961, applicable to ‘Substantial Contributors’ in the Assessment Year 2023-24 via circular number 17/2023. This clarification primarily emphasizes the necessity of furnishing comprehensive information about ‘substantial contributors’ using either Form No. […]
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, […]
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 […]
On Tuesday CBDT (The Central Board of Direct Taxes) expanded the last date of income tax return (ITR) submitting for Assessment year 2021 -22 until March 15, 2022, for certain taxpayers who are entitled to an audit, said by the Ministry of Finance asked. “On consideration of difficulties reported by the taxpayers and other stakeholders […]
The investigation of the books of accounts of the assessee is called a tax audit which is done by the Chartered Accountant under the Income Tax Act 1961. Section 44AB functions through the situation beneath which the tax audit gets essential for specific assessments. The thought of the tax audit is to validate the preciseness […]
The Institute of Chartered Accountants of India (ICAI) has announced that a Unique Document Identification Number (UDIN) would be mandatory for all the certificates, GST and Tax reports, and all other audits, attest and assurance functions in phases for ICAI members and practising CAs. The last date for furnishing the tax audit report is 31st […]
The Chennai branch of the Income Tax Appellate Tribunal (ITAT) recently ruled that submitting the audit report required by section 44B of the Income Tax Act of 1961 together with the Income Tax Return will not result in a penalty. The amount specified in subclause 2 of the aforementioned section shall be deemed to be […]
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 […]
For corporations and individuals under Indian tax laws who were subject to tax audits, the deadline to file income tax returns is 31st October 2023, for the financial year 2022-23. Late fees will apply if taxpayers have not filed it by the due date. Note: In Explanation 2, sub-section (1), clause (a) describes how to […]
