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The Central Board of Direct Taxes (CBDT) has announced an extension for the submission of various audit reports required under the IT Act, 1961, for the Assessment Year 2025-26. The new deadline for filing tax audit reports has been moved from the previous date of September 30, 2025, to October 31, 2025. In response to […]
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. […]
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 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 […]
The Institute of Chartered Accountants of India (ICAI) has announced that a Unique Document Identification Number (UDIN) would be mandatory for all certificates, GST and Tax reports, and all other audits, attest and assurance functions in phases for ICAI members and practising CAs. The revised due date for furnishing the tax audit report was 10th […]
For the tax audit report (TAR), CBDT has extended the last date to November 10, 2025, and the income tax filing return (ITR) to December 10, 2025, for specified tax audit cases. Specific classes of taxpayers are skipped by the income tax department from this extension, which implies that those excluded will still need to […]
