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Income Tax Portal Receives Over 30 Lakh Tax Audit Reports

IT 2.0 Portal Receives More Than 30 Lakh Tax Audit Reports Until 30th Sept 2023

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, […]

GST Notice to Maruti Suzuki India

GST Authority Issues Notice to Maruti Suzuki India on Tax Liability Under RCM

Maruti Suzuki India recently announced that it received a show-cause notice from the GST Authority. This notice outlines a demand for interest and penalty in addition to the appropriate tax already paid, totalling Rs 139.3 crore. The issuance of this notice is related to a tax liability, specifically concerning the reverse charge mechanism applied to […]

Must Check These Things After Completion of I-T Audit Report

Basic Key Components to Review After Income Tax Audit

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 […]

Offline DSC Utility is Now Available at Official Income Tax Portal

Tax Dept Unleashes Offline DSC Utility for Developing Signature File

The Income Tax Department has introduced a new tool called the Digital Signature Certificate (DSC) Management offline Utility for taxpayers, which is aimed at simplifying the process of e-verification of income tax returns. This utility has been released to alleviate the burden on taxpayers. Additionally, the department recently issued a set of frequently asked questions […]

Mumbai ITAT's Order for Vishnu Dattatraya Ponkshe

Mumbai ITAT: Income By Consultancy Services Can’t Be Subjected to Additional Taxation U/S 44ADA

No addition is to be incurred under section 44ADA of the Income Tax Act 1961 for the income made via the business of the consultancy service, The Income Tax Appellate Tribunal (ITAT) Mumbai bench ruled. The taxpayer being assessed had only completed their 10th standard education and lacked the qualifications to work as a legal, […]

Digitization and New Forms Boost Direct Tax Collection By 23.5%

Pre-Filled Tax Forms and Extensive Digitization Boost Tax Collection

The government has gathered Rs 8.65 trillion in direct taxes as of September 16, after accounting for tax refunds. This amount surpasses more than half of its yearly goal, as reported by the Central Board of Direct Taxes (CBDT). The direct taxes collected up to this point, which also include the initial two instalments of […]

Offline Utility Available for Tax Audit Report Forms (3CA-3CD & 3CB-3CD)

CBDT Introduces Offline Utility for 3CA-3CD & 3CB-3CD Tax Audit Report Forms

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 […]

IT Department Clarifies Mistaken Notices for Incorrect Claims U/S 80P

IT Dept Clarifies Tax Notice Mistakenly Sent for Incorrect Claims U/S 80P

Days after many income taxpayers were sent notices mistakenly for incorrect claims of tax deductions under Section 80P, the Income Tax Department clarified that the error was made. Responding to a query from a taxpayer, chartered accountant Nirav Choksi on X (formerly Twitter) said, the tax department assured that they would send an email communication […]

5 Lakh Taxpayers Get Intimations for Low Advance Tax

CBDT Sends Approx 5 Lakh Intimations for Lower Advance Tax Payment

Between April and August this year, around 500,000 taxpayers received intimations from the Income Tax department regarding their advance tax payments. The notifications were related to either zero or lower advance tax payments. After reviewing the significant transaction data for the former fiscal year and the first quarter of the current financial year the council […]

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