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With the approaching due date for Income Tax Audit Report filing, taxpayers and their hired professionals are excessively occupied with the task of completing the Income Tax Reports. While some are busy bundling the documents others are struggling to accurately file the compliance. Tax Audit Reports are submitted by taxpayers whose annual turnover is more […]
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 […]
For providing the tax audit reports within the due date of September 30, 2024, professionals and taxpayers are tussling with technical problems on the e-filing portal of the income tax department. Around late September 17, 2024, the problem has been started when many users notified being not able to upload the tax audit reports because […]
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. […]
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 […]
This post will simplify the list of all important documents that must be required for an income tax audit. To comply with income tax audit requirements, individuals earning income from their businesses or professions must keep various records. These records encompass items such as accounting books, cash registers, ledgers, and journals. Moreover, it is essential […]
What is a Company Auditor Report? The audit report is a critical deliverable for every organization since it reveals the final outcomes of the whole audit process. Users of financial statements, such as investors, lenders, customers, and others, base their judgments and plans on an enterprise’s audit reports. An audit report is always important in […]
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 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 […]
