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The Chandigarh Chartered Accountants Taxation Association (CCATAX) has reached out to the Central Board of Direct Taxes (CBDT) to request an extension on the deadline for filing income tax returns and completing tax audits for the financial year 2025-26. Data mismatches between AIS and Form 26AS, server crashes, session timeouts, etc, are the problems that […]
Businesses in India should be required to undergo audits so as to ensure that they are following the financial laws and regulations. Companies and professionals every year would be required to file their financial details in particular formats, like the Tax Audit Report. The same procedure involves intricacy since it deals with lengthy documents and […]
The Delhi High Court ruled in an important decision to finalise an audit report without duly considering the reply of the taxpayer breaches the mandate of Rule 101(4) of the Central Goods and Services Tax (CGST) Rules, 2017. Towards the rule, the court delivers clarity. The applicant, Dhruv Medicos Pvt Ltd., is in the business […]
The Orissa High Court ruled that the benefit of the exemption claim under Section 12A of the Income Tax Act, 1961, should not have been rejected solely on the ground of delay in filing the audit report. The Society for Training Action Research filed a petition challenging the ruling that dismissed its request for condonation […]
The Chandigarh bench of the Income Tax Appellate Tribunal (ITAT), Section 263 of the Income Tax Act, 1961, which authorizes the Principal Commissioner of Income Tax (PCIT) to modify assessments, cannot be invoked based on an audit objection. The taxpayer Vaneet Gupta, in March 2018, was provided an income tax notice under section 148 asking […]
EEPC India with the successful start of the faceless assessment via the income tax department has asked the government to start a faceless GST audit concentrating on empowering the MSME sector. Through the use of technology and obscurity, the faceless GST audit system will lessen the costs of compliance. A faceless system shall ease the […]
As per the Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT), it said that Section 271B penalty of the Income Tax Act, 1961 is applicable merely when the accounts are not audited as mandated u/s 44AB not just for the late submission of the audit report. The taxpayer Vardhabhai Jethabhai Patel, is an individual […]
In this article, we explore the role of Internal Audit and why it’s important for corporate governance and efficient business management. Internal Audit acts as an independent function that regularly checks how a business is running. It helps identify areas for improvement and enhances the overall management of the organization. This process includes assessing risks […]
Various experts cited the Centralised Processing Centre (CPC) of the income tax department as making errors in the ITR processing. A representation has been sent by the Karnataka State Chartered Accountants Association (KSCAA) to the CBDT in the same concern. The representation of the KSCAA cited that the CPC has made a mistake in acknowledging […]
