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The Goods and Services Tax (GST) department typically initiates an audit when it detects discrepancies or suspicious activities, such as inconsistencies in GST returns or a significant mismatch between input and output tax credits. After completing the audit, a report is prepared, and a notice is issued to the taxpayer based on the findings. For […]
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 Delhi High Court, the deduction u/s 80-IA(7) of the Income Tax Act cannot be denied for the mere failure of the taxpayer to digitally file an audit report. It was noted by the bench of Justice Yashwant Varma and Justice Ravinder Dudeja that the audit report was duly provided to the AO and was […]
The Maharashtra SGST department has provided the norms on GST audits by the State GST officers dated 9th July 2024. To ensure constancy in audit procedures and easier transitioning the instructions were issued. GST Department of Maharashtra has Issued the below-mentioned Instructions- As per the old guidelines, the GST audit for the matter pertinent to […]
The auditor failed to file the audit report including the return of income the Ahmedabad bench Income Tax Appellate Tribunal ( ITAT ) ruled while asking to permit an exemption under section 11 of the Income Tax Act, 1961. In this matter, the taxpayer, Karma Falya Trust filed an income tax return for Assessment Year […]
There has been an alert given by the government of India regarding a counterfeit income tax notice that has been circulating from the online process. The tax notice, allegedly from the Income Tax Department, asks for payments for audited balance sheets through February 15, 2024. This notice, however, has been deemed fraudulent by the govt, […]
The Madras High Court (Madurai Bench) recently made a significant ruling in the case of M/s. Tvl. Diamond Shipping Agencies Pvt. Ltd. vs. Assistant Commissioner, Tuticorin [W.P. (MD) 6874 of 2023 dated August 29, 2023]. The court approved the writ petition and ruled that an assessment order cannot be issued without serving proper GST notice […]
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, […]
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 […]
