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Tax Audit u/s 44AB Not Applicable When Turnover is Below ₹60 Lakh: ITAT Deletes Addition [Read Order]

Franklin Joshva

The Jaipur Bench of the Income Tax Appellate Tribunal (ITAT) deleted the addition for business loss claim from derivative trading observing that tax...

Items Reportable in Tax Audit Report & Key Clauses of Form 3CD [Checklist Here]

[Breaking] Karnataka HC Directs CBDT to Extend Tax Audit Due Date to 31st October 2025

Judicial Powers vs. Statutory Deadlines: Can High Courts Extend Due Dates under Income Tax

Relief to Axis Finance Ltd: ITAT Allows Club Membership Fees for Employees incurred as Business...

ITR for Loans: Your Essential Guide to Income Tax Return Requirements for Bank Loan Applications

Applying for a bank loan in India, whether a personal loan, home loan, or business loan, can often feel like navigating a complicated maze of paperwork and documentation. Among the essential...

ICAI releases Guidance Note on Tax Audits - 2025 Edition

The Institute of Chartered Accountants of India (ICAI) today released the much-anticipated “Guidance Note on Tax Audit under Section 44AB of the Income-tax Act, 1961” (Revised 2025), the tenth...

Limit of 60 Assignments per CA/Partner: ICAI Officially Notifies New Tax Audit Cap from AY 2026-27 [Read Notification]

The number of tax audit assignments that a chartered accountant or each partner of a chartered accountancy firm may take on has been capped by updated guidelines published in the E-gazette by the...

Section 44AB Tax Audits: Do’s and Don’ts for Smooth Reporting

Every year, as tax filing season approaches, many firms and professionals face an important compliance step, which is a tax audit under Section 44AB of the Income Tax Act, 1961. Section 44AB of the...

CA Alert! ICAI Imposes Cap on Tax Audits Per Partner, No Signing on Behalf of Others Allowed

The Institute of Chartered Accountants of India ( ICAI ) has announced a major reform in tax audit regulations, introducing a strict cap on the number of tax audits that each Chartered...

[BREAKING] ICAI expected to Limit Tax Audits to 60 per Partner from FY 2026-2027

Support our journalism by subscribing to Taxscan premium. Follow us on Telegram for quick updates ICAI to Cap Tax Audits at 60 Per Partner Annually from FY27 Big changes are coming for...

Audit vs. Non-Audit Cases: Practical Filing Tips

Taxpayers in India are categorized into audit and non-audit cases based on their turnover, income sources, and compliance obligations. This distinction is important for ensuring appropriate...