Read all Latest Updates on and about Section 44AB of the Income Tax Act

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Advance Tax Deadline for FY 2025-26 Falls on June 15, Mandatory for those with Tax due Over Rs. 10,000

Saagarika Gopinath

Attention readers, at 11:04 AM today, the Income Tax Department, through its Twitter handle, reminded taxpayers that the deadline for the first...

Cause of Delay should be Considered rather than Length of Delay for Condonation: ITAT Remands 44AB...

Reassessment Initiated Based on Incorrect Non-Filing of ITR Alert from Insight Portal: Patna HC...

Automation and AI Cannot Disregard Natural Justice: Bombay HC on CPC Rejecting ITR Without Reasoning...

CBDT Updates Form 3CD: New Disclosure Rules for MSME Payments, Share Buybacks, and Loans [Read...

Chartered Accountants are the Best and Only Suited Professionals for Income Tax Audits, says ICAI President

The 73rd President of the Institute of Chartered Accountants of India ( ICAI ), CA Charanjot Singh Nanda, has strongly stated that only Chartered Accountants (CAs) are qualified to conduct tax...

ICAI - CA - Income Tax Audits - Chartered Accountants - taxscan

CBDT Extends Deadline for Filing Form No. 56F Until March 31, 2025 [Read Circular]

The Central Board of Direct Taxes ( CBDT ) under the Ministry of Finance issued Circular No. 2/2025 dated February 18, 2025, announcing an extension of the due date for filing Form No. 56F under the...

ITAT quashes Penalty u/s 271B, Holds 'Reasonable Cause' for Delay in Tax Audit [Read Order]

The Income Tax Appellate Tribunal (ITAT), Pune Bench, has quashed the penalty imposed under Section 271B of the Income Tax Act on a cardiologist, for the assessment year 2018-19. The Tribunal ruled...

Ceiling on Tax Audits in India for Chartered Accountants

Tax Auditing Auditing is the systematic examination of financial statements to verify compliance with regulatory standards and internal controls. It plays a major role in every firm, ensuring...

Ceiling on Tax Audits - Tax Audits - Tax Audits in India - India - Chartered Accountants - Chartered Accountant in India - taxscan

Case Digest on Delay in Filing Audit Report under Income Tax Act

This case digest provides an analytical summary of judgments and observations related to delays in filing audit report under Income Tax Act that were reported in Taxscan.in What is an Audit...

GST cannot be included while computing Deemed Income u/s 44B: ITAT [Read Order]

The Mumbai Bench of the Income Tax Appellate Tribunal ( ITAT ) held that, Goods and Services Tax should not be added while computing Deemed Income under Section 44AB of the Income Tax Act, 1961. ...

No Disallowance of Deduction u/s 80-IA(7) solely on Failure to Digitally File Audit Report: Delhi HC [Read Order]

The Delhi High Court has ruled that a deduction under Section 80-IA(7) of the Income Tax Act cannot be denied solely because the assessee failed to digitally file an audit report. In the case, the...