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

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Reassessment Initiated Based on Incorrect Non-Filing of ITR Alert from Insight Portal: Patna HC Quashes Demand [Read Order]

In a recent ruling, the Patna High Court quashed the income tax demand raised through reassessment proceedings which was completely based on...

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...

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

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

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

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...

Delhi High Court - Delhi HC - Disallowance - Disallowance of Deduction - Audit Report - File Audit Report - TAXSCAN

ITAT remands Assessment back to AO for Fresh Review due to Non-Receipt of Notices and Disputed Cash Payments [Read Order]

In the recent case, the Cuttack Bench of the Income Tax Appellate Tribunal (ITAT) partially allowed the assessee’s appeal, remanding the assessment for assessment year(AY) 2020-2021 back to the...

Penalty u/s 271B for Not Filing Audit Report: ITAT upholds Order [Read Order]

Recently the Income Tax Appellate Tribunal (ITAT) Chennai dismissed an appeal made for the deletion of penalty imposed under section 271 of the Income Tax Act 1961 (ITA), as ordered by the...

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