TAX AUDIT

ITR Filing Update: A big update came on the file income tax return

Finance Ministry has recently extended the deadline for filing income tax returns (ITR) for the assessment year 2022-23 by businesses till November 7. This is the third extension granted for the filing of tax returns where an audit is required. The original date was September 30, 2022, which was extended to October 7 and further …

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Remuneration From Partnership Firm Can Not Be Included in Gross Receipts For The Purpose Of Tax Audit: Bombay High Court

Case: Perizad Zorabian Irani v. PCIT Court: Bombay High Court Judgement Summary: The petitioner is an actress shown her professional income and also remuneration from two partnership firms in her return of income. The professional income being less than prescribed limit petitioner has not obtained the tax Audit report. The Assessing Officer held that though …

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What Are Form No. 3CA/ 3CB And 3CD Under Income Tax?

​​​​​The report of the tax audit conducted by the chartered accountant is to be ​furnished in the prescribed form. The form prescribed for audit report in respect of audit conducted under section 44AB​ is Form No. 3CB and the prescribed particulars are to be reported in Form No. 3CD. In case of persons covered under …

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Breaking: Want To Get Quick Resolution From Income Tax Department? Read This Article

The Income Tax Department has notified email format for sharing queries with help-desk emails. Two new emails namely ITR.helpdesk@incometax.gov.in (for ITR-1 to ITR-7) and TAR.helpdesk@incometax.gov.in (for 3CA-3CD, 3CB-3CD) have been launched. The taxpayers are requested to share the relevant details at these emails. This advisory is mentioned at the Income Tax Portal. Email Format for …

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Income Tax: FAQs On Form 3CA-CB/ Form 3CB-CD

FAQ 1: While submitting Form 3CB-3CD, “Unique Document Identification Number (UDIN)” page is displayed. Though we have duly taken UDIN before uploading the tax audit report, I am not able to add the UDIN details. Should I select “I do not have UDIN / I will update later” instead? Ans: This feature is presently not …

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CBDT Issues Clarification On Form 10CCB Of Income Tax Act

CBDT Issues Clarification On Form 10CCB Of Income Tax Act

CBDT has issued a clarification on Form 10CCB on 12th January 2022. The clarification reads as under: To avoid errors in form filing and verification, kindly ensure that following points are considered: 1.) Please assign Form 10CCB to respective Chartered Accountant(CA) from “My CA” functionality 2.) Once CA successfully submits the form, taxpayer can accept/reject …

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Clause 13 of Tax Audit – Points to be reported -Difference between ICDS Vs Accounting Standards

ICDS were issued and implemented w.e.f FY 2016-17 by the Government of India in exercise of the power conferred to it under 145(2) of Income Tax Act, 1961. In order to ensure adequate compliance, Form 3CD was amended by insertion of  Clause 13 for the Tax Auditor to verify the compliance. Clause 13 (d) to …

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GSTR 9C Extended

The due date for furnishing annual return in FORM GSTR-9 & self-certified reconciliation statement in FORM GSTR-9C for the financial year 2020-21 has been extended from 31.12.2021 to 28.02.2022. Notification No.40/2021-Central Tax dated 29.12.2021 to this effect has been issued. Now, the due date is perfectly aligned w.r.t the Tax audit due date. Seems like …

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Breaking: CBDT Launches Common Offline Utilities for Filing Tax Audit Reports

Breaking: CBDT Launches Common Offline Utilities for Filing Tax Audit Reports

Common Offline Utilities for filing Statutory Income-tax forms (Enabled for Form 3CA-CD & 3CB-CD): The form is enabled for AY 2021-22 and AY 2020-21, prior years would be available shortly. This version can be used for Tax Audits in cases not involving large number of records. The next version will have CSV import/upload to accommodate …

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MOST IGNORED CLAUSE OF TAX AUDIT : CLAUSE 22 OF FORM-3CD

Background –This clause was inserted by the Central Board of Direct Taxes through its Notification No. 36/2009 dated 13-4-2009, in the Form No.3CD in Appendix II of the Income-tax Rules, 1962.Clause 22 of Form-3CD : Interest Paid to MSME Creditors The tax auditor is required to state the amount of interest inadmissible under section 23 …

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ICAI

Mandatory updation of UDINs in all Income Tax Forms at e-filing Portal

UDIN Directorate The Institute of Chartered Accountants of India 12th May, 2021 ANNOUNCEMENT Mandatory updation of UDINs in all Income Tax Forms at e-filing Portal Members are aware that the CBDT vide its press release dated 26th November 2020 has mandated the validation of the Unique Document Identification Number (UDIN) generated from ICAI portal in …

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no outages in the Aadhaar – PAN/EPFO linking facility. All its services are stable and functioning fine.

CBDT and CBIC has Extended Due Dates for Various Returns/ Reports

CBDT and CBIC has Extended Due Dates for Various Returns/ Reports Due Dates Extended by the CBDT (1.) The due date for furnishing of Income Tax Returns for the taxpayers (including their partners) who are required to get their accounts audited [for whom the due date (i.e. before the extension by the said notification) as …

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Employee’s Contribution – Employer’s Income

Employee’s Contribution – Employer’s Income

While auditing the statutory payments, the foremost thing we focus on is whether the EPF & ESI contributions of employees were paid into the respective Govt. A/cs within the due date or not. What if the employer hasn’t deposited the same within the due date? Would there be any consequences for such a small thing? …

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MOST IGNORED CLAUSE OF TAX AUDIT : CLAUSE 22 OF FORM-3CD

Background –This clause was inserted by the Central Board of Direct Taxes through its Notification No. 36/2009 dated 13-4-2009, in the Form No.3CD in Appendix II of the Income-tax Rules, 1962.Clause 22 of Form-3CD : Interest Paid to MSME Creditors The tax auditor is required to state the amount of interest inadmissible under section 23 …

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