Processing of ITR The process of filing income tax return (ITR) does not end at the verification stage. After an individual has verified his/her tax return, the income tax department starts processing the ITR. After the processing of ITR, the income tax department sends an intimation notice under section 143(1) of the Income-tax Act, 1961. …
The income tax department has imposed a ₹549 crore demand notice on Amazon Web Services (AWS), an arm of ecommerce major Amazon that offers cloud services, government officials aware of the development told ET. The notice sent to AWS is based on the taxman’s findings that the company was imposing a fee for offering cloud computing services …
Income Tax department issues Rs 549-crore tax demand notice– Check reason Read More »
Income Tax Return: The Income Tax Department may soon take strict action against those who give wrong information about their income in ITR. CBDT chief Nitin Gupta on Monday said that 68,000 cases have been taken up for e-verification by the Income Tax department for under- or under-reporting of income in tax returns for the …
Receiving a tax department notification may be a nightmare. Learn when you could get an income tax notice, why you might, and how to avoid it. A letter from the Income Tax Department may be distressing, mainly because many of us are unaware of what it means and what must be done in such a …
Top 5 Reasons for Receiving Income Tax Notices and How to Avoid Them! Read More »
Central Board of Direct Taxes (CBDT) has updated forms for Income Tax Return (ITR) and Indian Income Tax Return Acknowledgement, for the Assessment Year 2023-24, effective from April 01, 2023. The forms include ITR-1 SAHAJ, ITR-2, ITR-3, ITR-4 SUGAM, ITR-5, ITR-6, ITR-V and the Indian Income Tax Return Acknowledgement. The updated forms can be accessed at https://egazette.nic.in There …
Income Tax Return (ITR) forms FY 2022-23 (AY 2023-24) Big Changes Read More »
Income tax assessment is the process of verification of the information a taxpayer has provided in the returns submitted by a taxpayer to the income tax department. An assessment is carried out by the Income Tax department after the filing of an income tax return by an assessee. The purpose of conducting the assessment is …
The Reserve Bank of India had in 2021 made it mandatory for financial institutions having asset size of Rs 15,000 crore or more to undertake joint audits. Government is likely to implement phased roll-out for mandatory joint audit of companies, starting with “public interest entities” and large listed companies soon. The proposal, aimed at tightening …
Subject: Income Tax Demand Notice under section 143(1) due to mismatch of Tax credit for the Financial Year 2020-21 (AY 2021-22). Your kind attention is drawn where CPC, Bangalore had raised Income Tax demand under section 143(1) for the Financial Year 2020-21 (Assessment Year 2021-22) against some of the Army Officers. In this regard it …
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 …
ITR Filing Update: A big update came on the file income tax return Read More »
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 …
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 …
What Are Form No. 3CA/ 3CB And 3CD Under Income Tax? Read More »
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 …
Breaking: Want To Get Quick Resolution From Income Tax Department? Read This Article Read More »
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 …
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 …
CBDT Issues Clarification On Form 10CCB Of Income Tax Act Read More »
Today, the CBDT has extended the due date for filing income tax audit from 15th January 2022 to 15th February 2022. The due date for filing audited ITR has been extended from 15th February 2022 to 15th March 2022.
CBDT has revised income tax audit schema on 6th January 2022. The schema was previously updated on 3rd November 2021 and 2nd December 2021. This schema is containing following changes: To Download the PDF Containing Information About Change in Schema,
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 …
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 …
Presentation showing step by step guidance to upload income tax audit forms (Form 3CA/ 3CB- 3CD) on new income tax portal:
Here are the steps to add CA and assign for audit on new income tax portal:
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 …
Breaking: CBDT Launches Common Offline Utilities for Filing Tax Audit Reports Read More »
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 …
MOST IGNORED CLAUSE OF TAX AUDIT : CLAUSE 22 OF FORM-3CD Read More »
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 …
Mandatory updation of UDINs in all Income Tax Forms at e-filing Portal Read More »
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 …
CBDT and CBIC has Extended Due Dates for Various Returns/ Reports Read More »
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? …
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 …
MOST IGNORED CLAUSE OF TAX AUDIT : CLAUSE 22 OF FORM-3CD Read More »