Tax Audit Report due date is extended as per CBDT Press Release to 31st Oct

The Central Board of Direct Taxes has issued a notice dated 01st October 2015, extending the due date for filing returns of Income and Tax Audit Report for the entire country.CBDT states that some High Courts have ruled in favor of and some against the due date extension.CBDT is now extending the due date for the whole country in order to avoid the

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Tax Audit under Section 44AB – Changes for AY 14-15

An Assessee is liable to get his/her Tax Audit done by a Chartered Accountant mandatorily, if in the previous year,The Person is carrying on business and the Total Sales/Turnover exceeds  1 Crore(Limit increased w.e.f 1st April 2012) orThe Person is carrying on Profession, and the Gross Receipts exceed  25 Lakh(Limit increased w.e.f 1st Apri

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eFiling of Tax Audit Report made mandatory for AY 2013-14 onwards

As per the Notification No.34 dated 1st May 2013, e-filing of Tax Audit report is now mandatory from the AY 2013-14 onwards. As per Rule 6G, tax audit report is required to be furnished (efiling of Tax Audit) in Form 3CA & Form 3CB and the particulars that are required to be furnished along with these tax reports should be in Form 3CD.

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Penalty for Non Compliance of Section 44AB

The section 44AB states that any person carrying out business / Profession is required to get his audit done. This is applicable if S/He falls under the following category:Business – If the Gross Turnover exceeds Rs 1 Crore during any previous Year.Profession – If Gross Receipts exceed Rs 25 Lakh in any previous Year.If any person who falls und

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Number of tax audits limitation is increased from 45 to 60 for CA's

The Maximum number of Tax Audits Assignments under Section 44AB which can be taken by a CA has been increased from 45 to 60 by the ICAI Council in its 331st meeting held from 10th to 12th Feb 2014. (Refer: Official Announcement)Thus. if a firm has 4 partners, the maximum number of Tax Audits that can be taken by a firm in an assessment year would b

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Latest Changes in Tax Audit Report (Form 3CD)

Revised Tax Audit Report Form 3CDCentral Board of Direct Taxes vide notification no. 33/2014 dated 25.07.2014 has made amendments in Form 3CD which is further made applicable from the assessment year 2014-15. Revised Form 3CD has new some clauses as well as some old clauses being substituted by new clauses.Central Board of Direct Taxes has withdr

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