Post by: Renu Suresh in Income Tax News
Reporting of GAAR, GST Details in Tax Audit Report Deferred In view of the prevailing situation due to Covid-19 pandemic across the country, the Central Board of Direct Taxes (CBDT) announced that the Companies will not be required to undertake…
Post by: Arnold Thomas in Government Initiatives Income Tax
Tax Audit Applicability - Post Budget 2020 An examination and assessment of books of accounts of an entity/ organization carrying on business or profession are termed as ‘Tax Audit’. Section 44AB of the Income Tax Act contains provisions relating to…
Post by: Arnold Thomas in Government Initiatives
Reduction in Corporate Tax - SMEs to Benefit A tax cut has recently been announced by the government, for companies in India which have an annual turnover of anywhere between ₹250 crore and ₹400 crore. The rate of taxation has…
Post by: Sreeram Viswanath in Compliance Income Tax
Section 44AB of Income Tax Act Section 44AB of the Income Tax Act contains provisions pertaining to the tax audit under the Income Tax Audit. A tax audit is an examination of a taxpayer's books of accounts. The examination is…
Post by: Sreeram Viswanath in Government Initiatives Income Tax
Section 271B - Income Tax Act Section 271B of the Income Tax Act imposes a penalty on taxpayers for not getting accounts audited or failure to furnish a tax audit report. The penalty under Section 271B is imposed on defaulting…
Post by: IndiaFilings in Compliance Income Tax
Tax Audit - Meaning and Applicability A tax audit is an audit of books of accounts conducted for ensuring compliance with the provisions of the Income Tax Act. In the case of corporates, the Companies Act already mandates that an…