Notifications

The Central Board of Direct Taxes(CBDT) has notified Procedure for compulsory selection of returns for Complete Scrutiny during FY 2023-24.

CBDT Notifies Procedure for compulsory selection of returns for Complete Scrutiny during FY 2023-24

News

A compliance audit checklist is a tool used by external or internal auditors to analyse and verify an organization's conformance to government legislation, industry standards, or its own policies.

Excel Sheet for Compliance checklist for audit of Company Entities

Articles

Also Check INCOME TAX READY REFERENCER 2.0 Ebook

Tax audit, as the name implies, is an inspection or review of the accounts of any business or profession carried out by taxpayers from an income tax standpoint.

Important Summary from Business Profession Head useful for TAR

Have you been working a second job? Income-Tax Department has been delivering notices to a number of professionals who have neglected to record additional incomes above their normal salaries on their tax returns.

Income Tax Department started sending notices to moonlighting professionals

Judgement

The ITAT Delhi has held that Profit ratio of 8% as per Section 44AD is not sacrosanct when higher Profit ratio is estimated by AO on basis of Books.

Profit ratio of 8% as per Section 44AD is not sacrosanct when higher Profit ratio is estimated by AO on basis of Books [ITAT]

The ITAT Kolkata in the matter of Saraswati Gupta vs. Income Tax Officer has levied penalty u/s 271A for not maintaining books and u/s 271B for not getting Tax Audit.

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CBDT Notifies Procedure for compulsory selection of returns for Complete Scrutiny during FY 2023-24

Excel Sheet for Compliance checklist for audit of Company Entities

Important Summary from Business Profession Head useful for TAR

Income Tax Department started sending notices to moonlighting professionals

Profit ratio of 8% as per Section 44AD is not sacrosanct when higher Profit ratio is estimated by AO on basis of Books [ITAT]

ITAT confirms both penalty u/s 271A for not maintaining books and u/s 271B for not getting Tax Audit