News

The Direct Taxes Committee of ICAI has released the eleventh edition of a publication titled "Guidance Note on Tax Audit under Section 44AB of the Income-tax Act, 1961 (Revised 2026)." 

ICAI Releases Eleventh Edition of Guidance Note on Tax Audit under Section 44AB of Income Tax Act, 1961 (Revised 2026)

Judgement

The ITAT Chennai has deleted a penalty of Rs 1.50 lakh imposed under Section 271B of the Income Tax Act on Tamil Sports & Recreation Club for failure to obtain a tax audit report. 

ITAT Rules Mutuality Based Club's Liquor Supply to Members Cannot Automatically Trigger Tax Audit Penalty

The ITAT held that the belated filing of the tax audit report was a technical breach since it was submitted before reassessment was completed and considered by the AO.

Section 271B Penalty Is Unsustainable Since AO Considered Tax Audit Report Before Completing Reassessment, Holds ITAT

The ICAI has issued an Exposure Draft of its Guidance Note on Tax Audit under Section 44AB, outlining audit procedures, reporting requirements, and compliance obligations for businesses and professionals.

ICAI Releases Exposure Draft of Guidance Note on Tax Audit Under Section 44AB of Income Tax Act

Articles

Important Income Tax Deadlines for FY 2026-27

The ICAI has introduced a dedicated dashboard at the UDIN Portal to facilitate Chartered Accountants' tracking of their tax audit assignments more clearly in a single place. 

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ICAI Releases Eleventh Edition of Guidance Note on Tax Audit under Section 44AB of Income Tax Act, 1961 (Revised 2026)

ITAT Rules Mutuality Based Club's Liquor Supply to Members Cannot Automatically Trigger Tax Audit Penalty

Section 271B Penalty Is Unsustainable Since AO Considered Tax Audit Report Before Completing Reassessment, Holds ITAT

ICAI Releases Exposure Draft of Guidance Note on Tax Audit Under Section 44AB of Income Tax Act

Important Income Tax Deadlines for FY 2026-27

ICAI Develops Dedicated Dashboard at UDIN Portal For Real-Time Tax Audit Limit Tracking And Assignment Monitoring