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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

News

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.

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

Recently, a viral message has been surfacing the internet that recipient has been been approved for an income tax refund of Rs.15,490.

Viral message claiming Income Tax Refund Approval of Rs.15,490 Fake

IT Depart. has planned to hire 50 young law and chartered accounting graduates on a temporary basis to help and assist departmental staff in preparing legal cases to be heard by ITAT.

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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

Viral message claiming Income Tax Refund Approval of Rs.15,490 Fake

Income Tax Department to hire 50 young professionals under Young Professional Scheme 2023