Tax audits play a significant role in income tax compliance in India, governed by Section 44AB of the Income Tax Act, 1961. Businesses with sales or turnover exceeding Rs 2 crore, professionals with ...

New Delhi: The Central Board of Direct Taxes (CBDT), under the Department of Revenue, Ministry of Finance, has extended the deadline for filing income tax returns for Assessment Year (AY) 2022-23 till ...

The due date for filing tax audit reports for fiscal 2021-22 has been extended by 7 days, the Income Tax Department announced on Friday. The last for filing tax audit reports has been extended to 7 ...

The Gujarat High Court has rejected a plea seeking further extension of the due date for the filing of income tax (I-T) returns by businesses and professionals covered under Section 44AB of the I-T ...

Think of a tax audit as a financial vibe check. Just like a company’s accounts are verified, income-tax authorities asks certain businesses and professionals to get their books audited by chartered ...

Taxpayers who are meant to get their accounts audited have only one week left to file their income tax return (ITR) for AY 2024-25. The last date to file income tax return for these taxpayers is ...

Please let me know whether tax audit u/s. 44AB read with section 44AD is applicable for A.Y. 2021-22, for claiming loss from futures & options (derivatives) business of ₹1 lakh on turnover of ₹5 lakh ...

The Koramangala Club has escaped the taxman’s axe. In 2009, the IT Department had acted under Sec 44AB and 271B of the Income Tax Act. Under the former, it held that Koramangala Club had not followed ...