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 ...

Who needs to file a tax audit report? If the turnover, sales or gross receipts of a business are over Rs 2 crore in a financial year, the owner of the enterprise needs to file an audit report. The ...

The Karnataka High Court set aside an order invalidating a return for alleged non-compliance with Section 44AB audit requirements and directed a fresh hearing on whether turnover actually exceeded ₹10 ...

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 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 government on Thursday extended the deadline for the filing of tax returns that were due on September 30, 2015 by a month to October 31, 2015. “The issue of extension of last date for e-filing ...