The tribunal held that once penalty is imposed for non-maintenance of books, a second penalty for non-audit cannot be levied. Levy of section 271B was held to be impermissible double ...

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 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 ...

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 ...

In a major relief for taxpayers in Karnataka and Rajasthan, the High Courts of both states have extended the deadline for filing Tax Audit Reports (TAR) under Section 44AB of the Income Tax Act, 1961.

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 ...