Tax Audit and Time Limits for completing a tax audit in New Income tax Act 2025 Tax Audit in New Income Tax Act 2025 : The Income-tax Bill, 2025 outlines specific time limits for completing a tax audit, which are connected to the financial year. The concept of a “tax year” is introduced in the new… Read More »
TAX ON PRESUMPTIVE BASIS IN CASE OF CERTAIN ELIGIBLE BUSINESSES OR PROFESSIONS [As amended by Finance Act, 2019] This Article discusses about Meaning of presumptive taxation scheme, Presumptive Taxation Scheme of Section 44AD, Section 44ADA, Section 44AE of Income Tax Act , For whom the presumptive taxation scheme of is designed?, Businesses not covered under… Read More »
Note : CBDT had extended the due date of furnishing ITR to 17th October but there was no clarity about Tax Audit Due Date . So clarification has been issued that Tax Audit date has also been extended. F. No. 225/195/2016-ITA II Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes… Read More »
Tax Audit [As amended upto Finance Act, 2015] What is Tax Audit ? The Income-tax Law requires the taxpayer to get the audit of the accounts of his business/profession from the view point of Income-tax Law. What is the objective of tax audit? One of the objectives of tax audit is to ascertain/derive/report the requirements of… Read More »
SECTION 44AB Whether sale of gas cylinder was to be included in turnover for purpose of section 44AB, Where assessee was appointed as a distributor on principal to principal basis for sale of gas cylinder to consumers ? Answer Yes. sale of gas cylinders by the appellant was liable to be included in the… Read More »