To facilitate faster clearance of refunds for the 2022-23 fiscal, the income tax department on 23 September asked taxpayers to respond to intimation from the I-T department regarding outstanding demands of previous years. The department in a post on ‘X’ said after a few taxpayers took to social media about receiving intimation from the I-T […]
The Direct Taxes Committee of the Institute of Chartered Accountants of India (ICAI) has taken an initiative of updating the ‘Guidance Note on Tax Audit under section 44AB of the Income-tax Act, 1961’. This Guidance Note provides a comprehensive roadmap to navigate the complexities of tax audit in a strategic and informed manner and also […]
Question 1: Who is required to file Form 27C on E-filing portal, buyer or seller? Resolution: The Seller is required to file Form 27C on E-filing portal. Question 2: How can buyer furnish the declaration to seller under section 206C(1A) for obtaining goods without collection of tax? The Buyer is required to manually fill Part-I […]
CBDT has released draft Form No. 6C (form for inventory valuation report). It is requested that all stakeholders as well as the general public may provide their suggestions / comments on draft Form No. 6C and send them at the email address [email protected] latest by 31.08.2023.
Direct Tax Committee of ICAI has issued Exposure Draft – Guidance Note on Tax Audit u/s 44AB of the Income Tax Act, 1961. The Committee invites comments on this Exposure Draft. The comments can be sent to [email protected] not later than 06.08.2023.
The Taxation Audits Quality Review Board department of the The Institute of Chartered Accountants of India (ICAI) has published QUICK REFERENCE FOR TAX AUDIT UNDER SECTION 44AB OF THE INCOME TAX ACT, 1961 for Assessment Year 2023-24 and onwards subject to change in laws after the date of publication. First Edition – July, 2023
Form 3CA-3CD: Audit report under section 44AB of the Income -tax Act, 1961, in a case where the accounts of the business or profession of a person have been audited under any other law and Statement of Particulars required to be furnished under Section 44AB of the Income-tax Act, 1961 Form 3CB-3CD: Audit report under […]
The Central Board of Direct Taxes has enabled the Common Offline Utility for filing Income-tax Returns ITR 1, ITR 2, ITR 3 and ITR 4 for the Assessment Year 2023-24. Taxpayers can download the ITR Offline Utility through the “Downloads” Menu option, and fill and file the ITR through the same. ITR-1 For individuals being […]
Directorate of Income Tax (Systems) has published Version 1.0 in May 2023 of the User guide for submitting response to notices and letter under e-verification scheme, 2021. Contents of the user guide is – 1. About this Document 1.1 Purpose 1.2 Document Conventions 2. Intended Audience 3. Overview 3.1 About Project insight 3.2 About Compliance […]
Following handbook on income tax is being published by ICAI – 1. Treatise on Section 194-R under Income Tax Act, 1961 2. Income Tax – Tax Collected at Source 3. Taxation of Private Trust of Income Tax Act, 1961 4.Treatise on Report on Income Tax Dues 5. Disallowance of expenses under the head income from […]