Tax Audit Applicability W.E.F.Financial Year 2020-21 The finance Bill, 2020 Introduced a major amendment to section 44AB regarding Tax Audit Applicability of the income tax act an extract as follows,
How to check scrutiny risk in Tax Audit Report? The due date of Income Tax Audit is 30th September, 2019 and all the taxpayers are busy finalizing their Income Tax Report. So, what the taxpayer should do in order to avoid scrutiny risk?
Is extension of due dates – A tool of politics in India As an Consultants in the industry, I realize that the main reason of extension of due dates of filing of tax returns in every year is due to Interest of Balance tax paid under Section 234A which is tax paid by the due […]
Tax Audit Sec 44AB limit for Business is 1 Crore or 2 Crore? The Finance Act, 2021 has increased the threshold limit of turnover for tax audit u/s 44AB from Rs. 5 crores to Rs. 10 crores where cash transactions do not exceed 5% of total transactions.