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?
Things you must know about tax audit 1. As per the provisions of section 44AB/44AD of the Income Tax Act, 1961, every person carrying a business whose turnover exceeds Rs.1 Cr./ 2 Cr. (as the case may be) or carrying a profession whose receipts exceeds Rs. 50 Lakhs in the financial year 2017-2018,Must get his […]
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? Tax Audit Sec 44AB means an inspection of books of accounts by some officials or some specified persons for the purpose of establishing the fact that the accounting records present a true and fair view.
Transfer Pricing- Aggregation of Transactions for Benchmarking Aggregation of transactions or ‘blended Transaction approach’ is a nicely-widely wide-spread exercise for benchmarking and resolution of arms’ period price of global transaction/ exact domestic transactions in switch Pricing Certification and assessments and is broadly upheld in many judgements.