Clipped from: https://taxguru.in/income-tax/practical-guide-presumptive-taxation-book-keeping-audit-sections-44aa-44ab-44ad-44ada.html For India’s small and medium enterprises (SMEs) and professionals, mastering the provisions of Sections 44AA, 44AB, 44AD, and 44ADA is fundamental to ensuring
Category: Income Tax
Tax audit deadline moved to Oct 31: Who needs to follow process, why | Personal Finance – Business Standard
Clipped from: https://www.business-standard.com/finance/personal-finance/tax-audit-deadline-moved-to-oct-31-who-needs-to-follow-process-why-125092600558_1.html Tax audit deadline: One month more give to businesses and professionals after representations from industry groups When Tax audit Last Date Listen to
Thinking of withdrawing large amount of cash? Here’s when taxes can kick in | Personal Finance – Business Standard
Clipped from: https://www.business-standard.com/finance/personal-finance/thinking-of-withdrawing-large-amount-of-cash-here-s-when-taxes-can-kick-in-125100700845_1.html If you’re planning large cash withdrawals, be mindful of the TDS rules under Section 194N – your bank could deduct tax once your
Section 54F: The little-known route to saving big on capital gains tax | Personal Finance – Business Standard
Clipped from: https://www.business-standard.com/finance/personal-finance/section-54f-the-little-known-route-to-saving-big-on-capital-gains-tax-125100700864_1.html A closer look at Section 54F, the legal tax strategy letting Indians cut capital gains tax by reinvesting sale proceeds into residential property
Asset split in divorce: Courts presume equal ownership of joint assets | Personal Finance – Business Standard
Clipped from: https://www.business-standard.com/finance/personal-finance/asset-split-in-divorce-courts-presume-equal-ownership-of-joint-assets-125100900949_1.html They increasingly recognise the wife’s non-monetary contributions such as homemaking and childcare when dividing assets Delhi HC rules husband cannot claim sole ownership
*******Taxability of Futures and Options (F&O) Transactions under the Income Tax Act, 1961
Clipped from: https://www.caclubindia.com/articles/taxability-of-futures-and-options-fo-transactions-under-the-income-tax-act-1961-53991.asp This document outlines the tax treatment of Futures and Options (F&O) transactions under the Income Tax Act, 1961, for FY 2024-25 (AY 2025-26),
*******Turnover Calculation for Speculative & Non-Speculative Transaction U/s. 44AB
Clipped from: https://taxguru.in/income-tax/turnover-calculation-speculative-non-speculative-transaction-sec-44ab.html Tax Audit Applicability under section 44AB Tax audit is applicable to certain classes of individuals which are mentioned under section 44AB of the
*******Comprehensive Clause-by-Clause Guide to Tax Audit Form 3CD
Clipped from: https://taxguru.in/income-tax/comprehensive-clause-by-clause-guide-tax-audit-form-3cd.html Introduction Form 3CD is the Statement of Particulars prescribed under Rule 6G(2) of the Income-tax Rules, 1962, to be furnished along with the
*******Audit Criteria for Business & Profession (Section 44AB) AY 2024-25
Clipped from: https://taxguru.in/income-tax/audit-criteria-business-profession-section-44ab-ay-2024-25.html Introduction: Understanding the audit requirements for businesses and professions under the Indian Income Tax Act is crucial for compliance and efficient financial management. Section
*******FORM 3CD: Applicability, Format and Key Tax Audit Clauses
Clipped from: https://cleartax.in/s/form-3cd#h4 Form 3CD is the annexure provided with the tax audit reports Form 3CA and Form 3CB furnished by the Chartered Accountant under section
*******Turnover, Balance Sheet, and P&L – Varsity by Zerodha Varsity by Zerodha
Clipped from: https://zerodha.com/varsity/chapter/turnover-balance-sheet-and-pl/?utm_source=perplexity 6.1 – Turnover & Tax Audit In the previous chapter, we discussed briefly on tax audit, and when it is required if you
*******Form 3CA-3CD User Manual | Income Tax Department
Clipped from: https://www.incometax.gov.in/iec/foportal/help/statutory-forms/popular-form/form3ca-3cd-um 1. Overview To discourage tax avoidance and evasion, the requirement of a tax audit was introduced by the Finance Act of 1984, by
*******Tax Audit Forms 3CA, 3CB, 3CD & 3CE Explained – Tax2win
Clipped from: https://tax2win.in/guide/tax-audit-forms-3ca-3cb-3cd-3ce A tax audit is a detailed review of a taxpayer’s financial records conducted by a Chartered Accountant to verify compliance with income tax
Incometax Website
Frequently Asked Questions https://incometaxindia.gov.in/Pages/faqs.aspx?c=13&k=FAQs+on+filing+the+return+of+income&utm Frequently Asked Questions Turn on more accessible mode Turn off more accessible mode Sign In x The Income Tax Department NEVER
*****Turnover limit for Tax audit is Rs. 1 crore or Rs. 10 crore under section 44AB of the Act – Taxontips
Clipped from: https://www.taxontips.com/turnover-limit-for-tax-audit-is-rs-1-crore-or-rs-10-crore-under-section-44ab-of-the-act/ Section 44AB deals with the limit for conducting Tax audit under the Income Tax Act. For Individual, HUF and firm they can skip
*****Many property sellers have to pay 3.5 times more TDS and TCS due to issues with Income Tax TDS, TCS rules; Five such I-T rules need overhaul – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/many-property-sellers-have-to-pay-3-5-times-more-tds-and-tcs-due-to-issues-with-income-tax-tds-tcs-rules-five-such-i-t-rules-need-overhaul/articleshow/124362089.cms Simplifying Income-tax Rules: Practical Suggestion for TDS Reform (Representative image) The Income-tax Act, 2025 (New Act) marked a historic shift from the Income-tax
Declaring business or F&O income below 6% of turnover? Tax audit report may be mandatory – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/declaring-business-or-fo-income-below-6-of-turnover-tax-audit-report-may-be-mandatory/articleshow/124403900.cms If you are declaring your business or F&O income / loss less than 6% of your turnover then you can be required to
TDS mismatch can’t cost you Rs 1 crore: ITAT Mumbai quashes tax demand on Form 26AS – BusinessToday
Clipped from: https://www.businesstoday.in/personal-finance/tax/story/tds-mismatch-cant-cost-you-rs-1-crore-itat-mumbai-quashes-tax-demand-on-form-26as-497494-2025-10-09 The case involved a taxpayer with income exceeding Rs 20 crore and TDS claims of over Rs 4.8 crore. However, the Central Processing
‘Taxpayers paying twice…’: Expert flags TDS credit anomalies under new Income Tax Act – BusinessToday
lipped from: https://www.businesstoday.in/personal-finance/tax/story/taxpayers-paying-twice-expert-flags-tds-credit-anomalies-under-new-income-tax-act-497306-2025-10-08 While the new Income-tax Act promises clarity and simplicity, several procedural rules remain stuck in the past. Expert warns that unresolved TDS credit
*******Turnover limit for Tax audit is Rs. 1 crore or Rs. 10 crore under section 44AB of the Act – Taxontips
Clipped from: https://www.taxontips.com/turnover-limit-for-tax-audit-is-rs-1-crore-or-rs-10-crore-under-section-44ab-of-the-act/ Section 44AB deals with the limit for conducting Tax audit under the Income Tax Act. For Individual, HUF and firm they can skip
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