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
Category: Seven Star
*******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
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
*******Pre-Show Cause Consultation Mandatory for Service Tax Demands Exceeding ₹50 Lakhs under CBEC Circulars: Bombay HC [Read Order]
Clipped from: https://www.taxscan.in/top-stories/pre-show-cause-consultation-mandatory-for-service-tax-demands-exceeding-lakhs-under-cbec-circulars-bombay-hc-1434398 The Bombay High Court ruled that pre-show cause consultation is mandatory for service tax demands exceeding Rs. 50 lakhs under CBEC circulars. In
*******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
*******Maintenance of accounts by certain persons carrying on profession or business
Clipped from: https://incometaxindia.gov.in/Acts/Income-tax%20Act,%201961/2025/102120000000090803.htm 44AA. (1) Every person carrying on legal, medical, engineering or architectural profession or the profession of accountancy or technical consultancy or interior decoration or
*******Functioning of GST Appellate Tribunal
Clipped from: https://taxguru.in/goods-and-service-tax/functioning-gst-appellate-tribunal.html The Appellate Tribunal is the second level of appeal, where appeals can be filed against the orders-in-appeal passed by the Appellate Authority or
*******Section 148 Reassessment Notices Must Follow Faceless Procedure: Delhi HC
Clipped from: https://taxguru.in/income-tax/section-148-reassessment-notices-follow-faceless-procedure-delhi-hc.html Mehak Jagga Vs ITO (Delhi High Court) The Delhi High Court has dismissed a petition filed by Mehak Jagga challenging a reassessment notice issued by
*******What the IBC Amendment Bill tries to fix – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/opinion/what-the-ibc-amendment-bill-tries-to-fix/article70089843.ece Streamlining process delays, enforcing promoter responsibility, and curbing judicial ambiguity are the key objectives The Insolvency and Bankruptcy Code (IBC) has steadily evolved
*******Should rupee depreciation be stalled? – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/opinion/should-rupee-depreciation-be-stalled/article70089335.ece It’s time to leave the rupee alone as the inflation situation is far better now and the weakened rupee would help exporters Rupee
*******In a clear change of strategy, govt turns to tax benefits to boost demand
Clipped from: https://www.business-standard.com/opinion/columns/govt-turns-to-tax-benefits-to-boost-demand-faces-fresh-challenges-125092301396_1.html The ‘Festival of Savings’ appears to be the new policy instrument to revive and sustain growth A major takeaway from Prime Minister Narendra
*******Justice in India: Cost, language, and distance keep millions unheard | Editorial Comment – Business Standard
Clipped from: https://www.business-standard.com/opinion/editorial/justice-in-india-cost-language-and-distance-keep-millions-unheard-125092401493_1.html Justice in India remains unequal as cost, language, and distance exclude millions – but reforms in legal aid, technology, and regional languages can
*******GSTAT launch: One forum for state, Centre GST appeals, says FM Sitharaman | Finance News – Business Standard
lipped from: https://www.business-standard.com/finance/news/gstat-launch-one-forum-for-state-and-centre-gst-appeals-says-fm-125092401381_1.html Sub heading: 4.8 lakh pending appeals to be heard, says GSTAT Head Mishra Calling the GSTAT a “one-stop solution” for taxpayers, Sitharaman said
*******GSTAT rollout from Oct to ease GST litigation and unlock business capital | Economy & Policy News – Business Standard
Clipped from: https://www.business-standard.com/economy/news/gstat-operationalization-to-unlock-capital-and-ease-gst-litigation-125092401270_1.html The GST Appellate Tribunal will begin phased rollout in October 2025 with digital filing, faster appeals, and backlog clearance to ease GST litigation
*******Unexplained Income Provisions: Sections 68, 69, 69A, 69B, 69C & 69D
Clipped from: https://taxguru.in/income-tax/unexplained-income-provisions-sections-68-69-69a-69b-69c-69d.html Unexplained Income Provisions: Sections 68, 69, 69A, 69B, 69C & 69D of the Income-tax Act, 1961 Executive Summary This article analyses Sections 68,
*******US will rue Trump’s trade war on India – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/opinion/us-will-rue-trumps-trade-war-on-india/article70081556.ece The punitive tariffs will bring short-term pain for India. But the long-term damage to the US will be bigger Trump’s tariffs on India
*******The Great Stimulus: Will GST rate cut spur a consumption boom? – BusinessToday
Clipped from: https://www.businesstoday.in/magazine/cover-story/story/the-great-stimulus-will-gst-rate-cut-spur-a-consumption-boom-494679-2025-09-18 From income tax cuts to the new I-T act, and now reforms in the Goods and Services Tax, the Centre has implemented a
*******F&O trader shock: Why even your losses could trigger a ₹1.5 lakh audit penalty – BusinessToday
Clipped from: https://www.businesstoday.in/personal-finance/tax/story/fo-trader-shock-why-even-your-losses-could-trigger-a-rs15-lakh-audit-penalty-494983-2025-09-21 F&O trading is considered non-speculative business income. That means it falls under “Profits & Gains of Business or Profession,” and traders must maintain
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