Tax Guru

ITAT Mumbai rejects 8% estimation for non-audit u/s 44AB; adopts 2.5% profit based on assessee’s offer

The case examined if failure to conduct audit permits arbitrary profit estimation. The ITAT ruled that absence of audit alone cannot justify 8% estimation when books are maintained and not ...
Zee Business

Income Tax rules explained: Who is required to get accounts audited under Section 44AB?

Tax audits play a significant role in income tax compliance in India, governed by Section 44AB of the Income Tax Act, 1961. Businesses with sales or turnover exceeding Rs 2 crore, professionals with ...
moneycontrol.com

Sept 30 tax audit deadline: Why freelancers, professionals and small businesses can’t ignore Section 44AB

Think of a tax audit as a financial vibe check. Just like a company’s accounts are verified, income-tax authorities asks certain businesses and professionals to get their books audited by chartered ...
The Hindu

I-T returns deadline for taxpayers under section 44AB extended till October 31

The government on Thursday extended the deadline for the filing of tax returns that were due on September 30, 2015 by a month to October 31, 2015. “The issue of extension of last date for e-filing ...
bangaloremirror.indiatimes

Koramangala Club escapes taxman’s axe

The Koramangala Club has escaped the taxman’s axe. In 2009, the IT Department had acted under Sec 44AB and 271B of the Income Tax Act. Under the former, it held that Koramangala Club had not followed ...