Skip to main content

Income Tax Audit | Criteria | Dates | Audit Report | Certicom

According to Section 44AB of the Income Tax Audit Act, a tax investigation is mandatory in the following cases:
  • Anyone who is in Business and has a turnover of more than Rs. 1 Crore.
  • Those who are doing a Profession and gross receipts exceed Rs 50 Lakh (ie, A.J. 2018-19).
  • The person who has chosen the proposed taxation system under Section 44AD, but claims that the profits of such companies are lower than the estimated profit calculated under the scheme. According to Section 44AD, the profit is 8% of the total turnover or gross income.
  • A person who has opted for the presumptive taxation scheme under Section 44ADA but claims that the profits of such Profession are lower than the deemed profits computed according to the scheme. According to the Section 44ADA, the deemed profits are 50% of total turnover or gross receipts of Profession.
  • Anyone who has chosen the proposed taxation system under Section 44, claims that the profits of such companies are lower than the estimated profit calculated under the scheme. According to Section 44AE, the profit is 8% of the total turnover or gross income.
Turnover for Income Tax Audit is the Gross Receipts of the business or profession, but does not include:
  • Income received from rent on the house or other rental income.
  • All money is received by selling an asset held as an investment.
  • The receipt of the sale of real estate.
  • Income which is received by way of Interest.
It may be noted that if a person is required to have his books revised pursuant to other laws, he is entitled to get his books revised according to the law before the specified date and handed over that date of the tax assessment under other Acts and further auditor’s report He is not obliged to receive tax research carried out under Section 44AB.
Income Tax Audit Report
The report of the audit under income tax shall be submitted to:
  • Form 3CA – If the books of a person’s business or profession have been audited under other laws.
  • Form 3CB – If the books of business or occupations of a person have not been audited under other laws.
  • Form 3CD – These forms must be listed in both of the above cases. That is the statement of information to be delivered under Section 44AB.
The date for filing report of Income Tax Audit
The review under income tax shall be made by the auditor’s conciliation and the report shall be submitted by 30 September of the relevant year of assessment.
Penalty
If a person fails to comply with the Income Tax Audit (Section 44AB), punishment is 0.5% of total turnover or Rs. 1,50,000, whichever is less. However, if you have a reasonable reason for not reporting a Revenue Tax, you can not make such a penalty.
Conclusion
For help with ITR Indexing, please Consult Certicom Consultant taxpayer. You can register ITR yourself through our ITR software or get help CA on the application. You can also use the backup option, amount of return or revised file.

Comments

Post a Comment

Popular posts from this blog

What is ITR4 Form? | How to fill ITR-4 Form? | Certicom

The report, issued by the Ministry of Finance, the deadline for filing tax returns is extended from 31 July 2018 until 31 August 2018. For the year of assessment 2018-19, the format was changed to include the GST part with detailed financial information. The old tax form ITR-4S was renamed ITR-4. 1. What is the ITR 4 for AY 2017-18 and 2018-19 AY? Form ITR-4 is the tax return form for those taxpayers who have opted for the scheme estimated income under section 44 ad, 44ADA Section and Section 44AE the Income Tax Act. However, if the turnover of the business referred to above is greater than Rs 2 crore, the taxpayer must submit an ITR-third Click here to download the ITR-4 for the assessment year 2018-19 download What is the structure ITR 4 for AY 2018-19 and 2017-18 AY? ITR-4 is divided into: Part A: General information Part B: gross total income of the five chapters Revenue Part C: deduction and the total taxable income Part D: The tax calculation and tax status C...
Post a Comment
Read more

GST Returns |Types Forms | Due dates | Penalties | certicom

Types of GST Returns and Their Assessment Information Implementation of Statements based on New Regulations and Notifications     GSTR-1 Quarterly Returns (Annual Report Statement Debtors 1.5 Crore has the option to retrieve the quarterly return filing) Period (Quarterly) Due dates Jan- Mar 30th April 2018 Apr-June 2018 31st July 2018 For turnover of more than Rs 1.5 cr Period Dates July to Nov 10th Jan 2018 Dec 10th Feb 2018 Jan 2018 10th Mar 2018 Feb 2018 10th Apr 2018 March 2018 10th May 2018 April 2018 31st May 2018 May 2018 10th June 2018 June 2018 10th July 2018 GSTR-2 and GSTR-3   the installation is currently suspended but the dates of July 2017 to March 2018 will be made later by the Executive Committee. GSTR-3B GSTR-3B was launched in June 2018 All businesses must install GSTR-3B for the next month until September 2018. The date of April 2018 is extended on 22 May 2018 from May 20, 2018. Read the free release here. fili...
Post a Comment
Read more

Maintenance Books Accounts Under GST& Companies Act | Certicom

Maintenance Books of Accounts Under Income Tax , GST & Companies Act Books with invoices, including vouchers and receipts, must be maintained under different statutory laws – Income Tax Act, Companies Act 2013 and  GST  Act. Books accounts that maintain, retention and claim lists are different according to all 3 laws. According to the Income Tax Act If the sales/turnover / gross income of the company or profession are more than Rs. 25,00,000 or income from  business or profession  is more than Rs. 2,50,000 in any of 3 recent years,  accounting  records will be kept in a satisfactory manner. The following Professions are covered by this provision – Legal Medical Engineering Architectural Accountancy Technical Consultancy Interior Decoration Authorised Representative (one who charges fees for representing someone before a tribunal or any authority) Film artist (Producer, Editor, Actor, Director, Music director, Art Director, Dance Di...
Post a Comment
Read more