Please let me know whether tax audit u/s. 44AB read with section 44AD is applicable for A.Y. 2021-22, for claiming loss from futures & options (derivatives) business of ₹1 lakh on turnover of ₹5 lakh ...

The Tribunal ruled that penalty under Section 271A cannot be levied merely because books were rejected and income was ...

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 ...

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 ...

Taxpayers who are meant to get their accounts audited have only one week left to file their income tax return (ITR) for AY 2024-25. The last date to file income tax return for these taxpayers is ...

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 ...