The new law introduces audit requirements for businesses declaring profits below presumptive rates. It removes the earlier flexibility of avoiding audit without opting for presumptive ...

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 ...

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 ...

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 ...

India has set up a new panel to review the country's income tax law, Finance Minister Arun Jaitley said on Tuesday. The panel has been asked to submit its first set of suggestions by end-January 2016.

The due date for filing tax audit reports for fiscal 2021-22 has been extended by 7 days, the Income Tax Department announced on Friday. The last for filing tax audit reports has been extended to 7 ...