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No Penalty U/s 271B Can Be Levied If There Is Reasonable Cause For Failure In Timely Furnishing Tax Audit Report: Delhi ITAT

The New Delhi ITAT held that Section 44AB of the Income tax Act casts an obligation upon the assessee to get accounts audited before the specified date and furnish by that date the report of such. ....

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Deduction U/s 43B Shall Be Allowed If Assessee Has Claimed Such Deduction On Payment Basis: Rajkot ITAT

The Rajkot ITAT held that the claim of the assessee cannot be denied as it was not reported in the tax audit report, especially in the circumstances where other evidence is available on record. ....

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Tax Budget: Budget 2024: How can Modi govt further give filip to tax administration using digital initiatives?

India s tax administration has undergone a significant transformation over the past decade, preparing the country for its Amrit Kaal . The number of income tax returns filed has increased by approximately 105% between FY 2013-14 and FY 2022-23, and the net direct tax collection is set to surpass Rs 19 lakh crore in FY 2023-24. ....

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Club Membership Fees Paid By ICICI Bank For Employees Are To Be Treated As Business Expenditure: ITAT

The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) has observed that club membership fees for employees are to be treated as business expenditures of a company under Section 37 of the Income Tax. ....

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What are the documents required to be maintained for an income tax audit?

There are various documents which an individual has to maintain following specific accounting principles and format in order to successfully complete an income tax audit. Further in cases of certain specified professionals like medical, legal, engineering, etc some additional documents are also required to be maintained in addition to the list of documents required for income tax audit. ....

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