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 ...

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 ...

The Gujarat High Court has rejected a plea seeking further extension of the due date for the filing of income tax (I-T) returns by businesses and professionals covered under Section 44AB of the I-T ...

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 ...