tax audit

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    Tax Audit Due Date Extended Again to 7 November

    Hey Guys, The income-tax department has extended the due date for tax audit and return filing to 7 November. In case you have not filed your return yet, please take benefit from this extension. In case you do not file the return before the due date under 139(1) business losses for the current...
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    One Week Left for Filing Tax Audit report and return

    Hey All, This is just to keep you all posted that the due date for tax audit filing is 31 October. this is specially relevant for the tax payers who which to carry forward their current year losses. If the return is not filed by this date, the current year losses will be forfeited.
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    Audit Applicability

    I often receive queries on the applicability of audit under different circumstances. Now, that non-tax audit returns are almost done, I thought it would be best to share a few clarifications on when and why tax audit will apply to a particular case. Please note that the note below is...
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    Traders - Compliances under Revised 44AD

    In the last year's budget, govt of India amended the section 44AD. This current post covers the revised tax positions based on the section 44AD as it stands post amendments: Key changes are as under: 1. The turnover limit under 44AD now stands at Rs 2 CR 2. Once you choose an...
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    Tax Audit Due date Extended

    Dear All, Income-tax department has extended the due date for submission of tax audit reports and the corresponding tax returns to 17 October 2016. Regards
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    Tax Audit Due Date extended - Still Time to Catch up

    Dear Friends, I hope you all have finished your tax filings for Financial Year 2014-15. In case you have missed out, then you still got another Four weeks to set things right as the Income-tax Department has extended the due date for tax audit cases upto 31 October 2015. Nikhil
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    Are You Covered Under Tax Audit

    Well the annual tax return season is just about to start and its the right time for you to evaluate whether you are supposed to anything more than just filing your tax returns. This posts attempts to cover the issue of applicability of tax audit under various circumstances. Till a few years...
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    Does Commodities trade for salaried person attract tax audit?

    1) What is "turnover" in commodities trade? for eg: I bought crude at 4431(total cost: 443100) and sold it at 4473 (sold at 447031 after brokerage). Net profit Rs3870.53 What is my turnover in this case? (is it 3870, or is it the cost+sale amount) 2) Is tax audit applicable to salaried...
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    How to calculate turnover In Case Of day trading?

    I have come across various methods for doing this. Should it be the value of purchase or sale or only difference between the purchase and sale be taken for computing turnover for the purpose of tax audit u/s 44AB of the I T Act. I have come across posts which say it should be the difference...