The Income Tax Act, 1961, requires certain assessees to have their accounts audited under Section 44AB. This audit is essential for verifying compliance with the […]
Tax audit
Tax Audit under Clause 20 of Form 3CD: Reporting Employee Benefits and Related Payments
Clause 20 of Form 3CD is a crucial element in the tax audit process mandated by the Income Tax Act, 1961. This clause focuses on […]
Essential Tax Audit Clauses 35-38: Detailed Analysis Based on ICAI Standards
The Income Tax Act, 1961, mandates that certain assessees undergo a tax audit as per Section 44AB. This audit is performed by a Chartered Accountant […]
How to Report Clause 21(a) Expenses in Form 3CD for Tax Audit Compliance
The Income Tax Act, 1961, requires certain categories of taxpayers to undergo a tax audit to ensure accuracy and compliance in their financial reporting. The […]
Tax Audit Explained: Detailed Insights into Clauses 26 through 29
Clause 26 deals with specific liabilities referred to in various sub-clauses of section 43B of the Income Tax Act. These liabilities include sums that the […]
Understanding Clause 44 of Form 3CD: Insights from the 2023 Tax Audit Guidance Note
Clause 44 of Form 3CD was introduced as a new requirement in the Tax Audit Report starting from the Assessment Year 2022-23. Although this clause […]
A Complete Guide to Tax Audit and Form 3CD under Income Tax Act
Income tax law requires the assessee to get their books of accounts audited by a Chartered Accountant under the provisions of Section 44AB of the […]
Ultimate Tax Audit Checklist for Clause 18 of Form 3CD under Income Tax Act, 1961
Form 3CD is a critical annexure to the tax audit report prescribed under section 44AB of the Income Tax Act, 1961. It contains specific clauses […]
Tax Audit Clauses 39 to 41 Explained: Comprehensive Guide as per ICAI Guidance Note
Clause 39 of the tax audit report requires an auditor to disclose specific information when an audit has been conducted under section 72A of the […]
Income Tax Audit Essentials: Understanding Clauses 21(b) to 21(i) of Form 3CD
The system of tax audit under the Income Tax Act, 1961 is designed to enhance transparency and accountability in the way taxpayers report their financial […]
Comprehensive Guide to Clause 22 to Clause 25 in Tax Audit Report under ICAI Guidance Note
The tax audit requirement under the Income-tax Act, 1961 compels businesses crossing the specified turnover threshold to furnish a detailed report in Form 3CD. Each […]
Tax Audit under Section 44AB and Reporting under Clause 20 of Form 3CD
The Income-tax Act, 1961 mandates that certain categories of assessees must undergo a tax audit under section 44AB. This audit is required when a business […]
Tax Audit Clauses 42 & 43: In-Depth Analysis as per ICAI Guidance Note
Clause 42 and Clause 43 of the Tax Audit Report as prescribed under Form 3CD of the Income-tax Rules, 1962, are designed to ensure comprehensive […]
Understanding Tax Audit Report: Forms 3CA, 3CB, and 3CD Explained
Under Section 44AB of the Income-tax Act, 1961, individuals and entities falling within specific categories must get their accounts audited by a Chartered Accountant. The […]
Calculating Turnover for Derivatives in Tax Audit: A Complete Guide
In the context of income tax compliance in India, a tax audit is a significant requirement mandated under Section 44AB of the Income-tax Act, 1961. […]