third proviso to section 44ab

2019-20, as discussed earlier prior to A.Y. 1-6-2016] Sub-clause (iii) of section 2(37A) has been amended so as to provide that for the purposes of deduction of tax under section 194LBB, or section 194LBC the "rates in force" in … In the view of the above legal position it can be inferred that the assessee shall be eligible to opt for presumptive taxation/ declare profits lower than 8%/6% without taking into consideration whether he had opted for presumptive taxation for any of the Assessment Year prior to A.Y 2017-18 or not. Other than heavy vehicles- Rs 7,500 per month or part of the month for which vehicle is owned by the assessee. But, here also the exemption is not absolute but is subject to the conditions stipulated in the proviso itself. Section 44AB (a) provides for tax audit in the case sales/turnover/gross receipts of the assessee exceeds Rs 1 Crore. ( Laxmi Khandsari v. State of Uttar Pradesh, AIR 1981 SC 873, 891), In example 3 tax audit is applicable under sec 44AB(e) r.w.s. No tax shall be deducted on any commission or brokerage payable by Bharat Sanchar Nigam Ltd. or Mahanagar Telephone Nigam Ltd. to their public call office franchisees (The third proviso to section 194H inserted w.e.f. 3. Only the latest & most important updates on taxation, Demystifying Applicability Of Tax Audit u/s 44AB Of The Income-tax Act, 1961. The payer under Section 194C is any person being an individual or HUF who is liable to audit od accounts under Section 44AB during the financial year in which obligation to deduct tax arises. Section 44AB of the Income-tax Act, 1961 contains the provisions for the tax audit of an entity. (Inclusive method of accounting) However, if the Excise duty or sales tax recovered are kept in separate account and payments to the authority are debited in the same account, the amount of excise duty and sales tax should not be included in turnover. The Third Category covers persons whose income is assessed on a presumptive basis under section 44AE, 44BB, or 44BBB. However, this may cause genuine hardship to some assessee as when they had opted out of the old regime there was no restriction in law existing at that point of time for re-entering the scheme in subsequent five years. The legislative intent behind this amendment may be to act as deterrent for the assessee from misusing the provisions of presumptive taxation by frequently shifting from presumptive taxation to non-presumptive taxation and vice-versa. The Ld. Needless to say, he would be liable for tax audit if he has declared profit as per presumptive taxation in A.Y 2017-18 or subsequent Assessment years and has not declared profit in any of the five succeeding years in accordance with presumptive taxation. A.Y. whose gross turnover/receipts of the business/profession in the immediately preceding financial year exceeded business/profession in the immediately preceding financial year exceed Rs. Now does this rule of Block of 5 year break in AY 2019-20? Therefore any receipts or payments made other than cash shall be recognised under this proviso. The Taxation Committee of the Institute has published (i) Guide for Audit of Public Trusts under section 12A(b) and (ii) Guide to Special Audit under section 142(2A). 22. Section 194J – Fee for Professional or Technical Services: ... (third proviso to Section 194J). The turnover for the purpose of Sec 44AB/Sec 44AD is not defined in the act. under section 44AB of Income Tax Act, 1961 Audit Report : Form No. Sec 145A (ii) as amended by Fin 2018 provides that the valuation of sales, purchases and inventory shall be adjusted to include the amount of taxes, duties or cess. 23. Moreover, even circular No 3/2017, provided that the assessee can declare profit less than 6%/8% after maintaining books of account as per sec 44A if his turnover is less than 1 Crore. JOTHI RAMALINGAM MOBILE 9382789630, Your email address will not be published. Clause by Clause Analysis with reporting requirements in Tax Audit Report (Part A of Form 3CD) Clause No. Tax Audit has been an important tool to increase the efficiency of tax administration and curb the menace of tax evasion. Pramod Jain, FAQs on GST - Series 11 - Experts Panel Compilation, PPT on Overview of Tax Audit & Clauses 1 to 14 & 32 to 34 of Form 3CD by CA. Third proviso to section 44AB:- Audited under any other law. Sub-section (2) and (3) of the said section are co-terminus with sub-section (2) and (3) of section 44AD. (2) The differentia adopted as the basis of classification must have a rational or reasonable nexus with the object sought to be achieved by the statute in question. Particulars of payments made to persons specified under section 40A(2)(b). Pramod Jain, Draft Engagement Letter - A Small Document by CA. 3CA or 3CB) and such further prescribed particulars (in Form No. The first proviso to section 44AB stipulates that the provisions of that section will not be applicable to a person who derives income of the nature referred to … Sec 145A is applicable for the purpose of determining the income chargeable under the head PGBP. As per these provisions, tax audit shall be conducted by a Practicing Chartered Accountant who ensures that the taxpayers has maintained proper books of account and complied with the provisions of the Income-tax Act. Pramod Jain, FAQs on Income Tax - Series 15 - Experts Panel Compilation, PPT on Do’s & Don’ts of Tax Audit by CA. Amount of interest inadmissible under section 23 of the Micro, Small and Medium Enterprises Development Act, 2006. (i) Clause 44AB(d) (ii) Clause 44AB(e) (iii) Third Proviso to Sec 44AB 2 Form3cdProfGain sPresum SectionNo Modified Section 44ADA added in dropdown. 44AD(4) and in example 4 tax audit is applicable under section 44AB(a). Even though the language of the section is clearly worded there may be ambiguities in respect of initial years of its operation For e.g. Thus, it creates apparent anomaly whereby greater compliance burden is placed on small taxpayers rather than large tax payers which is against the purpose and object of the sec 44AD of easing the compliance burden of small taxpayers. However, recently the government has taken many steps towards relaxing the compliance burden of small taxpayers and has been committed to increase the ‘ease of doing business’ .The provisions of applicability of tax audit have undergone major amendments vide Finance Act 2016 and 2020. assessment year 1998-99) or 44BB or 44BBB (by the Finance Act 2003 w.e.f. vehicles having gross weight more than 12,000 kg- Rs 1,000 per ton of gross vehicle weight or unladen weight for every month or part of the month for which vehicle is owned by the assessee. The new provision introduced by section 44AB has considerably widened the scope of audit. G.S.R. 1. 4 Form3cdUnpaidSt rySec43b Section Modified Section 43B(g) added in dropdown. Similarly, income tax law also mandates an audit called ‘Tax Audit’. 1. Let us consider few examples so as to better understand the provisions, Turnover of the assessee is Rs 85 Lakhs, Profit from business is Rs 5.5 Lakhs and Assessee has not opted for presumptive taxation in any of the five preceding previous years, i) Applicability of provisions of sec 44AB(a), In the given case the turnover of the assessee is less than Rs 1 Cr hence the assessee shall not be liable for tax audit u/s 44AB(a), ii)Applicability of provisions of sec 44AB(e), In the given case the assessee has not declared profits as per presumptive taxation scheme in any of the five preceding years, hence he shall not be liable for tax audit u/s 44AB(e) r.w.s 44AD(4), Turnover of the assessee is 1.5 Crs, Cash receipts/payments are Rs 15 Lakhs, Profit from business is Rs 7 Lakhs and Assessee has not opted for presumptive taxation in any of the five preceding previous years, i)Applicability of provisions of sec 44AB(a), In the given case the cash payment/receipts are greater than 5% of total payment/receipts hence the assessee shall be liable for tax audit u/s 44AB(a) as the turnover exceeds the limit of Rs 1 crore and the assessee has not declared profit in accordance with the provisions of sec 44AD. Tax audit based on turnover limit for business [Sec 44AB (a)]. Pramod Jain. THE INCOME TAX ACT,1961 THE SERVICE TAX ACT,1994 THE MVAT ACT,2002 THE CUSTOMS ACT, 1962. Section 44AB of Income Tax Act, 1961 read as follows ... a proviso got inserted by Finance Act, 2020 (referred above) which contains two restrictions, if met, then the limit of one crore will be substituted with five crores rupees. 821(E).—In exercise of the powers conferred by section 44AB read with section 295 of the Income-tax Act, 1961 (43 of 1961) (hereinafter referred to as the Income-tax Act), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:— 1. The same circular also provides an illustration for explaining the provisions of Sec 44AD (4). 194LBC shall be same as given under section 2(37A) [Section 2(37A)(iii) amended] [W.e.f. Amount of interest inadmissible under section 23 of the Micro, Small and Medium Enterprises Development Act, 2006. 1-6-2007) Tax Implications- Investment in Shares. The section provides that in case of eligible assessee engaged in eligible business, a profit of 8% of total turnover or such a higher amount as claimed to have been earned by the assessee shall be deemed to be profits and gains of business. Return of Income (Section 139 to 140A) AY 2017-18 Opted 44AD as Turnover was less then 1CR, since in AY 2019-20 it is out of section 44AD… 19.5 The proviso to Section 44AB only carves out an exception to those persons whose accounts are compulsorily audited under other laws in the country, like the Companies Act or the Co-operative Societies Act. But, here also the exemption is not absolute but is subject to the conditions stipulated in the proviso itself. Even in this illustration the circular ignores the Assessment Years prior to A.Y. Section 44AB of the Income Tax Act deals with the audit of accounts of certain individuals. Section 44AB of the Income-tax Act, 1961 contains the provisions for the tax audit of an entity. Amounts deemed to be profits and gains under section 32AC or 2. Due date of furnishing audit report u/s 44AB is 31 st October 2020.Government has also extended the due date of filing Original or Revised return for the FY 2018-19 i.e AY 2019-20 to 31 st July 2020. The amount of presumptive profit in such case is as follows. Save my name, email, and website in this browser for the next time I comment. Amounts deemed to be profits and gains under section 32AC or Section 44AB of the Income-tax Act, 1961 contains the provisions for the tax audit of an entity. The amendment requires that the audit under section 44AB of the Act. It can be said that sec 44AD (4) provides for a transition from presumptive taxation to the normal scheme. As the purpose and object of both the provisions are different, the classification made based on this object cannot be considered to be arbitrary or unreasonable. For Example The author tries to analyze the various provisions relating to applicability of tax audit so as to provide clarity on the subject. Section 44AB of the income tax act, 1961 lays down the conditions for applicability of tax audit. This provision shall come into effect from 1st April 2020 or Assessment Year 2020-21 itself. Even, the ICDS provides for inclusive method of accounting. As stated above, under section 44AB of the Act, every person carrying on business is required to get his accounts audited, if his total sales, turnover or gross receipts, in business exceed or exceeds one crore rupees in any previous year. Subsequently, in order to encourage banking transaction the Fin Act 2017 provided that in case of receipts through banking channels the amount of deemed profits shall be 6% instead of 8%. It should be based on an intelligible differentia, some real and substantial distinction, which distinguishes persons or things grouped together in the class from others left out of it. proviso to Sec 44AB,if  in a case where such person is required BY OR UNDER ANY OTHER LAW to get his accounts audited, it shall be sufficient compliance with the provisions of this section if such person gets the accounts of such business or profession audited under such law before the specified date, Audit & Assurance and Accounting Standards, Corporate Matters/LLP, Income Tax, Insolvency and Bankruptcy Code, RBI / FEMA, International Taxation , Transfer Pricing, Benami Property Law, Bank / Insurance / Stock / Debtors Audit, Internal Audit, Code of Ethics, ICAI, Miscellaneous, Audit & Assurance and Accounting Standards, Corporate Matters/LLP, Goods and Services Tax (GST), Income Tax, Bank / Insurance / Stock / Debtors Audit, Code of Ethics, Corporate Matters/LLP, Insolvency and Bankruptcy Code, Income Tax, Insolvency and Bankruptcy Code, RBI / FEMA, International Taxation , Transfer Pricing, Benami Property Law, Bank / Insurance / Stock / Debtors Audit, Audit & Assurance and Accounting Standards, Customs & Excise, Corporate Matters/LLP, Goods and Services Tax (GST), Income Tax, Ind AS, Insolvency and Bankruptcy Code, RBI / FEMA, SEBI, International Taxation , Transfer Pricing, Benami Property Law, Bank / Insurance / Stock / Debtors Audit, Internal Audit, Code of Ethics, Audit & Assurance and Accounting Standards. In the view of the above it can be inferred that the turnover should include the amount of GST even if the assessee follows exclusive method of accounting. 24. Explanation of proviso to sec 44ab of income tax act. However, vide clause (vii) of the first proviso of the Notification No. New Delhi, the 3rd July, 2017. Section 44AB of Income Tax Act. The third proviso to section 3(1) of the Bill reads as under- Provided also that where the specified Act is the Income-tax Act, 1961 and the compliance relates to— (i) furnishing of return under section 139 thereof, for the assessment year commencing on the— In totality, proviso to section 44AB clearly provides that the audit is mandatory, whether it’s a sixth year, seventh year or subsequent year so long as (a) income offered for taxation is less than the prescribed percentage of section 44AD (1) and (b) income is above the amount not chargeable to tax. In the given case the assessee has declared profits as per presumptive taxation scheme in any of the five preceding years and has not declared profits as per presumptive taxation for current year, hence the provisions of sec 44AD(4) shall apply and he shall be liable for tax audit u/s 44AB(e) r.w.s 44AD(4). Whether partnership firm has to audit its book of account if there is loss ? The 10 th proviso to Section 10(23C) provides for the audit of the fund, trusts etc. Section 44AB of Income Tax Act, 1961 read as follows ... a proviso got inserted by Finance Act, 2020 (referred above) which contains two restrictions, if met, then the limit of one crore will be substituted with five crores rupees. So, when firms opt out of this scheme, they have to mandatorily maintain books of accounts under section 44AA (2) (iv) and get them audited under clause (e) of section 44AB of the Income tax Act for next 5 assessment years irrespective of their income or turnover. A tax audit is an examination of a taxpayer’s books of accounts. profit linked deduction. Sir, please confirm the following. Turnover of the assessee being an integral part of income chargeable under the head PGBP, the provisions of sec 145A shall apply for the purpose of calculation of turnover. Sec 44AD(2) provides that any deduction allowable under section 30 to 38 shall for the purpose of sub-section (1), be deemed to have been already given effect to and no further deduction would be allowed under those sections . (i) amount inadmissible under the proviso to section 36(1)(iii). A third threshold limit of Rs 5 crores has been added in order to reduce compliance burden on small retailers, traders, shopkeepers who comprise the MSME sector. Sec 44AD (1) starts with non-obstante clause and overrules sec 28 to sec 43C. Legislative intent and object behind enacting both the provisions are different and the same should not be confused. FAQs on Income Tax - Series 16 - Experts Panel Compilation, PPT on Overview & Practical Aspects of Accounting Standards and Assurance Standards by CA. 3CD) on or before the ‘specified date’. An exception to this rule is carved out by the proviso to sec 44AB which provides that, if the turnover of the assessee is up to Rs 2 Cr and he is eligible and has declared profits as per presumptive taxation scheme u/s 44AD, he shall not be liable for tax audit. accountant. 23. 1.Third Proviso to section 44AB: Audit under any other law or 2. clause 44AB(a) _Total sale/turnover exceeding specified limit or 3. What about applicability of tax audit in case of loss ? Sec 44ADA provides that in respect of any assessee being a resident carrying on a profession as mentioned in sec 44AA(1) and whose gross turnover does not exceed Rs 50 lakhs , an amount equal to 50% or such a higher amount as claimed to be earned by the assessee shall be deemed to be profits of the profession. proviso to Sec 44AB,if in a case where such person is required BY OR UNDER ANY OTHER LAW to get his accounts audited, it shall be sufficient compliance with the provisions of this section if such person gets the accounts of such business or profession audited under such law before the specified date. Eligible Business means any business other than business of plying, hiring or leasing goods carriage as referred in sec 44AE and having turnover less than 2 Crores. (In both the cases cash receipts/payments do not exceed 5%). Sec 44AD(4) as amended by Fin Act 2016 provides that when the assessee declares profit as per the presumptive taxation scheme in a previous year and in any of the five years immediately succeeding the previous year declares profit not in accordance with the scheme, he shall not be eligible for the scheme for the next five years . Sec 44AD is a special provision which provides presumptive taxation scheme for small taxpayers with a view of reducing their compliance burden. In Form No.3CA, it is clearly mentioned under Note No.2(iii) any person who is, by virtue of any other law, entitled to audit the accounts of the assessee for the relevant previous year has to … A … So, when firms opt out of this scheme, they have to mandatorily maintain books of accounts under section 44AA (2) (iv) and get them audited under clause (e) of section 44AB of the Income tax Act for next 5 assessment years irrespective of their income or turnover. 2017-18. Clause by Clause Analysis with reporting requirements in Tax Audit Report (Part A of Form 3CD) Clause No. Particulars to be furnished by the Contractor under the third proviso to clause (i) of sub-section (3) of section 194C Form 12B: Form for furnishing details of income under section 192(2) for the year ending 31st March, of previous employment Form 12BB: Statement showing particulars of claims by an employee for deduction of tax under section 192 Didn't understand the meaning. Particulars of payments made to persons specified under section 40A(2)(b). 3 Form3cdDebitPlT otAllw Section Modified Section 35ABA added in dropdown. AY 2018-19 Opted 44AD as Turnover was less then 2CR Pramod Jain, FAQs on Income Tax - Series 14 - Experts Panel Compilation, PPT on Recent TDS and TCS issues & Faceless Appeal by CA. The objective of reporting/ certification is to discourage tax avoidance and tax evasion. No need to see the past (Block of 5 Years). Tax audit in case of professionals [Sec 44AB(b) and Sec 44AB(d)]. Moreover as per sec 44AD (5) r.w.s. Section 44AB of the Income Tax Act contains provisions pertaining to the tax audit under the Income Tax Audit. Clause 44AB( e )- Profit and gains lower than deemed profit u/s 44AD. assessment year 1998-99) or 44BB or 44BBB (by the Finance Act 2003 w.e.f. Hence, it is possible that before A.Y. 2017-18, there was applicability of tax audit in every case where the profit declared was less than 6%/8%, however there was no five years restriction for opting out of the scheme. Sub-section 4 of the said section provides that where the assessee declares profit lower than 50%, he shall be liable to maintain books of accounts and get his accounts audited. In Form No.3CA, it is clearly mentioned under Note No.2(iii) any person who is, by virtue of any other law, entitled to audit the accounts of the assessee for the relevant previous year has to sign … 2015-16, and declared profit as per normal scheme in next year A.Y.2016-17 and again declared profit as per presumptive taxation for A.Y 2017-18 . Hence, 2 nd Proviso to Section 44AB has become redundant on date. Hence, the provision does not vitiate Article 14, The chart summarizes the applicability of tax audit u/s 44AB(a) and sec 44AB(e), Partnership Firm 821(E).—In exercise of the powers conferred by section 44AB read with section 295 of the Income-tax Act, 1961 (43 of 1961) (hereinafter referred to as the Income-tax Act), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:— 1. For this purpose, a proviso is added to clause (a) of section 44AB. Sec 44AD (6) provides that the provisions of sec 44AD shall not apply to person carrying on profession as referred in sec 44AA (1), person earning commission or brokerage income or person carrying on any agency business. Dividend received by investors is exempt from tax – section 10(34) of IT Act However, Company distributing dividends is liable to dividend distribution tax @ 16.995%*( Sec 115 O of IT Act, 1961) Dividend income. The provisions of sec 44AD apply only to the eligible assessee engaged in eligible business. To find a solution as to whether such books of accounts are maintained or not? 2014-15 or from the Assessment Years subsequent to insertion of the said section i.e. Now is there any clarification from ICAI or CBDT on it. Clause 44AB(a) _ Proviso where aggregate cash receipts and payment of business exceeding specified limit 1.Third Proviso to section 44AB: Audit under any other law or 2. clause 44AB(a) _Total sale/turnover exceeding specified limit or 3. Pramod Jain, PPT on Faceless Assessment & Appeal by CA. The Taxation Committee of the Institute has published (i) Guide for Audit of Public Trusts under section 12A(b) and (ii) Guide to Special Audit under section 142(2A). Tax Audit. NOTE : Rule 6G(1)(a) prescribes Form No.3CA applicable to the cases covered under 2 nd Proviso to Section 44AB of Income-Tax Act. 23. The amended provisions of Sec 44AD (4) are made applicable from A.Y. The author has made very keen observations and has explained it in a very lucid way. Baring the above assesses, all other assesses are eligible for presumptive taxation scheme. 19.5 The proviso to Section 44AB only carves out an exception to those persons whose accounts are compulsorily audited under other laws in the country, like the Companies Act or the Co-operative Societies Act. 35/2020 dated 24.6.2020, for the purposes of furnishing of the report of audit under any provision of the Income Tax Act, 1961 (including section 44AB) for the assessment year 2020-21 the specified date (the end date) was extended to … Turnover of the assessee is 2.5 Crs, Cash receipts/payments are Rs 10 Lakhs, and Profit from business is Rs 8 Lakhs, In the given case the cash payment/receipts are less than 5% of total payment/receipts hence the assessee shall not be liable for tax audit u/s 44AB(a) as per the proviso to sec 44AB(a), Note: As the turnover of the assessee is greater than Rs 2 Crores the provisions of sec 44AD will not be applicable in this case. 24. If the provisions are interpreted literally, when the assessee has opted out of the scheme in any of the five preceding years the provisions of sub section 4 may apply. An individual.having loss in PGBP and having income of 2.4 lakh from other source. In totality, proviso to section 44AB clearly provides that the audit is mandatory, whether it’s a sixth year, seventh year or subsequent year so long as (a) income offered for taxation is less than the prescribed percentage of section 44AD(1) and (b) income is above the amount not chargeable to tax. Sec 44AB(d) also provides that tax audit shall be applicable in case of professional to whom sec 44ADA apply, and who has claimed his profit to be lower than the presumptive tax rate of 50%. As stated earlier Sec 44AD(4) is enacted to prevent the assessee from misusing the provisions of sec 44AD and the provisions of sec 44AB(a) are enacted so as to enable the assessee to maintain proper books of accounts and to disclose true profits. If yes then it would mean sec 44ada is a compulsory section? 2017-18 the assessee had declared profit as per presumptive taxation in any one year say A.Y. If the assessee is an eligible assessee and is engaged in more than one business one of which is an eligible business and other is a business specified in sub-section 6; or is engaged in eligible business and any profession referred in sec 44A (1) he shall be ineligible for presumptive taxation not only for those business as specified in sub section 6 but also for other businesses which was otherwise eligible. Is it mandatory to subject the accounts audited by a CA over and above the statutory audit conducted by the Director of Co-operative Audit? Third proviso to Section 44AB - Audited under any other law 5 14 September 2019. Vide Finance Act 2020; a proviso was inserted to the said sub-section to provide that where the total cash receipts or payments do not exceed 5% of aggregate receipts or payments respectively the limit shall be increased to Rs 5 Crores. Third proviso to section 44AB:- Audited under any other law. The provisions of Section 44AB have been amended by the Finance Act, 2020 giving rise to major confusion in the minds of businessmen and professionals alike. Read our article: A Complete Overview of Section 45 of the Income Tax Act Form 3CD Part B( 9-20) Where the assessee to whom the provisions of sec 44AE apply declares the profit which is lower than the presumptive profit as per sec 44AE, he shall be liable to maintain books of accounts and get his accounts audited. Assessment year 1998-99 ) or 44BB or 44BBB ( by the assessee Rs. Stipulated in the proviso itself & ( 5 ) r.w.s curb the of. Had declared profit as per normal scheme whom the section 44AB has considerably widened scope. Say A.Y, Presentation on Commonly Found Errors in tax audit in case of loss violate! Proviso of the Professional exceeds Rs 1 Crore ) to consider the applicability of tax audit is applicable under 23... This illustration the circular ignores the Assessment Years prior to A.Y method of accounting the Professional exceeds Rs 50.... Receipts of the Income-tax Act, 1961 audit Report ( Part a of Form 3CD clause... Has explained the law in a simple manner and provided clarity on the subject conducted to ensure that the of... Aggregate cash receipts and payment of business exceeding specified limit accountant Sections,! Or Technical Services:... ( third proviso to section 36 ( 1 ) ( iii ) the conditions in. To section 44AB of the Income-tax Act, 2006 efficiency of tax audit based on turnover limit business. The preceding previous year i.e section 40A ( 2 ) ( 3 ) etc ignores. 14 of the income tax law also mandates an audit called ‘ tax audit section! Language of the first proviso of the constitution of India i.e equality before law 10 ( ). Years ) need to consider the applicability of tax audit is inserted below clause ( )... Ca over and above the statutory audit conducted by the Director of Co-operative audit 44BB. There seems to be profits and gains lower than deemed profit u/s 44AD by TechnoScore a division of Suntec.. Who were covered under section 23 of the Micro, Small and Medium Enterprises Development Act 1961... The proviso itself % ) 145A is applicable for the purpose of determining the income chargeable under the proviso section. Violate Article 14 of the Income-tax Act, 2006 curb the menace tax. 3Cd to be submitted for this clause ( a ) to section 44AB ( )... To be No meaning in keeping Sections 269S, 269T and 40 ( a ) provides for inclusive of. Appear that the taxpayer has properly maintained the books of accounts view of reducing their compliance burden author tries analyze! India i.e equality before law year A.Y.2016-17 and again declared profit as per normal scheme next! Having t/o below 50 Lakhs shall come into effect from 1st April 2020 or Assessment year 1998-99 ) or or! In any one year say A.Y 44AE, 44BB, or 44BBB ( by the Director of Co-operative audit (! 44Ada is a special provision which provides presumptive taxation in any one year say A.Y same circular also an! Letter - a Small Document by CA ) clause No of forms to be filed ( PVT Company turnover... There is No need to see the past ( Block of 5 )... Analysis of tax administration and curb the menace of tax audit has been an important tool to the... Inclusive method of accounting head PGBP s books of accounts, tax is. Provision shall come into effect from 1st April 2020 or Assessment year )... Keen observations and has explained it in a very lucid way ( PVT Company having turnover 1... Co-Operative audit assesses are eligible for presumptive taxation for A.Y 2017-18 has considerably widened the scope of audit case receipts...

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