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About Webinar
In Taxmann’s Workshop, Mr. Bhholusaria will discuss the following:
- Objective and Applicability of Tax Audit (Section 44AB)
- Overview of the provision
- Criteria for a tax audit, including turnover and income thresholds
- Section 44AD and 44ADA and its Interplay with Section 44AB
- Understand the special provisions under Section 44AD and Section 44ADA
- Conditions and limitations under which taxpayers can opt for presumptive taxation
- Interaction of these sections with Section 44AB to determine the eligibility for tax audit
- Business vs Profession
- Differentiate between business income and professional income for taxation purposes
- Criteria that distinguish a business from a profession
- Impact of these distinctions on the tax treatment and audit requirements
- Key Difference between Form 3CA and Form 3CB
- Types of tax audit reports (Form 3CA and Form 3CB) and the circumstances under which each is applicable
- Reporting requirements and specific clauses in each form
- Case Studies on Turnover/Gross Business Receipts
- Define turnover/gross business receipts and their relevance in determining the applicability of tax audit
- Case studies illustrating how turnover is calculated and its impact on tax audit requirements for businesses
- Reporting of Speculative and F&O Transactions
- Treatment and reporting of speculative income and income from futures and options (F&O) trading for tax audit purposes
- Requirements for maintaining separate books of accounts and reporting for such transactions
- Role of Section 44AA in Tax Audit
- Explore the provisions of Section 44AA, which deal with the maintenance of books of accounts
- Importance of complying with the requirements of Section 44AA for taxpayers subject to tax audit
- Insight into ICAI Guidance Note on Tax Audit, 2022 Edition
- Discussion on the latest guidance note issued by the ICAI on tax audit
- Key updates and changes in the 2022 edition and its relevance for tax auditors
- Reporting under Key Clauses of Form 3CD
- Analysis of each relevant clause of Form 3CD and its reporting requirements
- Discuss practical aspects of reporting, potential challenges, and best practices
- Common Mistakes and Best Practices
- Identify common errors made by practitioners while preparing Form 3CD and how to avoid them
- Learn from observations made by the Tax Audit Quality Review Board (TAQRB) to enhance the quality of tax audit reports
Topic
Tax Audit under Section 44AB, Income-tax Act, 1961.
Speaker
CA Deepak Bhholusaria: He is a commerce graduate and fellow member of the Institute of Chartered Accountants of India (1998 batch). He is a member of the Taxation Audits Quality Review Board (TAQRB) of ICAI and elected Member Executive Committee of the Sales Tax Bar Association (STBA).
He is a seasoned professional, author, faculty of ICAI, and speaker with 24+ years of experience. He has spoken on various forums, including National Television, Industry Forums (including Chambers of Commerce), Branches of ICAI, ICSI, and Bar Associations.
ICAI awarded him prizes for his contribution as a speaker for various years. He is an IT enthusiast, YouTuber and is connected with all significant tax/CA associations of the country as a Life Member.
How to Register?
Interested applicants may register through the link provided at the end of the post.
Date and Time
Fri, August 18, 2023, 4:00 PM IST
Webinar Fee
₹ 795
