Taxmann's Analysis | New ITR-7 Form for AY 2024-25 – Detailed Analysis of Amendments | Compliance Requirements PDF Download
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Author: Taxmann Publisher: Taxmann Publications Private Limited ISBN: Category : Law Languages : en Pages : 18
Book Description
The CBDT has notified ITR-7 for the Assessment Year 2024-25. The applicability of the ITR-7 form remains unchanged in the new form. The new ITR-7 requires additional details from taxpayers, and some changes in the ITR are consequential to the amendments made by the Finance Act 2023. The article thoroughly analyses all key changes in form ITR-7, the highlights of which are as follows: ‣ Details of Legal Entity Identifier ‣ Computation of income on the applicability of Twenty-Second Proviso to Section 10(23C) or Section 13(10) ‣ Furnishing of acknowledgement number of the Audit Report and UDIN ‣ Reporting of the amount invested or deposited back to Corpus and repayment of loans ‣ Reporting of the exempted portion of Anonymous Donations ‣ Reporting of Inter-Charity Donations ‣ Schedule IE-1 extended to Section 10(46A) and 10(46B) ‣ Omission of Reference to Section 10(22B) in Schedule IE-1 ‣ Details of filing Form 10 for accumulation of income ‣ Residuary clause for reporting of Additions
Author: Taxmann Publisher: Taxmann Publications Private Limited ISBN: Category : Law Languages : en Pages : 18
Book Description
The CBDT has notified ITR-7 for the Assessment Year 2024-25. The applicability of the ITR-7 form remains unchanged in the new form. The new ITR-7 requires additional details from taxpayers, and some changes in the ITR are consequential to the amendments made by the Finance Act 2023. The article thoroughly analyses all key changes in form ITR-7, the highlights of which are as follows: ‣ Details of Legal Entity Identifier ‣ Computation of income on the applicability of Twenty-Second Proviso to Section 10(23C) or Section 13(10) ‣ Furnishing of acknowledgement number of the Audit Report and UDIN ‣ Reporting of the amount invested or deposited back to Corpus and repayment of loans ‣ Reporting of the exempted portion of Anonymous Donations ‣ Reporting of Inter-Charity Donations ‣ Schedule IE-1 extended to Section 10(46A) and 10(46B) ‣ Omission of Reference to Section 10(22B) in Schedule IE-1 ‣ Details of filing Form 10 for accumulation of income ‣ Residuary clause for reporting of Additions
Author: Dr. Manoj Fogla Publisher: Taxmann Publications Private Limited ISBN: 9364555716 Category : Law Languages : en Pages : 24
Book Description
This book is a comprehensive and practical guide for preparing and filing audit reports using Form Nos. 10B and 10BB, as well as the Income-tax Return (ITR-7). Updated with the latest amendments from the Finance (No. 2) Act, 2024, it addresses compliance requirements and procedural changes with clear, actionable insights, detailed analyses, and step-by-step guidance to ensure accuracy and compliance. The book includes over 100 FAQs to clarify common audit issues, detailed analyses of audit requirements under Sections 12A and 10(23C), and practical guidance with sample observations, qualifications, and e-filing tutorials. It also provides an up-to-date overview of changes in ITR-7 for A.Y. 2024-25, providing practical advice to simplify complex regulatory processes. This book is helpful for trusts, NGOs, auditors, and tax consultants on the audit and tax compliance processes specific to charitable organisations. The Present Publication is the September 2024 Edition, amended by the Finance (No. 2) Act, 2024. This book is authored by Dr Manoj Fogla, CA Suresh Kumar Kejriwal, and CA Tarun Kumar Madaan, with the following noteworthy features: • [Comprehensive FAQs] This edition includes over 100 Frequently Asked Questions (FAQs) that address common and complex issues encountered while auditing trusts and institutions using Form 10B and Form 10BB. These FAQs provide clarity on critical aspects such as eligibility, selection of the appropriate form, format of reports, due dates, and specific disclosure requirements • [In-depth Coverage of Amendments] The book provides exhaustive analyses of the significant changes introduced in the newly notified Form 10B and Form 10BB, highlighting their applicability, reporting requirements, and the impact on audit and filing procedures • [Thorough Analysis of Audit Requirements] It provides an extensive review of the audit requirements under Sections 12A and 10(23C) of the Income-tax Act, focusing on the prerequisites for obtaining an audit report, maintenance of books of account, and the consequences of non-compliance. The analysis extends to the applicability of tax audit requirements under Section 44AB • [Practical Reporting Guidance] The book includes practical guidance for auditors, featuring sample draft observations, qualifications, and illustrative examples of how to report specific circumstances in audit reports. This section is designed to enhance the quality and relevance of audit disclosures, ensuring that auditors can effectively communicate findings and comply with statutory reporting obligations • [Step-by-step e-filing Tutorials] Recognising the growing importance of digital compliance, the book provides user-friendly, detailed tutorials for e-filing audit reports in Form Nos. 10B and 10BB. These step-by-step guides cover the entire process, from adding the Chartered Accountant (CA) to the e-filing portal, assigning forms, accepting assignments, to the final submission and verification of reports • [Up-to-date Analysis of ITR-7 Changes] This edition thoroughly examines the latest changes in the ITR-7 form, applicable from A.Y. 2024-25, providing insights into procedural updates, new schedules, and specific filing instructions. The detailed explanations help preparers understand the nuances of the updated form, ensuring accurate and compliant submissions. • [Incorporation of Finance (No. 2) Act, 2024 Amendments] The book incorporates all relevant changes introduced by the Finance (No. 2) Act, 2024, along with key circulars and notifications, making it a reliable and current reference point for legal compliance The detailed contents of the book are as follows: • FAQs on Audit of Trusts & Institutions in Form 10B/10BB o Introduction & applicability of audit under various sections o Selecting the appropriate form (Form 10B or Form 10BB) based on income thresholds o Eligibility criteria for auditors and specifics on the format of audit reports o Step-by-step process for filing audit reports, including due dates and procedural tips o Detailed guidance on disclosure and reporting requirements in the annexures to Form 10B/10BB • Law and Practice Relating to Audit of Trusts and Institutions and ITR-7 o Comprehensive overview of audit requirements under Section 12A and Section 10(23C), including who must file and when o Detailed guidance on maintaining books of account, covering the types of records required, their retention period, and where they should be kept o In-depth discussion on the ramifications of not obtaining an audit report and the consequences of not maintaining proper books of account o A clear breakdown of the specific requirements for filing Form 10B and Form 10BB, including an overview of the forms, the structure of the reports, and the annexures that need to be attached o Analysis of the applicability of tax audit under Section 44AB, including the criteria for applicability and the relationship between tax audits and audits under Sections 12A and 10(23C) • Concept of Income, Total Income, and Other Receipts o Definitions and practical implications of "total income" under Sections 11 and 12, including how income is calculated for audits o Detailed examination of the various types of income that affect the audit requirements, including income from business held as property of the trust and income from incidental business o Guidelines for computing income to select the appropriate audit form (Form 10B or 10BB), primarily focusing on the criteria for receipts below or above five crores • Implications of TDS Against Grant Receipt o Overview of the legal background regarding Tax Deducted at Source (TDS) on grant receipts and its implications for trusts and NGOs o The reporting mechanisms applicable from AY 2023-24, including the procedural changes and how they affect the reporting of grant receipts in the audit report • Sample Observations and Qualifications for Audit Reports o Comprehensive list of sample observations and qualifications that can be included in audit reports, tailored to address common issues faced by auditors o Specific reporting requirements for transactions involving specified persons under Section 13(3) and violations of the relevant laws o Practical examples of how to report the maintenance of books of account, the non-filing of income tax returns, and other common issues • Instructions for Filling Form 10B and Form 10BB o Step-by-step instructions for completing and submitting Form 10B and Form 10BB, including a detailed breakdown of each field and annexure o Common errors to avoid, field-specific guidance, and tips for ensuring accurate and compliant submissions o Instructions on how to download and use the offline utility for filing these forms, along with practical advice for navigating the e-filing system • Tutorials on E-filing Forms 10B and 10BB o Detailed tutorials covering every step of the e-filing process, from adding the CA to the e-filing portal and assigning forms to the CA to accepting assignments and verifying submissions o Separate tutorials for the submission of Forms 10B and 10BB, including specific instructions for both the CA and the assessee o Tips and best practices for ensuring a smooth and error-free e-filing tailored to the needs of trusts and NGOs • Requirement to Submit ITR under Sections 12A and 10(23C) o A clear explanation of the requirement to submit income tax returns as a condition for claiming exemptions under Sections 12A and 10(23C) o Detailed guidance on the filing deadlines, the selection of the correct ITR form, and the e-filing procedures for ITR-7 o Discussion of the consequences of delayed or incorrect submissions, including the penalties and legal implications of non-compliance o Guidance on submitting revised returns, updated returns, and the conditions under which exemptions can be claimed through these processes • Practical Guide to File Form ITR-7 o Overview of the key changes introduced in Form ITR-7 for AY 2024-25, including updates to relevant schedules and filing procedures § Step-by-step instructions for filing ITR-7, including verification processes, handling defective returns, and addressing common mistakes o Practical tips for ensuring that the ITR-7 form is completed accurately and submitted in compliance with current legal requirements • Appendices o A collection of relevant circulars and notifications that impact the audit and filing processes, providing a quick reference to the most critical updates o Extracts from the Income-tax Rules, 1962, focusing on the rules that govern the audit and filing requirements for trusts and NGOs o Relevant forms and practical examples that illustrate compliance with the statutory requirements, offering readers practical tools for navigating their obligations
Author: Taxmann Publisher: Taxmann Publications Private Limited ISBN: Category : Law Languages : en Pages : 20
Book Description
The CBDT has notified the Income-tax Return (ITR) Forms ('New ITR Forms') for the Assessment Year 2024-25. The applicability of ITR forms to different taxpayers remains unchanged in the new versions. Nevertheless, the new forms require additional details from taxpayers. Further, many changes in the ITR forms are consequential to the amendments made by the Finance Act 2023. This article thoroughly analyses new ITR Forms and highlights all key changes and new requirements in current ITR forms viz-a-viz last year's ITR Forms.
Author: Taxmann Publisher: Taxmann Publications Private Limited ISBN: Category : Law Languages : en Pages : 19
Book Description
The Central Board of Direct Taxes (CBDT) has issued a Notification dated 05-03-2024 announcing amendments to Form 3CD. These changes shall apply to all tax audit reports signed or after 05-03-2024, irrespective of the assessment year to which the tax audit report relates. The analysis of changes in the clauses has been discussed in this article, including: ‣ Clause 8a (Whether the company has opted for the special tax regime with lower tax rates) ‣ Clause 12 (Reporting of profits assessable under presumptive tax schemes credited to P&L) ‣ Clause 18 (Depreciation admissible) ‣ Clause 19 (Amount admissible as deduction under Sections 35, 35D, etc.) ‣ Clause 21(a) [Amounts debited to P&L covered by Explanation 3 to section 37(1)] ‣ Clause 21(b) [Amounts inadmissible under Section 40(a)(ia)] ‣ Clause 26 (Amounts covered Section 43B) ‣ Clause 32 (Brought forward loss or depreciation)
Author: OECD Publisher: OECD Publishing ISBN: 9264202714 Category : Languages : en Pages : 44
Book Description
This action plan, created in response to a request by the G20, identifies a set of domestic and international actions to address the problems of base erosion and profit sharing.
Author: Dr. H.C. Mehrotra, Dr. S.P. Goyal Publisher: Sahitya Bhawan Publications ISBN: 9389111196 Category : Business & Economics Languages : en Pages : 383
Book Description
About the Income Tax Law & Accounts A.Y 2019-20 Book Largest Selling Book since 1964 and over the last 55 years of its existence, Income Tax Law and Practice Assessment has established a reputation for itself as the most definitive work on the subject of income tax. A simplified, systematic approach to the understanding of a complex subject written in a unique, simple and easy to understand language. Each topic, after a theoretical exposition, is followed by illustrations to facilitate the students to master the practical application of Income Tax Law. User-friendly examination-oriented style facilitating easy comprehension of each topic. Solved Illustrations and Questions for exercise are largest in number in comparison to other books on income tax. Unsurpassed for over 55 years. The book is trusted and relied upon for accuracy and reliability. Mistakeless printing on paper of superior quality at a moderate price. Questions from the latest Examination Papers of various universities have been included in the revised edition of Income Tax Law And Practice Assessment At the end of each chapter, Short Answer, Objective Type, and Short Numerical Questions have been added with answers. A unique feature of the revised edition is that Section-wise Index has been incorporated.
Author: Taxmann
Author: Taxmann
Author: Dr. Manoj Fogla
Author: Taxmann
Author: Taxmann
Author: Dr. V. K. Singhania
Author: Steve Edge
Author: 
Author: 
Author: OECD
Author: Dr. H.C. Mehrotra, Dr. S.P. Goyal