TAX AUDIT BIG CHANGES AY 2024-25 NOTIFIED Form 3CD TAXPAYER ALERT INCOME TAX UPDATE

New Changes in Tax Audit form AY 2024-25 Notified
TAX AUDIT BIG CHANGES AY 2024-25 NOTIFIED Form 3CD TAXPAYER ALERT INCOME TAX UPDATE 43Bh latest news, MSME payment latest news
Tax Audit Limit from AY 2024-25

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New Changes for reporting 44ADA presumtive scheme in Form 3CD
New Change for Reporting of Fine and Penalty in form 3CD Tax Audit report.
Reporting of Compounding of offences in Tax audit report form 3CD.
New Reporting requirement for benefits and perqusiites provided by businessmen
Reporting of MSME payment and expenses disallowance as per Section 43B(h) in tax audit report form 3CD
Big Change Tax Audit Report Income Tax I Revised Tax Audit Report Mandatory

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(3) The report of audit furnished under this rule may be revised by the
person by getting revised report of audit from an accountant, duly
signed and verified by such accountant, and furnish it before the end
of the relevant assessment year for which the report pertains, if there
is payment by such person after furnishing of report under sub-rule (1)
and (2) which necessitates recalculation of disallowance under section
40 or section 43B

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NEW TAX AUDIT LIMIT AY 2024 25 I INCOME TAX NEW CHANGE FOR BUSINESSMEN AND PROFESSIONALS I ITR FILER

Increase in the threshold limit to opt for presumptive tax scheme [Section 44AD AND 44ADA

Change in Section 44AD Presumtive Tax Scheme for businesmen
To be considered an eligible business for the presumptive scheme under Section 44AD, there is a threshold of turnover not exceeding Rs. 2 crores in a year. If the turnover exceeds the threshold limit of Rs. 2 crores, the assessee would not be eligible to avail and offer its income on a presumptive basis. The Finance Act, 2023 increases such turnover threshold to Rs. 3 crores if the amount of cash received during the previous year does not exceed 5% of the total turnover or gross receipt of such year.

Change in Section 44ADA Presumtive Tax Scheme for professionals
To be considered an eligible profession for the presumptive scheme under Section 44ADA, there is a threshold of gross receipt not exceeding Rs. 50 lakhs in a year. If the gross receipt exceeds the threshold of Rs. 50 lakhs, the assessee would not be eligible to offer its income on a presumptive basis. The Finance Act, 2023 increases such gross receipt threshold to Rs. 75 lakhs if the amount of cash received during the previous year does not exceed 5% of the total gross receipts of such year. It is also expressly provided that receipts through the mode of cheque or a bank draft which is not an account payee, shall be considered a receipt in cash.

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