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Form No. 26, The Consolidated Tax Audit Report Under the Income Tax Act, 2025
Form No. 26The Consolidated Tax Audit Report Under
the Income-tax Act, 2025A Clause-by-Clause, Point-Wise Guide
With Illustrative ExamplesPrescribed under Section 63 of the
Income-tax Act, 2025, read with Rule 47 of t...
Disallowance of Cash Expenditure Exceeding the Prescribed Limit
:
Disallowance of Cash Expenditure Exceeding the Prescribed Limit
To discourage
cash-based business transactions and promote a verifiable banking trail, the
Act disallows any expenditure incurred in respect of ...
Disallowance for Non-Deduction or Non-Payment of Tax Deducted at Source on Business Expenditure
:
Disallowance for Non-Deduction or Non-Payment of Tax Deducted at Source on
Business Expenditure
Where a
business incurs expenditure that requires tax to be deducted at source under
the applicable TDS provisi...
The Residuary Deduction — Expenditure Wholly and Exclusively Laid Out for the Purposes of Business
The
Residuary Deduction — Expenditure Wholly and Exclusively Laid Out for the
Purposes of Business
Beyond the
specific, itemised deductions the Act enumerates, a residuary or 'general'
deduction allows any e...
Deduction for Bad Debts and Provision for Doubtful Debts
Deduction
for Bad Debts and Provision for Doubtful Debts
A debt that
has actually become irrecoverable and is written off as bad in the accounts of
the assessee for the relevant tax year is deductible in comput...
Unexplained Cash Credits, Investments and Expenditure in a Business Context
Unexplained Cash Credits, Investments and Expenditure in a Business Context
Where any sum
is found credited in the books of an assessee for a tax year — a cash credit,
an unexplained investment, unexplained mo...
Cary Forward and Set-off of Business Losses
Cary Forward and Set-off of Business Losses
A loss
computed under the head 'Profits and Gains of Business or Profession' that
cannot be fully set off against income from other heads in the same tax year
(subjec...
Deduction for Interest on Borrowed Capital and Other Financial Charges
Deduction
for Interest on Borrowed Capital and Other Financial Charges
Interest paid
on capital borrowed for the purposes of the business or profession is a
specifically allowable deduction, reflecting the reco...
Speculative Business — Definition, Special Tax Treatment and Loss Restrictions
Speculative Business — Definition, Special Tax Treatment and Loss
Restrictions
A transaction
in which a contract for the purchase or sale of any commodity, including stocks
and shares, is periodically or ulti...
Presumptive Taxation for Professionals — Simplified Compliance for Specified Professions
Presumptive Taxation for Professionals — Simplified Compliance for
Specified Professions
A parallel
presumptive taxation scheme is available to individuals carrying on specified
professions — such as legal ...