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CBDT extends deadline for filing ITRs with audit reports to Oct 31, 2018

CBDT extends deadline for filing ITRs with audit reports to Oct 31, 2018

Finance
NEW DELHI: The government today extended by a fortnight till October 31 the deadline for filing Income Tax return (ITR) and audit report for financial year 2017-18. This is the second extension within a fortnight of the Central Board of Direct Taxes (CBDT), earlier extending the deadline for tax payers whose accounts have to be audited from September 30 to October 15. Tax audit is a review of accounts of taxpayers with business or profession from an income tax point of view such as incomes, deduction, compliance with tax laws, etc. Taxpayers with turnover exceeding Rs 1 crore in business (not opted for presumptive taxation scheme) or whose gross professional income is over Rs 50 lakh need to get a tax audit done. Tax audit report needs to be filed on or before the 30 September of the subse...
Conflicts leave Lloyds audit heading for Deloitte

Conflicts leave Lloyds audit heading for Deloitte

Business
Britain's biggest high street lender faces being severely curtailed in its selection of a new auditor, intensifying pressure on regulators to deliver reforms aimed at strengthening competition. Sky News has learnt that Lloyds Banking Group‎ is preparing to ask Deloitte to put itself in a position to take on its audit from 2021, with a formal tender process expected to get underway in the coming months.While Deloitte has not been guaranteed the role, conflicts involving the other so-called 'big four' accountancy firms have left it as the only viable option for Lloyds, according to insiders.The situation is expected to pile fresh pressure on regulators to tackle the structure of Britain's audit market, with talks scheduled to take place next Tuesday between the Competit...
Watch out for these red flags that can trigger an IRS tax audit

Watch out for these red flags that can trigger an IRS tax audit

Finance
Little can strike more fear in the heart of taxpayers than the prospect of the Internal Revenue Service questioning their tax return.Yet, for most people, the chances of an audit are slim. Of the nearly 148 million individual tax returns filed in 2016, just 0.7 percent (about 1 million) were audited, according to the IRS.The factor that increases your chances the most? Making a lot of money. If you earn more than $ 1 million, the audit rate jumps to 5.8 percent."This is one case where the less money you make, the better off you are," said Bill Smith, managing director at CBIZ MHM's National Tax Office in Washington.More from Advisor Insight:Americans go on more drunk shopping spreesScammed taxpayers agree to pay IRS 'debt' on iTunes cardsMarket shocks should be wake-up call for investorsWh...
Audit firms on alert over Vodafone 'conflict'

Audit firms on alert over Vodafone 'conflict'

Business
Vodafone has alerted the world's biggest accountancy firms that it may be forced to tender its multimillion pound audit contract because of the 2014 collapse of Phones 4U.Sky News has learnt that the FTSE-100 mobile phone giant has told Deloitte, EY and K‎PMG in the last few weeks that it may ditch PricewaterhouseCoopers (PwC) amid the threat of litigation over the retailer's demise.A source close to Vodafone said it had had asked three of the "big four" auditors to free themselves from potential conflicts that would prevent them pitching for the role sometime next year.One insider emphasised this weekend that the company had made no decision to remove PwC but was taking the necessary preparatory steps in case it found itself forced to switch auditor.The problem has arisen because of PwC's
KPMG faces threat to Bank of England audit

KPMG faces threat to Bank of England audit

Business
KPMG is facing a battle to remain as auditor to the Bank of England‎ as rivals plot to end its decade-long tenure in the prestigious role.Sky News has learnt that officials from Britain's central bank contacted other accountancy firms in recent days to signal a contest that will threaten KPMG's hold on a position it has held since just before the run on Northern Rock in 2007.The review has been triggered by rules dictating that the Bank should put its audit work out to tender every five years, according to insiders.A source said the tender was issued on Monday using the Crown Commercial Service Framework, a Government-recommended process.KPMG's audit work for the Old Lady of Threadneedle Street spans the decade of the banking crisis and its aftermath, a period which has seen the Bank take