16 July 2017
A special audit is a limited-scope examination of financial records and other information designed to investigate allegations of fraud, theft or misappropriation of funds – or to quantify the extent of such losses
Section 142(2A) of the Income-tax Act, 1961 empowers the assessing officer to direct a tax payer to have his accounts subjected to special audit. This power can be exercised if the assessing officer is of the opinion that this is necessary having regard to the nature and complexity of the accounts.
It is important to note that the special audit can be directed even if the accounts have already been audited under any other law
16 July 2017
Section 142(2A) of the Income-tax Act, 1961 empowers the assessing officer to direct a tax payer to have his accounts subjected to special audit.
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