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Tax Audit Query

25 January 2020

Now a days, a massage is circulating on social media that in coming budget Tax Audit will be abolished. Is there any chances of it??

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4 Replies

Roshni (Studwnt) (1141 Points)
Replied 25 January 2020

May be in couple of years but not this budget.

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CA SANDESH MAHIPAL (Practicing in GST and MSME ) (1985 Points)
Replied 25 January 2020

Tax audit gives an assurance to govt. about correctness and compliance of tax law in force. Removing this, will lead to huge burden on part of tax authorities and AAM Junta will also face more n more scrutiny by officials and everyone know how deptt official's work is easy n simple.
Regards

CA Kiran Sutrave (CA) (428 Points)
Replied 25 January 2020

There are chances that the tax returns will be made exhaustive to cover all the points mentioned in the tax audit report. This may happen but the timing is not sure

Kapadia Pravin (17264 Points)
Replied 26 January 2020

I think the news making rounds is in respect of harsh mandatory Tax Audit conditions contemplated in section 44AD.

In view of tax slabs expected to be rationalized , the threshold turnover limit for 44AB tax audit purpose is likely to be raised to a very comfort zone.