AUDIT BY CAG
This query is : Resolved
03 July 2024
Is a return of income processed by CPC u/s 143(1) subject to audit by CAG while auditing the assessments made by the Jurisdiction Assessing Officer?
The audit party carries out audit of assessments made by the Assessing Officer to check if there is any leakage of revenue.
Facts : a return of income of a company was filed well within the due date and the same was processed by CPC with no demand no refund. There has not been a scrutiny assessment against this return. While carrying out audit at the office of the jurisdictional assessing officer. A scrutiny assessment of a return of succeeding year was done by JAO and while audit of that assessment the audit party found that there has been an amalgamation of another company in the preceding year in terms of approved scheme and shares were allotted to the shareholders of the amalgamating company. The audit objection is with reference to valuation of shares.
The audit party carries out audit of assessments made by the Assessing Officer to check if there is any leakage of revenue.
Facts : a return of income of a company was filed well within the due date and the same was processed by CPC with no demand no refund. There has not been a scrutiny assessment against this return. While carrying out audit at the office of the jurisdictional assessing officer. A scrutiny assessment of a return of succeeding year was done by JAO and while audit of that assessment the audit party found that there has been an amalgamation of another company in the preceding year in terms of approved scheme and shares were allotted to the shareholders of the amalgamating company. The audit objection is with reference to valuation of shares.
04 July 2024
Yes, it's subject to CAG audit.
All government departments and Government undertaking are subject to CAG audit. Income tax is one of the central government department.
All government departments and Government undertaking are subject to CAG audit. Income tax is one of the central government department.
04 July 2024
I do agree that the government departments are subject to audit by CAG. (Article 148 of the constitution of India)
All scrutiny assessments are subject to audit by CAG. My query is with respect to scope of audit. What I wanted to know is whether the returns processed by CPC are also subject to audit while carrying out audit of the records of the jurisdictional assessing Officer. Please guide.
All scrutiny assessments are subject to audit by CAG. My query is with respect to scope of audit. What I wanted to know is whether the returns processed by CPC are also subject to audit while carrying out audit of the records of the jurisdictional assessing Officer. Please guide.
04 July 2024
Yes, it's also covered not limited they can choose.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Reporting Income under Section 44ADA
- Itr 1 processing
- ITR 2 Short Term gain & Long term gain
- Off Market debit and credit transaction
- Showing Gift from relative in ITR for this year
- ITR 1: Details for showing Exempt Income
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- Short Term Capital gain on shares bought and sold after 2018 onwards
- ITR returnFY25-26
- ITR selection for salaries and capital gain less than L
- ITR validation error - Balance sheet is not filled
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
