Tax Audit Query

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??
Replies (4)
Quick Summary
There's a circulating rumour on social media suggesting that tax audits might be abolished in the upcoming budget. While it's unlikely to happen this year, some believe it could be a possibility in the future. The current tax audit system provides assurance to the government regarding tax law compliance. Its removal could increase the burden on tax authorities and lead to more scrutiny for individuals. Alternatively, tax returns might become more comprehensive to cover audit report details, or the threshold for mandatory tax audits could be raised significantly.

May be in couple of years but not this budget.
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
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
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.

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