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NAIMISH BORSADIYA (article)     25 January 2020

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??


 4 Replies

Roshni

Roshni (Studwnt)     25 January 2020

May be in couple of years but not this budget.
1 Like
CA SANDESH MAHIPAL

CA SANDESH MAHIPAL (Practicing in GST and MSME )     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 Kiran Sutrave (CA)     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

Kapadia Pravin   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.

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