LIVE GST Certification Course by CA Arun Chhajer begins 21st April. Register Now!!

Tax Audit upon notice

Anonymous (Business) (240 Points)

29 October 2018

Hello ,

Where tax audit not applicable and ITR filed on time before 31st july.
Can AO direct for tax audit on certain grounds ?
then what happend to the loss claimed?

Reply
Follow
Share

3 Replies

rama krishnan (12234 Points)
Replied 30 October 2018

yes AO has powers to direct to audit under section 142(2a)

2 Like

RAJA P M ("Do the Right Thing...!!!") (126993 Points)
Replied 30 October 2018

Yes... AO can power for the Tax Audit in some of the certain categories...

Submit Your financial Statements with supportive documents which is required by AO...
No need to worry if You have proper documents.

1 Like

Anonymous (Business) (240 Points)
Replied 30 October 2018

Thx. Can tax audit be asked for upto last 6 A.Y. ? One more question the penalty specified for no tax audit done is separate for each A.Y.? If sum of 0.5 % of turnover exceed 1.5 lacs for all previous cumulative A.Y. is that amount of penalty restricted to 1.5 lacs overall for all such previous A.Y.? Similarily 25,000 for non -maintenace of books is max. or its separate for each previous all A.Y.
(Assuming tax audit cases)