Quick Summary
The Comptroller and Auditor General of India (CAG) has flagged significant gaps in the handling of income tax assessments, even as the department managed to recover Rs 3,588.79 crore by rectifying errors highlighted in earlier audits. According to the CAG's report for 2022-23, as of February 28, 20
Daily Limit Reached
You have reached your daily limit of 2 Free News
Subscribe to CCI PRO for unlimited access
Why Upgrade to CCI PRO?
- No Ads
- WhatsApp Community
- Daily E-Newsletter
- Unlimited News Access
- Profile Visitors
- Link Social Profiles
- Featured Job Posts
- Pro Badge
- Expert GST Guidance
- Unlimited Forum Replies
- Download Content in PDF
1 Year PLAN
1999
(Excl. of GST ₹359)
BEST VALUE
2 Years PLAN
3499
(Excl. of GST ₹629)
3 Months PLAN
999
(Excl. of GST ₹179)
View all CCI PRO benfits
Already a PRO member? Login here for an ad-free experience.
FAQ :
The Income Tax Department recovered ₹3,588.79 crore by rectifying errors highlighted in earlier audits.
As of February 28, 2024, nearly 59,352 audit cases from earlier years remained unsettled.
The unsettled cases carry a potential tax impact of ₹6,252.06 crore.
The audit found recurring errors in the levy of interest, depreciation claims, carry-forward of business losses, irregular allowances of expenditure, unexplained investments, arithmetic errors, and other discrepancies.
The CAG recommended that the CBDT revisit completed assessments and implement a foolproof IT system and internal control mechanism to prevent future errors.
CAclubindia
