Indore: Following the changes made by Central Board of Direct Taxes (CBDT), 100% scrutiny of income tax return will be made of those professionals whose annual income is more than Rs 50 lakh and businessmen whose annual turnover is above Rs 2 crore. The CBDT through a notification on July 23 has introduced harsh provisions with regard to tax audit report.

Chartered accountant Pankaj Shah stated this while addressing a workshop organised by Tax Practitioners Association at Aaykar Bhawan on Friday. “CBDT is seeking a detailed audit report. On the basis of facts mentioned in audit report, CBTD would use them for data analytics. This will help to track tax evasion,” Shah said.

If someone has bought the property below the guideline, then the information will have to be given in the audit report. The difference in the cost of transaction and market value will be added to income and the system will release the demand at the time of processing of return.

If someone is dissatisfied with this difference, an appeal can be filed against it. Similarly, if any payment of more than Rs 2 lakh is offered for any service selling any goods, this cash transaction has to be reported in the audit report. Earlier, chartered accountant Vikram Gupte delivered welcome address. On this occasion, a large number of tax practitioners were present.

(To download our E-paper please click here. The publishers permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

Free Press Journal