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Tax audit reporting of non-salaried gets tough

Non-salaried professionals having gross receipts of over Rs 50 lakh and business entities with a turnover of over Rs 1 crore (or Rs 2 crore if they have opted for presumptive taxation) will now have to furnish additional details as part of new tax audit requirements. The CBDT has widened the scope of a tax auditor’s reporting by including details from GAAR to GST and TDS to cash transactions of over Rs 2 lakh. The tax auditor is now required to determine whether or not the client has entered into ‘impermissible avoidance agreements’ (which would fall within the ambit of GAAR) and report them accordingly in the Form 3CD. The new form, which was released on Monday, comes into effect from August 20. 

Read More at The Economic Times News date : 25 Jul 2018, Wednesday

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