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Tax Audit Changes 2014

Posted @ September 3, 2014, 3:36 am under (TAX AUDIT)

Following are some of the major points which have been inserted in the Tax Audit Report w.e.f. 25 July 2014:

1] For assessees liable to pay indirect taxes such as excise duty, service tax, sales tax, customs duty, etc, registration number under such Act is to be provided.

2] Address where books of accounts are kept is to be mentioned.

3] In case of taxpayers who have sold immovable property for a value less than government valuation, details of property sold along with actual consideration and stamp duty valuation are to be reported.

4] Details of sale of shares of private limited company without consideration or for inadequate consideration.

5] Where expenditure and loan receipts and payments have been made in cash exceeding Rs.20000, the Name and PAN of the payee alongwith the nature of payment is to be furnished.

6] Where any Cost Audit, Excise audit, Service tax Audit was carried out, information of any disqualification or disagreement on any matter is to be reported.

7] Where any demand has been raised or refund has been issued under other tax laws like VAT, Service tax, Excise, etc. details of the same to be reported.

8] Comparative details regarding Gross turnover, Gross profit, Net profit, Stock Turnover Ratios are required.

9] Complete details of Tax deduction made and paid to the Government such as nature of payment on which TDS deducted, whether TDS has been deducted on correct amount and correct rate and whether the same has been paid on time or not. Further, details of TDS return if the same have been late filed and the interest payable on late payment of TDS. 

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