Jul 26, 2018
CBDT expands scope of tax audit process
The Central Board Direct Taxes (CBDT) has revised the mandatory tax audit report, also known as Form 3CD, which is to be filed by certain taxpayers, to expand the scope of the exercise. An auditor will now have to furnish details related to GST sales, information on transactions covered by transfer pricing provisions, cash transactions and transaction involving tax deducted at source (TDS). According to income tax rules, non-salaried professionals reporting income of over Rs 50 lakh annually and businesses with a turnover of over Rs 1 crore – or `2 crore in case of presumptive taxation – will have to get their accounts audited.