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News INCOME TAX

  • Nov 17, 2023
  • Experts call for review of faceless tax audit scheme

    Experts have called for a review of the faceless tax audit scheme, seeking a more relaxed timeline for reconciliation between goods and services tax (GST) and income tax returns as well as more understanding on business transactions that may not fit the specified format.

    At a virtual session on Thursday organised by public policy think tank Empower India, Ajay Rotti, Founder and CEO, Tax Compaas, said the requirement for detailed turnover reconciliations between GST and ITR pose several challenges, including short deadlines, excessive documentation, and partial understanding of GST laws. “This often results in unwarranted adjustments despite comprehensive explanations and documentation provided by taxpayers,” he said.