Let me tell you about how
can a tax audit report be revised.
A Tax Audit Report can indeed be revised, but there are specific circumstances and timelines that apply. A tax audit report is prepared under Section 44AB of the Income Tax Act for businesses or professionals whose turnover or gross receipts exceed specified limits. The auditor provides an assessment of the taxpayer’s financial records, and the report is filed along with the income tax return (ITR).
What is the Process of Revision of Tax Audit Report?
A tax audit report can be revised under certain conditions:
If an error or omission is discovered in the original report, the taxpayer can file a revised income tax return (ITR) under Section 139(5). This revised return can include corrections to the tax audit report as well.
The revised report must be filed before the assessment order is passed by the tax authorities. If the assessment has already been completed, revising the audit report may not be allowed unless fresh facts or errors come to light.
The revised tax audit report must be submitted before the due date for filing the revised ITR, which is typically within one year from the end of the relevant assessment year.
I hope this information helps you understand
can a tax audit report be revised.
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Can a Tax Audit Report Be Revised?
ranu
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6 days
2024-12-05T06:50:04+00:00 2024-12-06T16:27:07+00:00Comment
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