Tax audit done? What taxpayers should keep in mind while filing ITR
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- ✓Taxpayers must ensure their income-tax returns match the tax audit report and financial records.
- ✓Ritika Nayyar said, "taxpayers should reconcile turnover, profits and other financial details in their ITRs with the tax audit report." Small discrepancies can invite queries from the Income-tax Department, so verify all deductions and tax credits.
Story at a Glance
- Category
- BUSINESS
- Reported By
- MoneyControl
- Reading Speed
- 4 Minute(s)
- Market Focus
- India Economy
Getting a tax audit done is only one part of filing an income-tax return. Taxpayers must ensure that the turnover, expenses, deductions and tax credits reported in the ITR match the tax audit report and other financial records. Even small discrepancies, if left unexplained, can invite queries from the Income-tax Department or lead to tax adjustments. Ritika Nayyar, Partner at Singhania & Co, said taxpayers should reconcile turnover, profits and other financial details in their ITRs with the tax audit report and books of accounts.
They should also verify disallowances, depreciation, deductions and statutory dues while computing taxable income. Turnover, expenses and losses need careful reconciliation One of the key checks is whether the turnover and gross receipts reported in the ITR match the figures disclosed in the tax audit report, including Form 3CD, and the audited financial statements.
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