Experts Seek Review Of Faceless Tax Audit Scheme

ENA Sectors 2023-11-17 14:01:41 New Delhi, Nov 17 (KNN) Specialists have advised the government to review the faceless tax audit scheme, and try finding a more relaxed timeline for reconciliation between goods and services tax (GST) and income tax returns, reported Business Today. This was discussed 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. Several representations by industry as well as trade associations have also been sent to the Central Board of Direct Taxes seeking a revamp of the scheme that was introduced in 2020, reported Business Today. Empower India has also written to the CBDT recommending changes to the scheme. These include establishing guidelines for standardised GST and income tax reconciliation template to streamline assessments, including turnover reconciliation in tax audit reports for added assurance and focused assessment and requesting information on significant items upfront, reducing reliance on show-cause notices and aiding taxpayer preparation. It has also suggested providing specialised training and updated databases for tax officers handling international transactions as well as making video conference recordings easily downloadable from the income tax website, extending accessibility to at least three years. (KNN Bureau) 35556 https://knnindia.co.in/news/newsdetails/sectors/experts-seek-review-of-faceless-tax-audit-scheme 2023-11-17 14:01:41 knnindia.co.in Experts Seek Review Of Faceless Tax Audit Scheme