Audit Reports

The Comptroller and Auditor General of India conducts the audit of Receipts from Direct Taxes of the Union Government under section 16 of the Comptroller and Auditor General of India's (Duties, Powers and Conditions of Service) Act, 1971. This...

This Report discusses trends, composition and systemic issues in direct taxes using data from Finance Accounts, departmental accounts, departmental MIS and findings of compliance audit.Gross tax receipts (GTR) of Union Government in FY 2012-13 was...

The Income Tax Act, 1961 (Act) contains several provisions which mandate the assessees to furnish audit reports and certificates issued by the 'Accountant' in the prescribed Form for meeting the specific objectives. Tax audit under Section 44AB...

Income Tax Act, 1961, (Act) lays down diverse provisions on depreciation and/or amortisation for tax purposes as deduction to an assessee/ a company in the course of its business with the intention for promoting economic growth within the Country....

Partnership Firms (Firms) along with Association of Persons (AOPs) and Body of Individuals (BOIs) constitute one of the major businesses apart from the corporate sector in India. Firms are governed by India Partnership Act, 1932. The Income Tax Act, ...

This Report discusses important issues in direct taxes using data from Finance Accounts, departmental accounts, departmental MIS, Economic Survey and findings of compliance audits.Share of direct taxes in gross tax receipts increased from 38.42 per...

The Income Tax Act, 1961 (Act) proposes imposition of penalty on an assessee, if the Assessing Officer (AO)/Commissioner of Income Tax-Appeals/Commissioner of Income Tax (CIT) is satisfied that there has been non-compliance with or violation of law...

Income Tax Act, 1961 (Act) provides various tax exemptions to charitable trusts & institutions (Trusts) to fulfill their objectives. Income Tax Department (ITD) has the responsibility to oversee that the provisions of Act are duly complied by...

Strengthening the tax base is arguably one of the most important aspects of the direct tax management. The Income Tax Department (ITD) uses 'pieces of information' arising from different sources to strengthen the tax database, in addition to the...

The main objectives of the IT Applications in Income Tax Department (ITD) were to improve the efficiency and effectiveness of the tax administration and provide management with reliable and timely information towards effective planning as also...