Discover and read the best of Twitter Threads about #TaxAudit

Most recents (5)

🧵Demystifying GST Audits: Section 65 & Rule 101. Understanding Both Sides of the Audit Journey! 💼🔍
Read this thread to gain a complete understanding of GST audits, covering Section 65 and Rule 101.
#GST #TaxAudit #DemystifyingAudits
🔸The Commissioner or any officer authorized by him, may undertake audit of any registered person for a financial year or part thereof or multiples thereof at such frequency and in such manner as may be prescribed
🔸The officers referred above may conduct audit at the place of business of the registered person or in their office
Read 15 tweets
#TAXAUDIT | New disclosures in form 10B for charities include:
- List of board/trustees
- List of a/c books/records
- Earning from activities of General Public Utility
- Business activity
- Donations in kind
- Anonymous donations
- 10BD details
- Breakup of donations
1/n
- Application of income under 8 categories further sliced & diced as
• cash & electronic payments
• capital & revenue
- Details of payees getting > ₹50 lakh during year
- Disallowances
- Application of income acc to sources (corpus, reserves, accumulated, etc)
2/n
- Detailing of TDS on category-wise receipts
- Sale/transfer of capital assets to others
- Listing of key persons covered u/s 13(3)
- Details of any legal violation (for canceling tax registration)
- Details of corpus, FC, loans, application o/s India, accumulation
3/n
Read 5 tweets
CBDT has extended due date for filing of various reports of audit for the Assessment Year 2022-23 to 07/10/2022.

#Extend_Due_Date_Immediately
Read 4 tweets
Excellent #Budget2021 by @narendramodi govt

16.5 lakh Cr Agri Credit allocation&Rs 1.18 lakh Cr for roads

Massive 34.5% rise Capital Spending at 5.54 lakh Cr

137% rise in Health budget

Income Tax scrutiny reduced from 6 to 3 yrs;No Double taxation of NRIs

#Growth,the focus
Hike in Insurance #FDI from 49% to 74%,pro #Reforms💪

#Dividend income invested In InvITs &REITs,tax free

No advance tax liability on Dividend income

#LIC IPO--BIG

#Disinvestment of BPCL,Pawan Hans,Air India,Concor,IDBI,Beml, Shipping Corp--BIG

64180Cr #Healthcare budget-BIG
5 Mega #Fishing harbours

7 Mega #Textile Parks

Agri Infra Fund to be available to #APMCs

Voluntary #VehicleScrapping policy

20000Cr #Recapitalisation of PSBs

#ARC to take over stressed assets

7 Port projects to be developed via PPP

18000Cr for Bus Transport
#Modinomics💪
Read 9 tweets
#AatmaNirbharBharatAbhiyan
Based on 👇

Land,Labour,Liquidity&Laws that are not isolationist but inclusive

Ease of Doing Business

DBT,JanDhan,Aadhar, Micro Insurance,Ujjwala Yojana, Ayushman Bharat, PM Awaas Yojana,PM FasalBima Yojana,Krishi Sinchai,Swachh Bharat--Key Landmarks
GST,IBC&PSU Bank Recapitalisation in last 6 yrs,have been big reforms

52606Cr given via #DBT to 41Cr #JanDhan holders

Free wheat&rice to 69Cr ration card holders

18000Cr tax refunds given

Free cylinders to 8Cr #Ujjwala holders

#20lakhcrores #COVIDー19
#atmanirbharbharat
Project DevelopmentCells,working for Promotion of Champion Sectors,in States

#MakeInIndia&Upgradation of Industrial Infra,a success&more will be done to #Decongest economy

3376 SEZs&IndustrialParks with 5 lakhhectares,to be ranked& mapped,in terms of readiness for competition
Read 20 tweets

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