Accounting And Audit 25 September 2026
Avoid Common Tax Audit Errors Before Sep 30 Deadline
Taxpayers filing the audit report for Assessment Year 2026-27 must watch for common mistakes, especially in reporting cash loans and deposits that exceed statutory limits. Inconsistent clause application can trigger revisions, so double‑check figures and ensure each transaction aligns with the prescribed thresholds before the September 30 cut‑off to avoid penalties or additional scrutiny.
Key Mistakes to Spot
- Loan and deposit limits: Ensure no cash loan or deposit exceeds the limits set under the Income Tax Act. Over‑reporting or under‑reporting can flag the return.
- Clause consistency: Each transaction must be matched with the correct clause in the audit report. Mismatched clauses often lead to revisions.
Action Steps
- Review all cash‑based loan and deposit entries against the statutory caps.
- Cross‑verify that every entry cites the appropriate clause.
- File any necessary revisions before 30 September to stay compliant.
For full details, see the original article here.
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