Tax Audit Limit Extended

The Central Board of Indirect Taxes and Customs has made a significant move by allowing an extension beyond the 2-year limit under Customs Notification 8/2016. This decision is expected to provide relief to taxpayers.
- The Institute of Chartered Accountants of India has invited public comments on the revised guidance note for tax audit under Section 44AB of the IT Act 1961.
- The revised guidance note aims to improve the tax audit process and provide clarity on the tax audit requirements.
The CBIC move and the ICAI invitation are set to impact the finance and tax industry in India, with the former expected to provide relief to taxpayers and the latter aiming to improve the tax audit process