Auditors' to disclose property related transactions above Rs 20,000 to I-T
The move will increase transparency in financial dealings and help check tax evasion LATEST NEWS : Auditors will now have to disclose details of transactions exceeding Rs 20,000 in connection with immovable property in reports, which they file with the Income Tax (I-T) authorities on behalf of their clients. Under the Income Tax Act, professionals earning gross receipts of more than Rs 50 lakh and companies with a turnover of Rs one crore and above are required to get their accounts audited. The turnover limit for companies has been increased to Rs two crore from Assessment year 2018-19. So far, auditors in their report had to mention details of loans, and repayment exceeding Rs 20,000 in the tax audit report filed along with Income Tax returns. Henceforth, all transactions exceeding Rs 20,000 relating to immovable property will have to be mentioned in a specified format in the report. The move will increase transparency in financial dealings and help check tax e...