CBDT allows tax audit report revision in case of disallowance recalculation, notifies rules
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Synopsis
Section 40 refers to amounts that are not deductible while computing income chargeable under profits and gains of business or profession, while Section 43B refers to amounts that can be deducted on actual payments made by the assessee.
Agencies
India had reduced the corporate tax rate for existing companies to 22% and for new manufacturing units to 15% subject to the condition that companies do not avail any exemption or deductions.
The Central Board of Direct Taxes has notified amendments to the income tax rules which allow tax audit reports to be revised if there’s a need for recalculation of disallowance basis deductible and non-deductible amounts specified in the income tax Act.