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Incorrect tax information in 367 cases leads to Rs 2,813.11 crore loss in India

Incorrect tax information in 367 cases leads to Rs 2,813.11 crore loss in India

NEW DELHI: Coming down heavily on Chartered Accountants, a CAG report today said their failure to submit correct tax information resulted in levying of lower taxes by as much as Rs 2,813.11 crore in 367 cases surveyed.

We found cases where the CAs failed to report full and correct information in 367 cases leading to short levy of taxes of Rs 2,813.11 crore and where the Assessment Officers failed to utilise the information available in 102 reports or certificates submitted to them leading to short levy of taxes of Rs 1,310.05 crore,” said the report of the official auditor.

“We also found in another 616 cases where CAs committed mistakes viz in allowance of exemption or deductions, charging of tax on book profit under Section 115JB, adoption of arm’s length price and reporting on cash payments exceeding Rs 20,000 per day,” it said. The Performance Audit covered assessments completed during the period from financial years 2010-11 to 2012-13 and up to the date of audit.