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A major portion of the revenue by way of income-tax is recovered through deduction of tax at source. For furnishing the information required under revised clause 27 of Form No.3CD, an in-depth verification of the TDS returns is necessary.
It is suggested that an independent audit provision may be inserted to provide for a comprehensive audit of all the TDS returns filed with the Department. Appropriate forms of audit report can be prescribed to certify about the correctness of the quarterly TDS returns. This will enable the Department to rest be assured about the correctness of the TDS returns filed as well as the remittance of the tax deducted at source to the credit of the
Source- Pre-budget Memorandum 2014 on direct taxes by (Institute of Chartered Accountants of India