After hectic Tax Audit times for AY 2022-23, now it’s time for some Tax Audit Fun Moments. So, this Blog articulates some hilarious Tax Audit QAs/visualisations conceived and visualised by the author Sh. Mayank Mohanka, FCA, which will help You in understanding some important reporting clauses in the Form 3CD Annexure in the Tax Audit Report (TAR), in a funny yet purposeful and useful manner.
After hectic Tax Audit times for AY 2022-23, now it’s time for some Tax Audit Fun Moments. So, in this Blog I am presenting some hilarious Tax Audit QAs/visualisations conceived and visualised by me, which will help You in understanding some important reporting clauses in Form 3CD Annexure in the Tax Audit Report (TAR), in a funny yet purposeful and useful manner.
So, lets begin our fun ride….
1. Clause 44 of TAR
Tax Auditor to an ‘Expense’ head: Why are you so upset & angry?
Expense head: I am upset as earlier we all were united under one head. Now you are trying to break us & divide into GST registered/unregistered/composite dealer/ exempt heads, knowing fully that my breakup will not determine my allowability in ITR.
2. Clause 8 of TAR & Section 271B of the Income Tax Act
Que: Why did detective Byomkesh Bakshi get a notice from Income Tax Department?
Ans. Because he has not got his books of accounts tax audited for his consultancy receipts. [Section 271B of Income Tax Act & Clause 8 of TAR].
3. Clause 8a of TAR
Que: Why did Iron Man get a ‘New-Pinch’ from his Tax Auditor?
Ans: Because he has opted for the New Tax Regime [Clause 8a of TAR].
4. Clause 21(b) & 34 of TAR
Que: Why did “Daya-bhav” Foundation, get a qualification in its Tax Audit Report?
Ans: Because guided by its ‘daya-bhav’ philosophy, it didn’t deduct TDS on salary of its employees & other payments. [Clause 21(b) & 34 of TAR].
5. Clause 29B of TAR
Que: Why did ‘Balveer’ get worried about his Tax Audit Report?
Ans: He has received a Gift from ‘Santa’, which his Tax Auditor has reported in Clause 29B in his TAR. [Section 56(2)(x)].
6. Clause 30C of TAR
Que: Why did Shah Rukh Khan get furious with his Tax Auditor?
Ans. (strictly fictional) He has received some CCDs from Byju’s Singapore based Holding Company, as a free token of love n affection for his “YaadGAAR” contribution in Kids learning and education. [Clause 30C on GAAR].
And the final one….
God to Tax Auditor: Dear hardworking Soul, I am happy with your devotion. Ask anything & I will grant you the same.
Tax Auditor: Dear God, please give me the special power that my digital signature & attachments to my TAR get uploaded glitchfree.
God (puzzled): Vatsa, that is not in my hands, please consult Infosys…
About the Author: The author Sh. Mayank Mohanka is a seasoned Tax Practitioner, a Fellow Member of the Institute of Chartered Accountants of India and a Bachelor of Commerce, in Honours Degree from Shree Ram College of Commerce (SRCC), Delhi University. He is a Senior Partner in a Noida based established and reputed CA Firm, M/s S M Mohanka & Associates. He is the Founder Director in M/s TaxAaram India Pvt Ltd, and has launched his unique Start-up Venture taxaaram.com, India’s first digital platform offering painless, seamless and cost-effective professional e-services in relation to faceless assessments, appeals and other statutory e-compliances. He has a 16+ years of rich and profound experience in the field of Taxation (Direct & Indirect), and Advisory. He makes Representations for a widely diversified cross section of industries including Power Sector, Banking & Finance, Real Estate, Food Processing, Infrastructure, Manufacturing, Education and Information Technology, before Authority for Advance Rulings, ITAT, Education Boards and other appropriate forums. He has authored ‘Best Seller’ Professional Books titled “Faceless Assessment, Appeals & Penalty Ready Reckoner with Real Time Case Studies” and “Case Studies & Procedures under Direct tax Vivad se Vishwas Act, 2020”, with Taxmann Publications, and the Book ‘SUPER 21’, treasuring his real-life winning representations on Income Tax, GST, PF, ESI, IBC & Banking Regulation Act, in his professional practice. He has also to his credit 100 distinguished, informative, useful and practically oriented published articles in reputed journals, sites and platforms including itatonline.org, CaclubIndia, and Taxmann, on wide ranging subjects including Income Tax, GST, PF, ESI, IBC, Corporate Laws, Education Acts & FEMA. He can be contacted at 9999981515 or mayankmohanka@gmail.com.
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Posted on: October 3rd, 2022
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