AUDIT under Section 177
To discourage the physical interaction of taxpayers with Revenue Authorities to ensure the independence of Officers conducting audit proceedings, the Finance Act has introduced the mechanism for conducting E-audits through video links or any other source.
Furthermore, in cases, the taxpayer fails to furnish information or explanation etc., the Finance Act has approved that the Commissioner shall determine the taxable income on the basis of sectoral benchmark ratios i.e. business sector ratios, as notified by the Board on the basis of comparative cases.
