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The Comptroller & Auditor Normal of India has requested the Central Board of Direct Taxes to contemplate specifying a time restrict for remittance of export proceeds by particular financial zone (SEZ) items for claiming deduction underneath Part 10AA of the Revenue Tax Act.
It stated that non-examination of suspicious enterprise actions and quick accounting of shares in 33 important points concerned tax impact of ₹37,909.38 crore between FY13 and FY18.
“Such irregularities had the underlying danger of tax evasion that require additional probing and detailed examination,” CAG stated in its efficiency audit on ‘Evaluation of Assessees of Gems and Jewelry Sector’. It additionally stated commonplace working process and commonplace tips entailing checks be exercised throughout scrutiny evaluation of gems and jewelry to curb the “unscrupulous commerce practices resorted by diamond merchants/producers”.
