PRE AUDIT

[T.R.RAMAKRISHNAN]

As per the Board Circular issued in 2001 pre audit was compulsory for the amount exceeding Rs.50000/-(Fifty Thousand only). Even though the jurdistctional Assistant/Deputy Commissioner sanctions refund under Sec 11B , pre audit was compulsory by the audit team for sanctioning the refund to the assessee.

Now the department has raised the limit to Rs.5,00,000/- (Five lakhs is a welcome move) because the assessee has to wait for refund even after three months since the Deputy Commissioner has to wait for the range report and after the claim is ready for refund it will be sent for pre audit.

Now by means of increase in amount of limit, some amount of relief has been provided to the assessee's.

regards

t.r.r