Audit thresholds require accountant-certified audits and prescribed reports; international transactions must be reported to Transfer Pricing Officer. Accounts required under section 87 must be audited by an accountant where professional receipts or business turnover exceed specified thresholds; the auditor's report must be obtained by the due date in the prescribed form signed and verified. The audit requirement does not apply to incomes determined under paragraph 1 of the Fourteenth Schedule, and may be satisfied by an audit under any other law together with a prescribed accountant's report. Persons covered by sub-section (2) of section 87 must submit an accountant prepared, prescribed-form report of international transactions to the Transfer Pricing Officer by the specified due date.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Audit thresholds require accountant-certified audits and prescribed reports; international transactions must be reported to Transfer Pricing Officer.
Accounts required under section 87 must be audited by an accountant where professional receipts or business turnover exceed specified thresholds; the auditor's report must be obtained by the due date in the prescribed form signed and verified. The audit requirement does not apply to incomes determined under paragraph 1 of the Fourteenth Schedule, and may be satisfied by an audit under any other law together with a prescribed accountant's report. Persons covered by sub-section (2) of section 87 must submit an accountant prepared, prescribed-form report of international transactions to the Transfer Pricing Officer by the specified due date.
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