https://www.taxtmi.com/article/detailed?id=5484 The audit identifies systemic administrative and legal failures in the processing and scrutiny of exemption claims by trusts and charitable entities: weak verification under section 12A and 80G, inadequate selection for scrutiny, inconsistent treatment of deficits and accumulations, irregular allowance of expenditures without TDS, improper allowance of depreciation, failure to tax capital gains invested in prohibited modes, and absence of uniform guidelines-resulting in significant revenue loss and permitting misuse of tax exempt status. en-us Mon, 17 Feb 2014 12:23:31 +0530 Mon, 17 Feb 2014 12:23:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=5484 The audit identifies systemic administrative and legal failures in the processing and scrutiny of exemption claims by trusts and charitable entities: weak verification under section 12A and 80G, inadequate selection for scrutiny, inconsistent treatment of deficits and accumulations, irregular allowance of expenditures without TDS, improper allowance of depreciation, failure to tax capital gains invested in prohibited modes, and absence of uniform guidelines-resulting in significant revenue loss and permitting misuse of tax exempt status. Articles Income Tax Mon, 17 Feb 2014 12:23:31 +0530 https://www.taxtmi.com/article/detailed?id=5484