Consolidation of multiple reports to be issued by Chartered Accountants in a single format

Issue/Justification

As per the current provisions, an assessee has to file multiple audit reports in different formats as per the statutory requirements. For a simplified tax regime, a single audit form should be introduced which will incorporate or consolidate multiple audit reports/ certificates required to be issued under various sections of the Income-tax Act, 1961.

Suggestion

Multiple reports to be issued by chartered accountants be compiled and a single form  of audit/ certificate be prepared. The said format may have multiple annexures i.e. existing formats in different sections.

(SUGGESTIONS FOR REMOVING ADMINISTRATIVE AND PROCEDURAL DIFFICULTIES RELATING TO DIRECT TAXES)

Source-  ICAI Pre- Budget Memorandum–2018 (Direct Taxes and International Tax)

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Category : Income Tax (26764)
Type : News (13430)
Tags : Budget (1951) Budget 2018 (394) ICAI (2539)

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