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