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There is a rumor doing rounds on Various Yahoo, Facebook and whatsapp group, which say that tax audit limit been increased to 60 from existing limit of 45. These groups are claiming the same been told them by a Central Council member (CCM) of Institute of Chartered Accountants of India (ICAI) . We have searched Official Website of Institute of Chartered Accountants of India but not found any such Information. We request ICAI to issue a Clarification in this regard soon.
ICAI has now clarified in this regard that Tax Audit Limit Increased From 45 to 60 for audits conducted during the financial year 2014-15 and onwards. Please read the following post for more details :- Tax Audit Limit Increased From 45 to 60 for audits
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TAX AUDIT LIMIT NEEDS FRESH REVISION TO MIN.2 CRORE 40LACS LIMIT WAS FIXED LONG BACK WHICH WAS RAISED IT TO 60 LACS COUPLE OF YEARS AGO WHICH IS TOO LOW IN VIEW OF STEEP PRICE ESCALATIONS.
Please any one explain what is this 45 to 60.
PLEASE, TELL ME THAT THE TAX AUDIT LIMIT HAS BEEN INCREASED TO 60 FOR AUDIT CONDUCTED FOR F.Y. 2013-2014 (i.e AY 2014-15)???
Kya hum F.Y 2013-2014 (i.e AY 2014-15) k 60 Tax Audit assignment le skte h????
and kya 60 Tax Audit assignment m audit conducted u/s 44AD/AE bhi count hoga kya nhi??????
reply me soon…..
In my view ,there is no need of increasing limit from 45 to 60.
What about quality of audit.? On one hand clients submit a/cs only in the month of Sept. that too in last 2 weeks,how can a CA audit in such a short time.
2.QUALITY definitely gets affected.
I sent one comment about 2 days back it is not reflecting still why this delay?
GOOD FOR ALL PRACTICING CA’S .
there is some confusion, taxaudit limit raised to 60 from 45 for audits (obviously) tax audits ,conducted during F/Y 2014-15, Should it not be for F/Y 2014-15? please clirify
Tax audit should also be allowed to be conducted by CMA for better quality and this also increase quality of audit, competencies amongst two professionals,
The timely taken decision by our Institute would be really welcomed by everyone.
Will this affect the quality of audit….to be confirmed by Time only.
At this website link http://www. icai.org/post.html?post_id=10354
or home page of ICAI website-Most important points
following message is available :
Tax Audit Limit Increased From 45 to 60 for audits conducted during the financial year 2014-15 and onwards. – (11-02-2014)
——————————————————————————–
In view of the enhancement of professional competence of members to perform quality services in an IT-enabled environment, the Council of the Institute at its 331st meeting held from 10th to 12th February, 2014 has decided to increase the “specified number of tax audit assignments” for practicing Chartered Accountants, as an individual or as a partner in a firm , from 45 to 60. The said limit will be effective for the audits conducted during the financial year 2014-15 and onwards. Accordingly, the Council Guidelines No.1-CA(7)/02/2008, dated 8th August,2008 stands amended from 1.4.2014 as under:-
In the Council General Guidelines, 2008, the Council Guidelines No.1-CA(7)/02/2008, dated 8th August,2008, in Chapter VI “Tax Audit assignments under Section 44AB of the Income-tax Act, 1961 “, in Explanation given in Para 6.1, in sub-para(a) and sub-para(b), the figure “45” be substituted with the figure “60”.
what is this 45..?
can u explain it..?
Clarification issued by icai
https://taxguru.in/chartered-accountant/tax-audit-limit-increased-45-60-audits.html
Pls refer officia announcemment made by ICAI @ link -http://www.icai.org/post.html?post_id=10354
Yes confirmed. Tax audit limit increased from 45 to 60 for audit conducted during financial year 2014-15 and onwards.
Tax Audit Limit Increased From 45 to 60 for audits conducted during the financial year 2014-15 and onwards. – (11-02-2014)
In view of the enhancement of professional competence of members to perform quality services in an IT-enabled environment, the Council of the Institute at its 331st meeting held from 10th to 12th February, 2014 has decided to increase the “specified number of tax audit assignments” for practicing Chartered Accountants, as an individual or as a partner in a firm , from 45 to 60. The said limit will be effective for the audits conducted during the financial year 2014-15 and onwards. Accordingly, the Council Guidelines No.1-CA(7)/02/2008, dated 8th August,2008 stands amended from 1.4.2014 as under:-
In the Council General Guidelines, 2008, the Council Guidelines No.1-CA(7)/02/2008, dated 8th August,2008, in Chapter VI “Tax Audit assignments under Section 44AB of the Income-tax Act, 1961 “, in Explanation given in Para 6.1, in sub-para(a) and sub-para(b), the figure “45” be substituted with the figure “60”.
ICAI pls clarify immediately
In view of the enhancement of professional competence of members to perform quality services in an IT-enabled environment, the Council of the Institute at its 331st meeting held from 10th to 12th February, 2014 has decided to increase the “specified number of tax audit assignments” for practicing Chartered Accountants, as an individual or as a partner in a firm , from 45 to 60. The said limit will be effective for the audits conducted during the financial year 2014-15 and onwards. Accordingly, the Council Guidelines No.1-CA(7)/02/2008, dated 8th August,2008 stands amended from 1.4.2014 as under:-
In the Council General Guidelines, 2008, the Council Guidelines No.1-CA(7)/02/2008, dated 8th August,2008, in Chapter VI “Tax Audit assignments under Section 44AB of the Income-tax Act, 1961 “, in Explanation given in Para 6.1, in sub-para(a) and sub-para(b), the figure “45” be substituted with the figure “60”.
yes the limit has been increased and it has been clarified on the institute website
Tax Audit Limit Increased From 45 to 60 for audits conducted during the financial year 2014-15 and onwards. – (11-02-2014)
In view of the enhancement of professional competence of members to perform quality services in an IT-enabled environment, the Council of the Institute at its 331st meeting held from 10th to 12th February, 2014 has decided to increase the “specified number of tax audit assignments” for practicing Chartered Accountants, as an individual or as a partner in a firm , from 45 to 60. The said limit will be effective for the audits conducted during the financial year 2014-15 and onwards. Accordingly, the Council Guidelines No.1-CA(7)/02/2008, dated 8th August,2008 stands amended from 1.4.2014 as under:-
In the Council General Guidelines, 2008, the Council Guidelines No.1-CA(7)/02/2008, dated 8th August,2008, in Chapter VI “Tax Audit assignments under Section 44AB of the Income-tax Act, 1961 “, in Explanation given in Para 6.1, in sub-para(a) and sub-para(b), the figure “45” be substituted with the figure “60”.
Hi Sandeep
Hopefully the following announcement wouuld solve your query.
Tax Audit Limit Increased From 45 to 60 for audits conducted during the financial year 2014-15 and onwards. – (11-02-2014)
In view of the enhancement of professional competence of members to perform quality services in an IT-enabled environment, the Council of the Institute at its 331st meeting held from 10th to 12th February, 2014 has decided to increase the “specified number of tax audit assignments” for practicing Chartered Accountants, as an individual or as a partner in a firm , from 45 to 60. The said limit will be effective for the audits conducted during the financial year 2014-15 and onwards. Accordingly, the Council Guidelines No.1-CA(7)/02/2008, dated 8th August,2008 stands amended from 1.4.2014 as under:-
In the Council General Guidelines, 2008, the Council Guidelines No.1-CA(7)/02/2008, dated 8th August,2008, in Chapter VI “Tax Audit assignments under Section 44AB of the Income-tax Act, 1961 “, in Explanation given in Para 6.1, in sub-para(a) and sub-para(b), the figure “45” be substituted with the figure “60”.
Its already posted in institutes website,
The news of the increase in the audit limit is confirm as the same is hosted on institute’s website.
Yes the news is confirmed as per ICAI website
In view of the enhancement of professional competence of members to perform quality services in an IT-enabled environment, the Council of the Institute at its 331st meeting held from 10th to 12th February, 2014 has decided to increase the “specified number of tax audit assignments” for practicing Chartered Accountants, as an individual or as a partner in a firm , from 45 to 60. The said limit will be effective for the audits conducted during the financial year 2014-15 and onwards. Accordingly, the Council Guidelines No.1-CA(7)/02/2008, dated 8th August,2008 stands amended from 1.4.2014 as under:-
In the Council General Guidelines, 2008, the Council Guidelines No.1-CA(7)/02/2008, dated 8th August,2008, in Chapter VI “Tax Audit assignments under Section 44AB of the Income-tax Act, 1961 “, in Explanation given in Para 6.1, in sub-para(a) and sub-para(b), the figure “45” be substituted with the figure “60”.
Yes, it is…
Tax Audit Limit Increased From 45 to 60 for audits conducted during the financial year 2014-15 and onwards. – (11-02-2014)
In view of the enhancement of professional competence of members to perform quality services in an IT-enabled environment, the Council of the Institute at its 331st meeting held from 10th to 12th February, 2014 has decided to increase the “specified number of tax audit assignments” for practicing Chartered Accountants, as an individual or as a partner in a firm , from 45 to 60. The said limit will be effective for the audits conducted during the financial year 2014-15 and onwards. Accordingly, the Council Guidelines No.1-CA(7)/02/2008, dated 8th August,2008 stands amended from 1.4.2014 as under:-
In the Council General Guidelines, 2008, the Council Guidelines No.1-CA(7)/02/2008, dated 8th August,2008, in Chapter VI “Tax Audit assignments under Section 44AB of the Income-tax Act, 1961 “, in Explanation given in Para 6.1, in sub-para(a) and sub-para(b), the figure “45” be substituted with the figure “60”.
Tax Audit Limit increased from 45 to 60 for audits conducted during the financial year 2014-15 and onwords – CA Purushottam Khandelwal – Chairman Abad ICAI