Special Audit

Special Audit Under Goods & Services Tax (GST)

Goods and Services Tax - Introduction to GST Audit GST is a trust-based taxation regime wherein the assessee is required to self-assess his returns and determine tax liability without any intervention by the tax official. Therefore a tax regime that relies on self-assessment has to put in place a robust audit mechanism to measure and ensure compliance of the prov...

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Audit under GST or Types of Audit in GST

Goods and Services Tax - In this article we have discussed GST Audit ) GST Audit based on Turnover by a CA or CMA u/s 35(5) 2) GST Audit by Tax Authorities U/s 65 of CGST Act, 2017 3) Special GST Audit by CA or CMA u/s 66 of CGST Act, 2017 ...

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Blockchain- In Supply Management

Goods and Services Tax - An Auditor has evolved from traditional practices of checking the accuracy of the numbers, finding faults or detecting frauds to a wider concept called ‘Value addition to their Clients’. ...

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Audit provisions under GST Law

Goods and Services Tax - Under the Central Excise and Service Tax laws, there is no requirement for audit of accounts and furnishing reconciliation statement by an accountant except special audit. ...

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Audit by department: Justified or not?

Goods and Services Tax - Times and now, questions have been raised on the qualifications and eligibility of the officers of the department to conduct audit, but the Government has proved to be adamant in continuing the ritual despite of the poor results of such audits. This piece of articulation is on the journey of provisions related to audit in the Chapter V o...

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New / Revised Standard on Auditing SA 700, 701, 705, 706, 260 & 570

Goods and Services Tax - 1. Revised SA 700, Forming an Opinion and Reporting on Financial Statements. 2. New SA 701, Communicating Key Audit Matters in the Independent Auditor’s Report. 3. Revised SA 705, Modifications to the Opinion in the Independent Auditor’s Report. 4. Revised SA 706, Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Indepe...

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Empanelment with CBI for Forensic Auditing

Goods and Services Tax - Central Bureau of Investigation (CBI) has sought the help of the Institute of Chartered Accountants of India for investigation of important Forensic Audit assignments. Chartered Accountants firms having prior sufficient experience and expertise in forensic auditing may submit their details at the earliest preferably in a week’s time....

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Empanelment with Ahmedabad Income Tax department

Goods and Services Tax - Application from qualified chartered accountant/firm of Cas for empanlement to carry out special audit u/s 142 (2A) of the I.T. act. 1961 Last Date : Mar 10, 2015- Application from qualified chartered accountant/firm of CAs for empanlement to carry out special audit u/s 142 (2A) of the I.T. act. 1961....

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Empanelment with Income Tax Dept. for Special Audit

Goods and Services Tax - Income-Tax Department Mumbai intends to invite application from the qualified Chartered Accountant firms for empanelment to carry out Special Audit u/s. 142(2A) of the Income Tax Act,1961. Address: Commissioner Of Income-Tax-5,Mumbai,Room No.559,Aayakar Bhavan, Maharshi Karve Road, Mumbai-400020. Phone: 22015670 Last Date for Application ...

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Empanelment of CA/ICWA for special audit of Service tax Assessees with Service Tax Commissionerate at Delhi

Goods and Services Tax - The Service Tax Commissionerate, New Delhi proposes to draw a panel of auditors for conducting special audit under Section 14 AA of the Central Excise Act as made applicable to Service Tax matters by the Chartered Accountants and the Cost Accountants. Please find attached the scanned copy of the Notice for Expression of Interest issued f...

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AO cannot Extend Time Limit to Special Audit Report submission beyond 180 Days

Pr. Commissioner of Income Tax- 5 Vs Jindal Dye chem Industries Pvt. Ltd. (Delhi High Court) - Section 142 (2A) of the Act anticipates timely submission of the report of the Special Auditor. The Auditor who is to conduct special audit in terms of Section 142 (2) of the Act is not an auditor of the choice of the Assessee. The auditor is nominated by the Revenue and his work is not […]...

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CAs can demand highest prescribed billing rate for quality audit performed by them

Rakesh Raj and Associates Vs Commissioner of Income Tax (Delhi High Court) - This petition under Article 226 of the Constitution of India seeks quashing/modification of an order dated 07.11.2014 passed by the respondent No. 1/Commissioner of Income Tax, Central-II under Section 142(2D) of the Income Tax Act, 1961 (hereinafter to be referred as ‘the Act’) read with Rule 1...

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Special Audit – AO to decide if Accounts are complex, Court can interfere sparingly

AT&T Communication Services India (P) Ltd Vs CIT (Delhi High Court) - Recently Delhi High Court has in the case of AT&T Communication Services India (P) Ltd vs. CIT held that The question whether the accounts and the related documents and records available with the A.O. present complexity is essentially to be decided by the A.O. and in this area the power of the cour...

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CA / CMAs only can conduct Audit under Service Tax not the Dept. Officers : HC

M/S A.C.L. Education Centre (P) Ltd. Vs Union of India (Allahabad High Court) - In case of private assessee, the Commissioner will refer the matter to an officer to collect the material or Chartered Accountant for the purpose of audit. Thus, for the purpose of audit, the material can be collected either by the officer authorized by the Commissioner or by the Auditor himself. Bu...

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Sec. 142(2A) not meant for delegation of AO’s powers & functions to special auditor

Delhi Development Authority Vs Union of India (Delhi High Court) - We have referred to the aforesaid note in detail for two reasons. Firstly, the note reveals that the Assessing Officer felt that the case required detailed scrutiny or monitoring, verification of entries, which were substantial in number. Detailed scrutiny of large number of entries by itself, on st...

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Recent Posts in "Special Audit"

Special Audit Under Goods & Services Tax (GST)

Introduction to GST Audit GST is a trust-based taxation regime wherein the assessee is required to self-assess his returns and determine tax liability without any intervention by the tax official. Therefore a tax regime that relies on self-assessment has to put in place a robust audit mechanism to measure and ensure compliance of the prov...

Read More

Audit under GST or Types of Audit in GST

In this article we have discussed GST Audit ) GST Audit based on Turnover by a CA or CMA u/s 35(5) 2) GST Audit by Tax Authorities U/s 65 of CGST Act, 2017 3) Special GST Audit by CA or CMA u/s 66 of CGST Act, 2017 ...

Read More

AO cannot Extend Time Limit to Special Audit Report submission beyond 180 Days

Pr. Commissioner of Income Tax- 5 Vs Jindal Dye chem Industries Pvt. Ltd. (Delhi High Court)

Section 142 (2A) of the Act anticipates timely submission of the report of the Special Auditor. The Auditor who is to conduct special audit in terms of Section 142 (2) of the Act is not an auditor of the choice of the Assessee. The auditor is nominated by the Revenue and his work is not […]...

Read More

Blockchain- In Supply Management

An Auditor has evolved from traditional practices of checking the accuracy of the numbers, finding faults or detecting frauds to a wider concept called ‘Value addition to their Clients’. ...

Read More

CAs can demand highest prescribed billing rate for quality audit performed by them

Rakesh Raj and Associates Vs Commissioner of Income Tax (Delhi High Court)

This petition under Article 226 of the Constitution of India seeks quashing/modification of an order dated 07.11.2014 passed by the respondent No. 1/Commissioner of Income Tax, Central-II under Section 142(2D) of the Income Tax Act, 1961 (hereinafter to be referred as ‘the Act’) read with Rule 14B of the eponymous Rules of 1962....

Read More

Audit provisions under GST Law

Under the Central Excise and Service Tax laws, there is no requirement for audit of accounts and furnishing reconciliation statement by an accountant except special audit. ...

Read More

Audit by department: Justified or not?

Times and now, questions have been raised on the qualifications and eligibility of the officers of the department to conduct audit, but the Government has proved to be adamant in continuing the ritual despite of the poor results of such audits. This piece of articulation is on the journey of provisions related to audit in the Chapter V o...

Read More

CO-ORDINATION –The Essence of Management Practices

Coordination is the very important aspect in any Organization. It brings unity of action and integrates different activities of organization. Coordination is the most important function of an organization. It refers to bringing together the activities of an organization to achieve the objectives...

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New / Revised Standard on Auditing SA 700, 701, 705, 706, 260 & 570

1. Revised SA 700, Forming an Opinion and Reporting on Financial Statements. 2. New SA 701, Communicating Key Audit Matters in the Independent Auditor’s Report. 3. Revised SA 705, Modifications to the Opinion in the Independent Auditor’s Report. 4. Revised SA 706, Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Indepe...

Read More

Empanelment with CBI for Forensic Auditing

Central Bureau of Investigation (CBI) has sought the help of the Institute of Chartered Accountants of India for investigation of important Forensic Audit assignments. Chartered Accountants firms having prior sufficient experience and expertise in forensic auditing may submit their details at the earliest preferably in a week’s time....

Read More

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