Special Audit

Special Audit – Section 142(2A) – Income Tax Act, 1961

Income Tax - A) The rationale behind the introduction of the provision of Special Audit √ Assessee is liable to get its account audited u/s 44AB only when the situation stated in Section 44AB triggered which are mostly based on the Turnover/Gross receipt Criteria. √ The main objective of the introduction of Section 44AB is to determine whether [&h...

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Audit areas for audit of Quality of Packing Bags for Cement Packing

Income Tax - Background: Quality control is applied to achieve company’s vision to be a distinguished company. By maintaining a standard quality of packing bags often termed as PP Bags, the company can increase its brand in the market. Further, certain industries such as Cement industries are regulated by BIS (Bureau of Indian Standards) norms. The ...

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Special Audit Under Goods & Services Tax (GST)

Income 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

Income 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

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

Income 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

Income 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

Income 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

Income 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

Income 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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Special audit was invalid in absence of opportunity of hearing given to assessee

PCIT Vs Vilson Particle Board Industries Ltd (Bombay High Court) - Since there was a statutory requirement that AO had to provide reasonable opportunity of hearing to the assessee before directing the assessee to get the accounts audited under section 142(2A), therefore, in the absence of pre-decisional hearing, the decision to have special audit was, therefore, in...

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Special audit justified only if AO forms opinion that same is in interest of revenue

Multi Commodity Exchange of India Vs DCIT (Bombay High Court) - Requirement of the formation of the opinion as to the special audit being in the interest of the Revenue continues to apply before and after the amendment. Nevertheless, the basic essential requirements of exercising the powers have been substantially widened by the legislature by way of such amendm...

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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 firms empanelled for Special Audit with Income Tax Dept Amritsar

No.0183-2506392 El No.0183-2506419 - (03/02/2021) - Income Tax Department Amritsar Central Revenue Building, Room No. 206, 1st Floor, Maqbool Rd, C Block, Amritsar, Punjab 143001 E-mail: [email protected] No.0183-2506392 El No.0183-2506419 Date: 03.02.2021 Order Sub:- Empanelment of Chartered Accountant for Special Audit u/s 142(...

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Recent Posts in "Special Audit"

CA firms empanelled for Special Audit with Income Tax Dept Amritsar

No.0183-2506392 El No.0183-2506419 03/02/2021

Income Tax Department Amritsar Central Revenue Building, Room No. 206, 1st Floor, Maqbool Rd, C Block, Amritsar, Punjab 143001 E-mail: [email protected] No.0183-2506392 El No.0183-2506419 Date: 03.02.2021 Order Sub:- Empanelment of Chartered Accountant for Special Audit u/s 142(2A) of Income Tax Act, 1961: – Add...

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Special Audit – Section 142(2A) – Income Tax Act, 1961

A) The rationale behind the introduction of the provision of Special Audit √ Assessee is liable to get its account audited u/s 44AB only when the situation stated in Section 44AB triggered which are mostly based on the Turnover/Gross receipt Criteria. √ The main objective of the introduction of Section 44AB is to determine whether [&h...

Read More
Posted Under: Income Tax |

Audit areas for audit of Quality of Packing Bags for Cement Packing

Background: Quality control is applied to achieve company’s vision to be a distinguished company. By maintaining a standard quality of packing bags often termed as PP Bags, the company can increase its brand in the market. Further, certain industries such as Cement industries are regulated by BIS (Bureau of Indian Standards) norms. The ...

Read More
Posted Under: Income Tax |

Special audit was invalid in absence of opportunity of hearing given to assessee

PCIT Vs Vilson Particle Board Industries Ltd (Bombay High Court)

Since there was a statutory requirement that AO had to provide reasonable opportunity of hearing to the assessee before directing the assessee to get the accounts audited under section 142(2A), therefore, in the absence of pre-decisional hearing, the decision to have special audit was, therefore, invalid and consequentially all the procee...

Read More

Special audit justified only if AO forms opinion that same is in interest of revenue

Multi Commodity Exchange of India Vs DCIT (Bombay High Court)

Requirement of the formation of the opinion as to the special audit being in the interest of the Revenue continues to apply before and after the amendment. Nevertheless, the basic essential requirements of exercising the powers have been substantially widened by the legislature by way of such amendment....

Read More

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
Posted Under: Income Tax |

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
Posted Under: Income Tax |

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
Posted Under: Income Tax |

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....

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