tax auditor - Page 20

ICAI invites suggestions on revised formats of Form Nos. 3CA, 3CB and 3CD

The Central Board of Direct Taxes has through, Income-tax (7th Amendment) Rules, 2014, notified new Forms of tax audit reports namely Form No. 3CA, 3CB and 3CD.The said notification can be downloaded from the link below: With regard to the sa...

Posted Under: Income Tax |

CMAs’ Role in Tax Audit

Finance Act, 1984 introduced Section 44AB under Income-tax Act, 1961 w.e.f Assessment Year 1985-86. Under this section, if the total sales / turnover or gross receipts for previous year exceed the prescribed limits then assessee is required to get his accounts audited by an “Accountant”. This audit is popularly known as Tax Audit....

Posted Under: Income Tax | ,

ICAI – Definition of Accountant do not require Changes

ICAI has in its Pre-Budget Memorandum Presented to Ministry of Finance suggested that porposed changes in Definition of the term accountant in the Direct Taxes Code, 2013 are not required and claimed that ICAI is a premier body formed by MCA only to train chartered accountants to gain expertise in accounting and auditing ICAI....

Posted Under: Income Tax | ,

Tax Audit is exclusive domain of Chartered Accountants

The requirements of Form 3CA/Form 3CB require the auditor to give a true and fair view on the accounts of the assessee which can be given only by persons having a high degree of training and competence in accounting. This level of knowledge in accounting is possessed only by chartered accountants acquired by virtue of […]...

Posted Under: Income Tax | ,

Act of Non CAs to Approach CAs to get Tax Audit report signed for Audit not conducted by them is unethical – ICAI

In case of Corporates, chartered Accountants are getting fees in the range of Lakhs, but in non-corporates cases, they get fees in the range of Thousands only. Therefore, CA's make best combination of tax audit assignments to sign tax audit reports under section 44AB to yield Revenue....

Posted Under: Income Tax | ,

ICAI Clarification on Ceiling on number of tax audits

In order to maintain the quality of tax audit to be conducted by our members. ICAI in the year 1989 imposed a limit on audits to be conducted by a practicing member in any financial year. At that time the limit was specified at 30. The process of fixation of ceiling on the number of […]...

Posted Under: Income Tax | ,

Analysis of Various Clauses Of Form 3CD

Clause 1: Name of Assessee- 1. Give name of the assessee whose accounts are being audited under section 44AB. 2. Incase of audit of a branch, the name of the branch should be stated alongwith the name of the assessee. 3. Incase of proprietary concern, Furnish name of the proprietary firm along with the name of the proprietor....

Posted Under: Income Tax |

Remuneration payable to the Statutory Central and Branch Auditors of Public Sector Banks from the year 2006-07

RBI/2009-10/281 Ref.DBS.ARS.BC.No.09/ 08.92.001/ 2009-10 31/12/2009

The matter regarding assignment of the tax audit work to one of the SCAs and fee payable to SCA so selected was reviewed and it has been decided that PSBs may appoint at the Head office level also any chartered accountant firm as their tax auditor at a reasonable fee with the approval of their Board /ACB....

Guidance note on Clause 17A of 3CD report – Amount inadmissible u/s. 23 of the Micro, Small and Medium Enterprises Development Act, 2006

This is a new clause inserted by the Central Board of Direct Taxes through its Notification No. 36/2009 dated 13-4-2009, in the Form No.3CD in Appendix II of the Income-tax Rules, 1962 . ...

Posted Under: Income Tax |

ICAI relaxes rule for appointment of internal auditors as tax auditors

Accounting regulator ICAI today issued a clarification saying that internal auditors appointed as tax auditors can continue to do their work if their selection for the job took place before December 12 last year. The Institute of Chartered Accountants of India decided that with effect from December 12 last year internal auditors cannot be...

Posted Under: Income Tax |

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