Optimum Allowable Number of Tax Audits by Practicing CA. let us look at the arrangements of maximum variety of Tax Audits permitted by a Practicing CA as prescribed by The Institute of Chartered Accountants of India (ICAI). Hope, many of you need to have in fact started doing projects with regard to tax audit of the FY (financial year) 2015-16, i.e. AY (assessment year) 2016-17 Nevertheless, bulk of us have not actually started the exact same thinking that the due date for doing the exact same is quite far currently, i.e. 30 th September2016 Well, the CBDT had actually made few modifications in the format of Tax Audit Report with effect from 25 th July2014 A lot of us might be familiar with such changes because the tax audits for the FY 2014-15(AY 2015-16) have currently been done/completed. Now Inspect More information relating to “Maximum Allowable Number of Tax Audits by Practicing CA” from below
Should Check Out– Kind 3CD Newest Changes in Tax Audit Report– Provision Wise
Tax audit limit increased from 45 to 60 for audits performed throughout the fiscal year 2014-15 and onwards.– (11-02-2014)
In view of the improvement of professional proficiency of members to carry out quality services in an IT-enabled environment, the Council of ICAI at its 331 st meeting hung on 10 th-12 th February 2014 chose to increase the “specified variety of tax audit projects” for practicing Chartered Accountants, as a private or as a partner in a company, from 45 to 60.
The said limitation will work for the audits conducted during the fiscal year 2014-15 and onwards.
Appropriately, the Council Standards No. 1- CA( 7 )/02/2008, outdated 8th August 2008, stands changed from 1st April 2014 as:
In the Council General Standards, 2008, the Council Standards No.1-CA( 7 )/02/2008, outdated 8th August,2008, in Chapter VI “Tax Audit assignments under Section 44 AB of the Income-tax Act, 1961 “, in Explanation given up Para 6.1, in sub-para( a) and sub-para( b), the figure “45” be substituted with the figure “60”.
( Source: http://www.icai.org/post.html?post_id=10354)
Need To Check Out– Kind 3CD Newest Changes in Tax Audit Report– Stipulation Wise
Let us note that a comprehensive understanding of Tax Audit will require an appropriately comprehensive Tax Audit Program/Check List, and so on, too to be prepared by specific Tax Auditors relying on the nature of customers they have and other relevant aspects. Albert Einstein said: Whatever needs to be made as basic as possible, however not simpler. Let us consider the concern of tax audit from this perspective. Let us not oversimplify things so that the essential essence gets lost while doing so.
Ahead of the Tax Audit season this year, all the aforementioned changes/amendments that happened in the different Provisions of Modified Kind No. 3CD needs mindful attention since this can change our Tax Audit Program/Checklist entirely, and after that, not even a small/minor/single requirement of reporting of certain fact/thing will get missed/ skipped from our side
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