Dear Experts,
I am associated with a Pvt Ltd company as Deputy Manager in Finance & Accounts.

My query is:
My company Statutory auditors are also doing as tax auditors and filing Income tax returns on behalf of us.

Recently, my company faced due diligence audit in the process of merger with another company. The due diligence auditors pointed out errors committed by tax auditors in the last 3 years Income tax computation and arrived to pay additional tax liability to the tune of 60 Lakhs. We informed the same thing to our tax auditors about the error occurred in computation of income and tax liability. But their contention on the above issue is overlook happened at our end also.

Now, Just I want to know, Who is the ultimate person responsible for preparation of Computation of Income and tax liability and who is responsible for any mistakes or errors committed.

My contention is, Auditors are professionally qualified and experts in preparation of IT returns. Being appointed as tax auditors of the company, they are also held responsible for preparation of accurate IT computation and filing of returns. We are simply relying on them on the assumption that they are into the filed of full time practice and they know better than us because of full time involvement in the field of practice. we are limited to provide the information as requested by tax auditors.

Now, just I want to know, who is the final person responsible for this error.
Is it really again company responsible to check the errors done by tax auditors.
If that is the case, then why to appoint and pay tax audit fees to them.

Please reply to the query with relevant guidelines provided by ICAI so that we can explain the same to Due diligence auditors.

If in the First year company incurred losses which is exceeds net worth of company. than how we report in the CARO report (point no.X)
Please give notes.

Respected experts.. I have a doubt that a CA is basically known for Analysis of accounts. ..so why he do vouching..in some firm vouching is called audit . So it is really a fact or not. Plz clarify that weather CA can audit without vouching.

is there necessary to sign form 10b by the same person who has done statutory audit of trust plz help me with the reference of statutory provision and as per income tax act in this regard...

what is the difference between tax audit and statutory audit??? and wht we have to do it??? please explain me on above???

Gud evng all, Am a article assistent,am doing half year audit of a company but i have doubt regarding verification of Tds on salaries which was already computed by company..so any one please help me in this matter

my client is a contractor and he have received 105,52,960.00 as gross receit including EPF, Service Tax, Labour & Wages ESI & Bonus amounting Rs. 17,92,182.00, 3,39,118.00, 66,97,847.00, 5,27,169.00 & 3,12,347.00 respectively.
In this circumstances I want to Know whether Audit is required or Not. If No, what is tax treatement.
PLZ Advice Me.
Thanking You.

How vouch the export sale made?

Are there any conditions for compulsory appointing Internal Auditor in companies like some amount of turnover or listing etc. ?? Or it is not compulsory at all ??

My client has entered into aggrement with vendor including Service as well as supply of goods.
The vendor , in his invoice charges
VAT @ 5% on 75% of the total bill amount and Service tax @ 12.36% on 70% of the bill amount.

For Eg:
Bill Amount : Rs 1000/-
VAT Amt : 37.5 (1000*75%*5%)
Service Tax : 86.52 (1000*70%*12.36%)

Is such levy of tax justified?
is TDS and WCT both required to be deducted @2%??
Can TDS and WCT both be deducted at the same time on one invoice?
Please ans asap