Reporting requirement under tax audit u/s 44ab
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
10 August 2011
Dear friends
I wish to clarify on the matter regarding the Auditor reporting requirement U/s 44AB of Income Tax Act, the fact of the case is as below:
1. In FY 2009-1o the assesse has not maintained the books of account U/s 44AA & submitted I.T.R under presumptive taxation scheme of the IT Act.
2. Now in the FY 2010, same assesse is covered under the Tax Audit U/s 44AB.
Query:
1. What is the reporting requirement of Auditor regarding "OPENING ACCOUNT BALANCE", in ANNEXURE-I & Notes to the account.
2. What precaution should auditor take in such case?
3. What are the Auditor responsibility regarding the matter?
Your earliest reply/suggestion in the matter is highly appreciated and thankful.
Regards
I wish to clarify on the matter regarding the Auditor reporting requirement U/s 44AB of Income Tax Act, the fact of the case is as below:
1. In FY 2009-1o the assesse has not maintained the books of account U/s 44AA & submitted I.T.R under presumptive taxation scheme of the IT Act.
2. Now in the FY 2010, same assesse is covered under the Tax Audit U/s 44AB.
Query:
1. What is the reporting requirement of Auditor regarding "OPENING ACCOUNT BALANCE", in ANNEXURE-I & Notes to the account.
2. What precaution should auditor take in such case?
3. What are the Auditor responsibility regarding the matter?
Your earliest reply/suggestion in the matter is highly appreciated and thankful.
Regards
11 August 2011
The auditor is required to report u/s 44AB with 3 CD.
For previous year figures a note should be given in the balance sheet that the previous year figures are not verified and are duly certified by the management or partner and are accepted on the basis of the certification.
Other precaution that he should do the audit in true sense of audit and report all violations
For previous year figures a note should be given in the balance sheet that the previous year figures are not verified and are duly certified by the management or partner and are accepted on the basis of the certification.
Other precaution that he should do the audit in true sense of audit and report all violations
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Taxable or Tax exempt
- CAPITAL GAIN BASE ON NOTIFICATION
- Form 140 tds
- TDS Deducted AY-2013-14 Not Reflected in 26as
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- ADVANCE PAYMENT OF ADVOCATE
- NRI starting business in India
- Demand Outstanding AY 2013-14 TDS Deducted not shown in 26as
- Invertaded duty struture
- CREDIT NOTES WITHOUT GST
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
