Tax audit?
This query is : Resolved
07 September 2011
Hi,
1)Can Tax Auditor revise the Form-3CD?(if yes mention the guidance note date)
2)whether Excise and Vat are includable in turnover?or it depends on inclusive or excusive method?
1)Can Tax Auditor revise the Form-3CD?(if yes mention the guidance note date)
2)whether Excise and Vat are includable in turnover?or it depends on inclusive or excusive method?
07 September 2011
Extract from the supplementary Guidance note on ICAI is given below.
"It may be pointed out that report under section 44AB should not normally be
revised. However, sometimes a member may be required to revise his tax audit
report on grounds such as:4
4
(i) revision of accounts of a company after its adoption in annual general
meeting.
(ii) change of law e.g., retrospective amendment.
(iii) change in interpretation, e.g. CBDT Circular, judgements, etc.
In case where a member is called upon to report on the revised accounts, then he
must mention in the revised report that the said report is a revised report and a
reference should be made to the earlier report also. In the revised report, reasons
for revising the report should also be mentioned. [Reference may also be made to
Guidance Note on Revision of the Audit Report (Handbook of Auditing
Pronouncement Volume II, page 472)
"It may be pointed out that report under section 44AB should not normally be
revised. However, sometimes a member may be required to revise his tax audit
report on grounds such as:4
4
(i) revision of accounts of a company after its adoption in annual general
meeting.
(ii) change of law e.g., retrospective amendment.
(iii) change in interpretation, e.g. CBDT Circular, judgements, etc.
In case where a member is called upon to report on the revised accounts, then he
must mention in the revised report that the said report is a revised report and a
reference should be made to the earlier report also. In the revised report, reasons
for revising the report should also be mentioned. [Reference may also be made to
Guidance Note on Revision of the Audit Report (Handbook of Auditing
Pronouncement Volume II, page 472)
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