Tax audit
This query is : Resolved
08 October 2018
dear sir i have 60 audit turnover above 1cr and 10 below 1 cr
can ii do so
can ii do so
08 October 2018
Tax audit including turnover below 1 crore if tax below 6 or 8% as the case may be subject to 60 tax audit.
09 October 2018
You can do so 60 limit not applicable for below 1cr turnover.
09 October 2018
Pl follow the 2nd answer.
Modification in the Council Guidelines No. 1-CA(7)/02/2008 dated 8th August, 2008 as contained in Appendix No. (34) to the Chartered Accountants Act, 1949: ICAI Announcement dt. 23 Aug. 2018
In furtherance of the Announcement dated 11th February 2014 and 2nd July, 2014 informing the members of the modification in the Council Guidelines No. 1-CA(7)/02/2008 dated 8th August, 2008 pertaining to Chapter VI regarding increase in tax audit limit from 45 to 60 and change in applicability of limit from ‘financial year’ to ‘assessment year’ respectively, it is hereby informed that the Council of the Institute at its 368th meeting held in August, 2017 decided to exclude the audit conducted under section 44ADA of the Income-tax Act, 1961 for the purpose of reckoning the “specified number of tax audit assignments” under Chapter VI of the Council Guidelines as section 44ADA of the Income-tax Act, 1961 also contains special provision for computing profits and gains of profession on presumptive basis.
In view of the aforesaid decision of the Council, the fourth proviso to para 6.0 of Chapter VI of the Council Guidelines No. 1-CA(7)/02/2008 dated 8th August, 2008 as contained in Appendix No. (34) to the Chartered Accountants Act, 1949 stands modified as under:-
1. In the fourth proviso to para 6.0, after the words “44AD,” words “44ADA and” has been inserted.
2. In the fourth proviso to para 6.0, after the words “44AE,” words “and 44AF” has been deleted.
Accordingly, audits conducted under Section 44AD, 44ADA and 44AE of the Incometax Act, 1961 shall not be taken into account for the purpose of reckoning the “specified number of tax audit assignments”.
b) Tax Audits limit of 60 relate to an assessment year
(02-07-2014)
Modification in the Council Guidelines No. 1-CA(7)/02/2008 dated 8th August, 2008 as contained in Appendix No. (34) to the Chartered Accountants Act, 1949: ICAI Announcement dt. 23 Aug. 2018
In furtherance of the Announcement dated 11th February 2014 and 2nd July, 2014 informing the members of the modification in the Council Guidelines No. 1-CA(7)/02/2008 dated 8th August, 2008 pertaining to Chapter VI regarding increase in tax audit limit from 45 to 60 and change in applicability of limit from ‘financial year’ to ‘assessment year’ respectively, it is hereby informed that the Council of the Institute at its 368th meeting held in August, 2017 decided to exclude the audit conducted under section 44ADA of the Income-tax Act, 1961 for the purpose of reckoning the “specified number of tax audit assignments” under Chapter VI of the Council Guidelines as section 44ADA of the Income-tax Act, 1961 also contains special provision for computing profits and gains of profession on presumptive basis.
In view of the aforesaid decision of the Council, the fourth proviso to para 6.0 of Chapter VI of the Council Guidelines No. 1-CA(7)/02/2008 dated 8th August, 2008 as contained in Appendix No. (34) to the Chartered Accountants Act, 1949 stands modified as under:-
1. In the fourth proviso to para 6.0, after the words “44AD,” words “44ADA and” has been inserted.
2. In the fourth proviso to para 6.0, after the words “44AE,” words “and 44AF” has been deleted.
Accordingly, audits conducted under Section 44AD, 44ADA and 44AE of the Incometax Act, 1961 shall not be taken into account for the purpose of reckoning the “specified number of tax audit assignments”.
b) Tax Audits limit of 60 relate to an assessment year
(02-07-2014)
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