Some of our clients going for bank loans ask for copies of 44AB audit reports as banks insist on the same. I ahve been taking a stand that the 44AB report is something that a CA can furnish only to the Income Tax Department as it contains observations in respect of compliances of tax issues. No way a banker needs to be concerned about it. I even put out an argument that from the current AY, it is even mandated that on line filling up and on line filing only have to be done, obviating the need for a hard copy. Why should I oblige the banker with a copy of the 44AB report? Isn't it something that is exclusively done for the IT Dept? I need your views on this.
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A query regarding furnishing 44ab reports
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In case of company assessees Statutory audit report is enough....but for others only tAx audit report is the only tool to understand the financial stat of co....because in that case TAR becomes the integral part of Financial stats....
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