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The Institute of Chartered Accountants of India (ICAI) has released the Exposure Draft Guidance Note on Tax Audit under Section 44AB of the Income-tax Act, 1961 for the Assessment Year 2023-24. The Exposure Draft was released on 22nd July 2023 and the last date for submitting comments is August 6th 2023. The Exposure Draft covers a wide range of topics, including The scope of tax audit under Section 44AB The qualifications of the auditor The procedures to be followed by the auditor
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FAQ :
The ICAI has released an Exposure Draft of the Guidance Note on Tax Audit under Section 44AB of the Income-tax Act, 1961 for the Assessment Year 2023-24.
The Exposure Draft was released on 22nd July 2023, and the last date for submitting comments is August 6th, 2023.
The Exposure Draft covers the scope of tax audit under Section 44AB, auditor qualifications, procedures, and the contents of the audit report.
Yes, the draft includes new requirements for auditors to verify internal control systems, report on the adequacy of books of account, and report on compliance with the Benami Transactions (Prohibition) Act, 1988.
A tax audit aims to ascertain compliance with various Income-tax Law provisions, ensure books of account are properly maintained and reflect true particulars, and facilitate tax administration.
The chartered accountant conducting the tax audit is required to provide their findings in Form Nos. 3CA/3CB and a statement of particulars in Form No. 3CD.
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