ICAI releases Exposure Draft of Guidance Note on Reports on Audit u/s 12A/10(23C)



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The Institute of Chartered Accountants of India (ICAI) has released an Exposure Draft for a new Guidance Note concerning reports on audits conducted under Section 12A/10(23C) of the Income-tax Act, 1961. This draft builds upon a previous Technical Guide and is now open for public comments from ICAI members. The deadline for submitting feedback is 29th May 2024.

Direct Taxes Committee The Institute of Chartered Accountants of India 29th April, 2024 Sub: Exposure Draft - Guidance Note on Reports on Audit under Section 12A/10(23C) of the Income-tax Act,1961 for Public Comments In October, 2023, the Direct Taxes Committee had come out with a Technical
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FAQ :

The ICAI has released an Exposure Draft of a Guidance Note on Reports on Audit under Section 12A/10(23C) of the Income-tax Act, 1961.

This Guidance Note is intended for the members of the ICAI.

The Guidance Note is based on the Technical Guide on 'Reports of Audit under section 12A/10(23C) of the Income-tax Act,1961' released in October 2023.

Comments can be submitted via a specific Google Forms link provided by the ICAI, and should ideally indicate the specific clause or paragraph they relate to, with a clear rationale and suggestion for change.

The deadline for submitting comments on the Exposure Draft is 29th May 2024.

Yes, comments may include any latest relevant case law from any High Court or the Supreme Court to supplement any paragraph in the Exposure Draft.




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