Quick Summary
1. Introduction What is audit? 1.1 The dictionary meaning of the term audit is check, review, inspection, etc. There are various types of audits prescribed under different laws like company law requires a company audit, cost accounting law requires a cost audit, etc. Tax Audit 1.2 The In
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FAQ :
The revised Guidance Note aims to help chartered accountants in compiling particulars, conducting tax audits, and issuing audit reports for the Assessment Year 2022-23, reflecting the latest legal and reporting changes.
The Direct Taxes Committee (DTC) of the ICAI is responsible for issuing the Tax Audit Guidance Note.
A tax audit is an examination of a taxpayer's accounts by a chartered accountant to ensure compliance with the Income-tax Law, ascertain the fulfilment of various provisions, and report findings in a prescribed format.
The audit of accounts, popularly known as tax audit, was introduced by Section 11 of the Finance Act, 1984, inserting Section 44AB, effective from 1st April 1985.
The report of a tax audit is to be given by the chartered accountant in Form Nos. 3CA/3CB and 3CD.
The ICAI's Direct Taxes Committee has decided to issue a revised and updated version of the Tax Audit Guidance Note at annual intervals, offering guidance for each assessment year.
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