IT Audit Report Clauses pertaining to Computation of Income
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Various concerns are raised regarding how to complete the Income Tax Return without completing the Audit Report. If we analysis the Tax Audit Report Format, we can divide the clauses under main four categories comprising of Basic Information, Information regarding Accounts and Accounting Policies, Information relating to Income Computation and Other Information.
To finalise the Income Tax Return, we need to concentrate mainly on the 3rd category which ask for information relating to Income Computation.
Once the information on above clauses is confirmed and audited, there will be no need to revise the return after finalizing of the Audit Report. We should concentrate on compilation of the information required by these clauses and need not waste time in filling up the actual report. #pdf
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