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ICAI releases Tax Audit Checklist u/s 44AB of the Income Tax Act

Approach to Tax Audit under section 44AB of the Income tax Act, 1961 (Checklist) TAX AUDIT CHECKLIST ICAI recognizes the time bound requirement of Tax Audit and more so frequent changes in the reporting requirements including last minute changes in the format of Form No. 3CD, more and more compliances tasks get carried out towards the fag end of the deadlines. To assist the practicing members of ICAI in completing the assignments in more objective manner with conscious..

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CARO 2020 - The devil is in the detail!

In the last article, we dealt with the applicability of CARO 2020 and covered the practical aspects to be kept in mind companies and their auditors as they go about finalising their audit opinion on the consolidated financial statements for the year ending 31 March 2021. In this article, we deal with the reporting requirements related to assets. Maintaining full particulars of property, plant and equipment ('PPE')..

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CARO 2020 - A Stitch in Time Saves Nine

The Central Government issued the Companies (Auditor’s Report) Order, 2020, (CARO 2020/ “the Order”), initially applicable for audits of financial year 2019-20 and onwards. Subsequently, its applicability was deferred by one year and CARO 2020 is now applicable for audits of financial year 2021 and onwards.  There is no significant change in applicability of the Order when compared to the earlier order, except that CARO 2020 applies to consolidated financial s..

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Key observations of the Performance Audit report on Income Tax Search and Seizure Assessments

Summary of key findings and recommendations in the CAG’s performance audit report on income tax search and seizure assessments (Report no.14 of 2020) Performance Audit Report No.14 of 2020 on Search and Seizure Assessments in Income Tax Department, Union Government, Department of Revenue - Direct Taxes by the Comptroller and Auditor General of India. The date on which Report Tabled: 23 September 2020 Date of s..

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CBDT extends the due date for filing of Tax Audit Report and ITRs

In view of the challenges faced by taxpayers in meeting the statutory and regulatory compliances due to the outbreak of COVID-19, the Government brought the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 (‘the Ordinance’) on 31st March, 2020 which, inter alia, extended various time limits. The Ordinance has since been replaced by the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act. The Government issued a Notificat..

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Extend Tax Audit, Transfer Price Audit and Income Tax Return due date for AY 2020-21

In lieu of the COVID-19 pandemic, several organizations have come together to collectively request the Finance Minister Smt. Nirmala Sitharaman for an extension in the due date for filing of Tax Audit Report, Transfer Price Audit Report, and Income Tax Return for AY 2020-21. Such an extension is requested under Section 44AB and Section 92E of the Income Tax Act, 1961 for Tax Audit Report and Income Tax Return filing. There has been a lot of conjecture on whether the <a href="/articl..

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Extension of IT, GST Audit & Return Filing Dates requested by six leading CA Associations

The six leading Chartered Accountants&#39; Societies of India have made a representation to the Finance Minister Smt. Nirmala Sitharaman to extend the due dates for filing of returns for AY 2020-21. Read the relevant text of the press release issues below: PRESS RELEASE Issued in the interest of lakhs of taxpayers and tax professionals of the country 21st October, 2020 The Covid-19 pandemic has shaken the world and..

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Does Appointment of Auditors to fill up vacancy, form a part of tenure allowed u/s 139(2) of the Companies Act, 2013?

Appointment of Auditors to fill up a casual vacancy-Does such appointment form part of tenure allowed under Section 139(2) of the Companies Act&nbsp;2013 - A study It is pertinent to note, at the outset, that the Companies Act 2013 (hereinafter referred to as &ldquo;The Act&rdquo;) has caused a paradigm shift in the manner of appointment as also in the tenure of appointment of Statutory Auditors for companies belonging to a particular genre. Historically the convention set out in ..

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Due date for filing of Tax Audit Report & ITR for AY 2020-21 - To extend or not to extend?

The COVID-19 pandemic had an extremely adverse effect on the professional work capacity of Chartered Accountants, Tax Advocates, Tax Practitioners, and Article Assistants, etc. While the country is slowly moving towards the unlock process, it is no news that the spread and severity of COVID-19 cases is increasing with each passing day. With the due dates of Tax Audit, Transfer Pricing Audit, Income Tax Return, and various other Audit Reports approaching, various problems are being f..

Posted in articles |   62 comments |   12304 Views

Audit Procedures For Fraud Risks Identification In Internal Audit

The word &#39;Fraud&rdquo; means wrongful or criminal deception intended to result in financial or personal gain. In the corporate area, or in the &#39;Corporate fraud&rdquo; is defined as intentional misrepresentation of company financial information or activities or mislead the stakeholders and reduce the tax liability. Typical cases of corporate frauds are complex, highly secretive, and generally involves economic scandals. Corporate frauds can occur in public and privately owned businesse..

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Revised effective date for applicability of ICSI Auditing Standards - 1st April,2021

The Institute of Company Secretaries of India has revised the effective date for applicability of the ICSI Auditing Standards to 1st April 2021. Read the official announcement below: Dear Professional Colleagues, Subject: Revised effective date for applicability of ICSI Auditing Standards The Institute of Company Secretaries of India (ICSI) issued the following four Auditing Standards applicable on the Audit Engagements accepted by the Auditor:</..

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GSTR 9C Audit Checklist - Points to be verified while conducting an audit

GSTR 9C is an audit form that has to be filed by specified taxpayers annually in GST. This form has to be digitally signed by either a Chartered Accountant or Cost Accountant. While doing the GSTR 9C audit, the following points have to be considered: &nbsp; Reconciling GSTR 3B vs. GSTR 1 vs. GSTR 9 vs. Books Reconciling GSTR 3B vs. GSTR 2A vs. GSTR 9 vs. Books Is there any delay in filing GSTR 3B.? If yes, whe..

Posted in articles |   6 comments |   5049 Views

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