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Tax Auditing a publicly traded company is a vital procedure ensuring the accuracy and trustworthiness of financial data, upholding investor trust, and market credibility. Achieving a successful audit demands meticulous planning, adherence to regulations, and effective client communication. This article delves into the sequential approach to kick-starting a tax audit for a listed company. Grasping […]
The Central Board of Direct Taxes (CBDT) has issued a clarification concerning the Audit Report Requirements outlined in Section 119 of the Income-tax Act, 1961, applicable to ‘Substantial Contributors’ in the Assessment Year 2023-24 via circular number 17/2023. This clarification primarily emphasizes the necessity of furnishing comprehensive information about ‘substantial contributors’ using either Form No. […]
Over 30.75 lakh audit reports had been filed on the e-filing portal by the end of the due date on September 30, 2023. In this also included approximately 29.5 lakh tax audit reports for the assessment year 2023-24. These reports involved tax audit reports (TARs) as well as other audit reports in Form No. 29C, […]
After the completion of an income tax audit, it’s essential for individuals to verify certain aspects to ensure the accuracy of the audit report. This verification is crucial to prevent potential penalties imposed by the income tax department due to inaccuracies in the report. Additionally, rectifying any errors may necessitate rehiring an auditor for a […]
This post will simplify the list of all important documents that must be required for an income tax audit. To comply with income tax audit requirements, individuals earning income from their businesses or professions must keep various records. These records encompass items such as accounting books, cash registers, ledgers, and journals. Moreover, it is essential […]
On April 1st, 2024, the income tax department released the latest common offline utility for Form 3CA-3CD and 3CB-3CD. On the date 10th September 2021, the department has listed the first version of the form utility. Under Section 44AB of the Income-tax Act, 1961, Form 3CA-3CD is an audit report for the case in which […]
If taxpayers and CA professionals face a problem generating UDIN in the official portal. We have published the easy steps to generate the UDIN Number or Unique Document Identification Number in Tax Audit via Gen Balance Sheet Software. We also have included the registration process, UDIN format, etc. All Details About UDIN Each document and […]
In the current times, Clause 44 of 3CD become the ‘Buzz word’ for every professional. People are giving their views recognizing the aspect of reconciliation with indirect tax records. Form 3CD of Tax Audit Report (TAR) was revised in July 2018 via Notification No. 33/2018 on 20.07.2018 to include Clause 44 on reporting of GST […]
The amended guidance Note on Tax Audit assists its members to release their responsibilities, within time, under the income tax law, circulated by the CA institute. The new guidance Note the eighth edition was approved, during the meeting of the central council of the Institute of Chartered Accountants of India (ICAI) at Siliguri. Debashis Mitra, […]
