ICAI releases Exposure Draft Guidance Note on Tax Audit u/s 44AB of Income Tax Act for A.Y. 2023-24: Invites Comments till 6th Aug 2023
The Institute of Chartered Accountants of India (ICAI) has released the draft guidance note on tax audit under Section 44AB of Income Tax Act, 1961 for the Assessment Year 2023-24 on 22nd July 2023. The last date for submitting the comment is August 6th 2023. The Exposure Draft of the Guidance Note on Tax Audit under section 44AB of the Income-tax Act, 1961, is issued by the Direct...
The Institute of Chartered Accountants of India (ICAI) has released the draft guidance note on tax audit under Section 44AB of Income Tax Act, 1961 for the Assessment Year 2023-24 on 22nd July 2023. The last date for submitting the comment is August 6th 2023.
The Exposure Draft of the Guidance Note on Tax Audit under section 44AB of the Income-tax Act, 1961, is issued by the Direct Taxes Committee of ICAI for comments. Changes have been made to the extent of amendments made by the Finance Act, 2023. It is a lengthy one which contains 388 pages.
The Committee invites comments on this Exposure Draft. Comments are most helpful if they indicate the specific paragraph or group of paragraphs to which they relate, contain a clear rationale and, where applicable, provide suggestions for alternative wording.
The draft contains 85 headings or topics which covers Provisions of section 44AB, ‘Profession’ and ‘business’ explained, Tax auditor, Form of Financial Statements, Issuing Audit Report, Form No. 3CA, Form No. 3CB, Form No. 3CD, Deemed profits under section 32AC/32AD/33AB/33ABA/33AC [clause 24], Details of demand and refund [Clause 41]..etc.
The draft also includes an appendices part which covers Clarification regarding authority attached to the documents Issued by the Institute, Form No. 3CA, 3CB,3CD, Form of tax audit particulars to be furnished by members/ firm, Various certificates/reports by an Accountant, Applicability of SA 700, Forming an Opinion..etc.
Section 44AB entails the provisions relating to the class of taxpayers who are required to get their accounts audited from a chartered accountant. The audit under section 44AB aims to ascertain the compliance of various provisions of the Income-tax Law and the fulfillment of other requirements of the Income-tax Law. The audit conducted by the chartered accountant of the accounts of the taxpayer in pursuance of the requirement of section 44AB is called tax audit.
How to comment:
Comments can be sent to dtc@icai.in so as to be received not later than 6th August, 2023.
To Read the full text of the Order CLICK HERE
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