ICAI releases Exposure Draft of Guidance Note on Reports on Audit u/s 12A/10(23C) of Income Tax Act for Public Comments

ICAI - Exposure Draft - Guidance Note - Reports on Audit - Income Tax Act - Public Comments - taxscan

The Institute of Chartered Accountant on 29 th April 2024 released the exposure draft of guidance note on reports on audit under Section 12A/10(23C) of Income Tax Act, 1961 for Public Comments.

In October, 2023, the Direct Taxes Committee of ICAI had come out with a Technical Guide on “Reports of Audit under section 12A/10(23C) of the Income-tax Act,1961”. This year, the ICAI proposed to come out with a “Guidance Note on Reports on Audit under Section 12A/10(23C) of the Income-tax Act,1961” for the benefit of their members, taking the Technical Guide as the base document. Accordingly, the Exposure Draft – ‘Guidance Note on Reports on Audit under Section 12A/10(23C) of the Income-tax Act,1961’, has been issued for public comments.”

The ICAI invited Comments on any aspect of this Exposure Draft. Comments are most helpful if they indicate the specific clause of the relevant form/specific paragraph or group of paragraphs to which they relate, contain a coherent rationale, and provide a clear suggestion for the change. Also, comments may be in the form of supplementing any para in the Exposure Draft with any latest relevant case law of any High Court or the Supreme Court.

The comments on the above mentioned Exposure Draft may be sent at the following link https://docs.google.com/forms/d/e/1FAIpQLSdew-xwPW2mJfeNPZSAj9jreGIc_bUOCTb-N3BSlf9_9aOIKQ/viewform?usp=sf_link

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