The law has entrusted onerous responsibility of conducting tax audit under section 44AB on chartered accountants in practice. For compiling particulars for tax audit, conduct of audit and issuing of audit report, inputs are required by auditors and the other stakeholders. In order to address this requirement, Direct Taxes Committee (DTC) of the ICAI, has issued Tax Audit Guidance Note. Since the law and particulars for reporting keep on changing, Guidance Note requires to be updated from time to time.
This Guidance Note is revised to facilitate compilation of particulars and conducting tax audit and issuing report for the Assessment Year 2023-24. Further, DTC has decided to issue at regular intervals, a revised and updated version of the Tax Audit Guidance Note, offering guidance on all the changes made in the tax audit reporting requirements.
Exposure Draft of the Guidance Note on Tax Audit under section 44AB of the Income-tax Act, 1961 has been issued by the Direct Taxes Committee of ICAI for comments. In said Exposure Draft changes have been made to the extent of amendments made by the Finance Act, 2023.
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.
How to comment:
Comments can be sent to dtc@icai.in so as to be received not later than 6th August, 2023.
For Draft Guidance Note: CLICK HERE
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