The “Guidance Note on Tax Audit u/s 44AB of the Income Tax Act, 1961” is amongst one of the important guidance issued by ICAI and is referred not only by our Chartered Accountants but also by assessing officers and in various judicial forums. It was brought out in the year 1985 immediately after the introduction of tax audit provisions and has been revised regularly to guide members in discharging their obligations in a timely and effective manner.
Since the publication of the last issue in the year 2013, the formats of tax audit reports have undergone significant changes, thereby expanding the scope of reporting and verification by our chartered accountants. Considering the need of updating the knowledge and enhancing the professional competencies of the members of our fraternity, the Direct Taxes Committee of the Institute of Chartered Accountants of India has come out with the Seventh edition of Guidance Note.
Recently in July, 2014 the CBDT amended the formats of tax audit reports, thereby expanding the scope of audit tremendously. Majority of the changes made by the Department find its source either in the Guidance Note or recommendations made by ICAI in past few years. Since significant changes have been made in the format of tax audit reports for which members are to be guided, the Direct Taxes Committee of ICAI decided to revise the Guidance Note. Through this seventh edition of the guidance note, an effort has been made to equip members so that they are able to effectively
Download REVISED GUIDANCE NOTE ON TAX AUDIT UNDER SECTION 44AB OF THE INCOME-TAX ACT, 1961(FOR faster download right click on the link and select save link as or save target as)