ICAI releases Revised 2023 Edition of Guidance Note on Tax Audit under Section 44AB of the Income-tax Act, 1961.
The Guidance Note on Tax Audit under Section 44AB of the Income-tax Act, 1961 is a comprehensive document issued by the Institute of Chartered Accountants of India (ICAI) to provide guidance to chartered accountants on the conduct of tax audits under this section. The note covers all aspects of tax audit, from the eligibility criteria for audit to the scope of audit and the contents of the audit report.
The main objective of tax audit is to ensure that the books of accounts of the assessee are maintained in accordance with the Income-tax Act, 1961 and that the income declared by the assessee is correct. The audit also helps to detect any tax evasion or avoidance.
The note provides detailed guidance on the following aspects of tax audit
- Eligibility criteria for audit
- Scope of audit
- Verifications to be performed by the auditor
- Disclosures to be made in the audit report
- Format of the audit report
The note also includes a checklist of items that the auditor should verify during the course of the audit.
The Guidance Note on Tax Audit under Section 44AB is an essential resource for chartered accountants who are required to conduct tax audits. The note provides clear and concise guidance on all aspects of tax audit, and it is updated regularly to reflect changes in the law.
To download the copy of the guidance note