Tax Audit Applicability for the AY 2023-24 Along with Part-A of Form 3CD
- Blog|News|Account & Audit|
- 2 Min Read
- By Taxmann
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- Last Updated on 2 August, 2023
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One of the key objectives of the audit is to ensure compliance with various laws and regulations applicable to the entity. Sometimes, lawmakers for ensuring compliance with law and regulations, mandates audit under the law. Therefore, various statutes, including Income Tax have incorporated audit provisions in some or the other form. Under the Income Tax Act, 1961, lawmakers have posed onerous responsibility on the auditor requiring compulsory audit. The Income Tax Act, 1961, contains the provisions for audit of accounts of public charitable trusts, non-corporate assesses and other assesses to meet the specific objective of the Act. The manner to file tax audit report is as under:
a) Chartered Accountant conducting tax audit has to present the tax audit report online, using his/her official login credentials.
b) The assessee is required to mention relevant information about their Chartered Accountant in their login portal.
c) Once the tax auditor uploads the audit report, the same should either be accepted/rejected by the assessee in their login portal. If rejected for any reason, all the procedures need to be followed again till the audit report is accepted by the assessee.
d) Tax audit report must be filed on or before the due date of filing the return of income. In case the assesse has entered into the international transaction, the due date shall be 31st October of the subsequent year and for other assessees, it shall be 30th September of the subsequent year.
This story also discusses the criteria for the applicability of Compulsory Tax Audit, Applicable Forms for reporting under section 44AB, and Part A of Form 3CD.
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