Tax Audit and E-Filing (For AY 2024 - 2025)

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Description
In Accordance with ICAI's Guidance Note on Tax Audit
As Amended By
Income - Tax (Fourth Amendment) Rules, 2024, w.e.f. 5-3-2024 and Corrigenda, dated 19-3-2024
with Specimen Reportable Observations, Comments, Qualifications and Remarks alongwith
the commonly observed non-compliances in Form 3CA, 3CB and 3CD
It gives me immense pleasure in presenting before the readers the eleventh edition of "Tax Audit and e-Filing". This book will serve as a ready referencer for chartered accountants as well as other professionals concerned, directly or indirectly, with tax audit under section 44AB of the Income-tax Act, 1961. This book is equipped with the following features:
1. Detailed analysis of applicability of section 44AB, specially as regards the terms 'sales', 'turnover' and 'gross receipts';
2. Clause by Clause detailed, comprehensive and illustrated analysis of Form 3CD in light of decided case laws as well as Guidance Note on Tax Audit issued by the Institute of Chartered Accountants of India;
3. Specimen Reportable Observations, Comments, Qualifications and Remarks that may be made in Form 3CA and 3CB alongwith the
commonly observed non-compliances therein are also embodied in the Book;
4. The various amendments made by Finance Act, 2023 are also duly incorporated at relevant places in the book alongwith the reference to notified Income Computation and Disclosure Standards;
5. Audit engagement enshrines the very adherence to Code of Ethics. Therefore, a separate chapter has also been dedicated containing the relevant requirements of Code Of Ethics (Revised 2019) as made applicable from 1.7.2020;
6. The provisions discussed in the book have been supplemented with various decided case laws and day to day practice queries in this regard.
7. Illustrative Letter of Engagement, Consent Letter, Communication with Previous Auditor, and Management Representation Letter are also given in the Book.
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Contents
Chapter 1 : Tax Audit under section 44AB of the Income Tax Act, 1961
Chapter 2 : Specimen Reportable Observations, Comments, Qualification and Remarks in Ta Audit Report Form 3CA or 3CB
Chapter 3 : Commonly Observed non-complaisance in Form 3CA, 3CB and 3CD by Taxation Audits Quality Review Board
Form 3CD Clause by Clause Analysis
Chapter 4 : Clauses 1 to 8A
Chapter 5 : Clause 9: Details of Firms, LLPs, AOPs
Chapter 6 : Clause 10: Nature of business or profession
Chapter 7 : Clause 11: Books of Account
Chapter 8 : Clause 12: Presumptive Income
Chapter 9 : Clause 13: Method of Accounting
Chapter 10 : Clause 14: Method of Stock Valuation
Chapter 11 :  Clause 15: Capital Asset converted into Stock-in-Trade
Chapter 12 : Clause 16: Amounts not credited to Profit and Loss Account
Chapter 13 : Clause 17: Transfer of Land and/or Buidling vis-a-vis Section 43CA/50C
Chapter 14 : Clause 18: Depreciation
Chapter 15 : Clause 19: Amounts admissible under sections 32AC, 33AB, 33ABA, 35, etc.
Chapter 16 : Clause 20: Bonus/Employees Contribution to PF
Chapter 17 : Clause-21: Certain Amounts debited to Profit and Loss Account
Chapter 18 : Clause 22: Amount of interest inadmissible under section 23 of the MSMED Act, 2006
Chapter 19 : Clause 23: Payments to Specified Persons
Chapter 20 : Clause 24: Amounts deemed to be profits and gains under section 32AC, 33AB or 33ABA or 33AC
Chapter 21 : Clause 25: Any amount of profit chargeable to tax under section 41 and computation thereof
Chapter 22 : Clause 26: Sums covered by section 43B
Chapter 23 : Clause 27: CENVAT Credit/ Prior Period Items
Chapter 24 : Clause 28 & 29: Implications of Transfers without Consideration
Chapter 25 : Clause 29A: Advanced received on Capital Asset Forfeited
Chapter 26 : Income of gifts exceeding Rs. 50,000
Chapter 27 : Clause 30: Amount borrowed or repaid on Hundi, etc.
Chapter 28 : Clause 30A: Primary and Secondary Transfer Pricing Adjustments
Chapter 29 : Clause 30B : Thin Cap Adjustments
Chapter 30 : Clause 30C : GAAR
Chapter 31 : Clause 31: Acceptance or Repayment of Certain Loans and Deposits
Chapter 32 : Clause 32: Unabsorbed Loss/ Depreciation
Chapter 33 : Clause 33: Section wise details of deductions, if any, admissible under Chapter VIA or Chapter III
Chapter 34 : Clause 34: Audit of Compliance with TDS Provisions
Chapter 35 : Clause 35: Quantitative Details
Chapter 36 : Clause 36: Corporate Dividend Tax
Chapter 37 : Clause 36A: Deemed Dividend Under Section 2(22)(e)
Chapter 38 : Clause 37: Cost Audit Report
Chapter 39 : Clause 38 and Clause 39: Central Excise and Service Tax Audit Report
Chapter 40 : Clause 40: Accounting Ratios, etc.
Chapter 41 : Clause 41: Details of Demand Raised or Refund Issued During the Previous Year
                       under any other Tax Laws
Chapter 42 : Clause 42: Furnishing of Form Nos. 61, 61A and 61B
Chapter 43 : Clause 43: Furnishing of Country by Country Report (CBCR)
Chapter 44 : Clause 44: Break-up of total expenditure of entities registered or not registered under GST
Chapter 45 : Code of Ethics
Appendix 1    Income tax Portal and E-Filing of Tax Audit Report
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Author Details
Kamal Garg is an associate member of the institute of Chartered Accountants of India. He is first class graduate from Deen Dayal Upadhyaya College, University of Delhi. His areas of interest include accounting and auditing. He has contributed articles for Students' News letter of ICAI and other professional journals. He has participatedat Seminars as a speaker and is an eminent faculty on auditing. He has addressed innumerable workshops on Accounting Standards and IFRS across India including almost all the metros. He is also a guest speaker at Pristene's Knowledge Group (PKG), Mumbai. He has to his credit several books for the professionals and students which are widely acclaimed.