Visakhapatnam Branch of SIRC CPE seminar on Tax Audit- Accounting Standards for Non Corporate...
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- Visakhapatnam Branch of SIRC CPE seminar on Tax Audit-
Accounting Standards for Non Corporate Entities 19 th July, 2013
bharati & co1
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- electronically filing is not a big task or dangerous "E" return
filing & Audit report filing are not akin bharati &
co2
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- Filing of Return by electronically for 44AB cases Audit Reports
are not required. Only information about date/ Name of auditor Etc.
Fake Audit reports by Unscrupulous people To curb this ICAI Pursued
for remedy The result is E filing of Audit reports bharati &
co3
- Slide 5 Rs. 25000 Expenditure of Personal nature: Past practice
& assessments Any penalty or fine: Pena">
- Expenditure of Capital nature: Policy of > Rs. 25000
Expenditure of Personal nature: Past practice & assessments Any
penalty or fine: Penal interest is not penalty & compensatory
nature. SAFEGUARDING NOTE for all above bharati & co22
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- Any Income not credited to Profit & Loss Account Relevant
to Proprietary Units. ---- Interest or salary from Firm ----- Gifts
which are taxable u/s 56 ----- Commission etc to cover cushion !!
Can we say refer Statement? bharati & co23
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- Delay in remittance of PF, ESI Genuine reason in delay ; PF
number not allotted Consideration of grace period ? Last day
happens to be public holiday Paid after audit but before 139 due
date ( employers share ) No place for reasons. Use your judgment
& decide delay period bharati & co24
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- Any scope for NO or Not Applicable ? Only NIL If we do not
mention what is the result:?? The 3 CD is incomplete or even can be
presumed as not true and correct bharati & co25
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- Expenditure disallowable u/s 14A Most common point for
proprietary entities. Dividends from companies Share of Profit from
Partnership firms Any Exempted income earned by incurring
expenditure. If so mention in Rupees ! bharati & co26
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- Any Interest payable u/s 15 & 16 of MSMED Act may be
ascertained This interest is relating to suppliers credit This will
be disallowed u/s 23 of MSMED Act not under the IT Act !! Safe
guarding point: If details not available make a note bharati &
co27
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- Quantitative details Grams, Kgs, Kilos, Sq. meters If data is
not available or partially available make a suitable note Steel,
cement dealers, cloth merchants Departmental stores etc. bharati
& co28
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- Documentation for our sake. SA-230 Engagement letter. SA -210:
any fraud detection or only statutory ritual? This appointment is
valid until it is cancelled SA 550 for related parties payments
bharati & co29
- Slide 31
- Working papers very much essential for The latest guidance note
has given format of working notes > Personal nature of expenses.
bharati & co30
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- The number of Tax Audit assignments 45 Audits 44AD,44AE&
44AF are excluded Both Branch & HO are one unit All Branches of
a bank is one unit Maintain register of Tax Audit assignments as
prescribed by the Council bharati & co31
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- FORM OF TAX AUDIT PARTICULARS TO BE FURNISHED BY MEMBERS/FIRM
Record of Tax Audit Assignments Name of the Member accepting the
assignment Membership No. Financial year of audit acceptance
--------------------------------- Name and Registration No. of the
firm/ firms of which the member is a proprietor or partner bharati
& co32
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- bharati & co33 Sl.No.Name ofAssessmentDate of Name of
theDate of theyear of theappointmentacceptancefirm on whosecommunc
- auditee behalf theation with member hasthe accepted theprevious
assignmentauditor (applicable ) 1 1234567
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- Thank you bharati & co34