GS Prime Member Mentorship Programme’s Post

Who Can Prepare a Tax Audit Report? 📝 Only a CA or CA firm can conduct a tax audit, with statutory auditors also eligible. The signatory must include their name, membership number, and be registered on the e-filing portal.📊 #TaxAudit #CharteredAccountant #AuditReport #StatutoryAuditors #BusinessCompliance #AuditProcedure #TaxLaw #CorporateGovernance #TaxFiling #AuditChecklist #TaxCompliance #CAsOfIndia #TaxAuditReport #taxation #finance #financialplanning #fiancialadvisor #tax #audit #corporate

What if New power will get to us.. That is Tax audit... Proposal are sent for Tax audit By CA, CS and CMa... If this accepted then Scope of CS is again wider... #cs #csexecutive #csprofessional #csstudent #csaspirant #student #education #tax #audit #incometax

You cannot do these Tax Audits…. Under the Income Tax Act, 1961, there are specific circumstances that can disqualify a Chartered Accountant (CA) from taking up a tax audit assignment to maintain the integrity of the process. 1. Independence of the Auditor: As per the Explanation below Section 288(2), an auditor who is not independent cannot effectively protect the interests of the revenue. The auditor must be free from any conflicts of interest that could impair objectivity. 2. Disqualified Statutory Auditor: If a CA is disqualified from being appointed as a statutory auditor of a company, they are also disqualified from being appointed as the tax auditor of that company. 3. Relationship with the Assessee: A CA cannot audit their own accounts, those of their relatives, or entities where they have significant financial involvement. This includes direct or indirect financial interests, such as holding securities, being indebted, or providing guarantees. 4. Additional Restrictions: Specific situations such as conflicts arising from business relationships, personal guarantees, or previous convictions for fraud can also result in disqualification from being a tax auditor. For example, if a CA's relative holds a significant interest in a company, the CA may be disqualified from auditing that company. Staying informed about these disqualifications is crucial for maintaining professional integrity and avoiding legal repercussions. Do follow CA Sanjay Agarwal for more such updates. CA Neha Agarwal CA Rishabh Agarwal CA Vishal Thappa Kartik Jindal #taxaudit #incometaxact #charteredaccountant #auditing #taxcompliance #form3CD

What to do if you are interested in Audit (and have a lot of dreams attached to it and have set goals for the future), but are placed in the Tax department (due to availability of vacancy only in Tax department)? Should you go for Tax and take it as an opportunity Request to change department Find another firm that aligns with your Audit aspirations? Any other Suggestions 😀

Tax audit requirement if assessee engaged in both business and profession?? #TAXAUDIT #GENERALQUERY #INCOMETAX The computation of turnover from business or gross receipts from the profession is a significant factor as the applicability of tax audit is determined based on turnover or gross receipts. The ICAI in the guidance note on tax audit provides that if an assessee is carrying on both business and profession, then the tax audit is required if turnover or gross receipt from either business or profession exceeds the prescribed threshold limit. For example, the professional receipts of an assessee are Rs. 54 lakhs, and the total turnover from the business are Rs. 72 lakhs. It will be necessary for him to get the accounts of the profession and business audited because the gross receipts from the profession exceed Rs. 50 Lakhs. Similarly, if the professional receipts are Rs. 42 lakhs and total turnover from business are Rs. 86 lakh. In this circumstance, as the gross receipt or turnover from a profession or business does not exceed the limits specified in Section 44AB, there is no need to conduct a tax audit. Feel Free to reach out to me for any query.

When they underestimate what a CA can do… 📊💼 #uciiplr #charteredaccountant #accountinglife #itr #taxseason #financialadvisor #businessconsulting #taxplanning #financialplanning #audit #taxcompliance #budgeting #accountantlife #taxes #finance

Tax audit is not required in following cases #Taxaudit #Incometax #finance #incometaxaudit #taxaudit https://lnkd.in/gFg7xb47

Income Tax Department sent mismatch notices to Salaried persons, who claimed fake deductions in past 3 yrs for income tax refund. #incometaxindia #taxmatters #taxconsultant #internalaudit #internalcontrols #taxconsulting #taxaudit #financeprofessionals #financeandaccounting #kpmg #kpmgtax #kpmglaw #icai #cma #charteredaccountants #charteredaccountant #finance #companysecretary #audit #auditors #statutoryaudit #incometax #financialadvice #analytics #riskmanagement #ca #microfinance #law

KNOW WHICH ITR FORM IS FOR YOU #charteredaccountant #charteredaccountants #charteredaccountant #tax #audit #companyaudit #auditing #CharteredAccountant #deepavarghese #cadeepavarghese #icai #finance #icaiseminar #ITR #ITRfiling

Turnover Threshold for Tax Audit A Tax Audit is mandatory under Section 44AB if your business's turnover exceeds ₹1 crore in the previous financial year. Stay compliant and meet your audit obligations! #incometax #incometaxaudit #audit #auditfiling #business