Technical hurdles delay rollout of new standard for tax audit reports
PrintListen to this Article
“The pre-fill electronic form has already been released by the tax department. If CAs try to submit the tax audit reports in the already released e-forms taking into account the revised SA 700, it will not marry and several data entries may get lost. This is the reason why ICAI has delayed it for a year,” said Sanjay Agarwal, chairman of the indirect tax committee of ICAI.
Sources in the tax authorities said any changes in the pre-fill e-forms requires advance notice of at least one year. By next year, all the changes suggested by ICAI will be incorporated, a senior official said.
Experts said there should not be a delay in the applicability of SA 700 in the new e-filing of returns and audit reports. “I believe the ICAI will have to speak to the relevant department in the finance ministry and find a solution to incorporating the changes in the pre-fill e-filing forms. The applicability of SA 700 was delayed last year too,” N Venkatram, partner, Deloitte Haskins & Sells, told FE.
As is known, for professionals such as lawyers, doctors, film actors, singers, interior decorators, architects and company secretaries, among others, whose total gross receipts/turnover in a financial year exceeds R1 crore and/or whose professional annual fee income exceeds R25 lakh, it is compulsory to e-file the tax audit report from the current assessment year.
According to the latest directions from the income tax department, all such assessees will need to appoint a chartered accountant (CA) who will undertake the tax audit and e-file the same with his digital signature. Any violation will attract a penalty of 0.5% of the turnover/gross receipts of the assessee, subject to a maximum penalty of Rs.1,50,000. (Financial Express)
Category : ICAI | Comments : 0 | Hits : 1028
The CA Institute has proceeded and notified its revised exam dates (announced on March 19) for the intermediate course examination and final examination despite a pending Supreme Court hearing slated for April 29 on postponement plea filed by some CA Students. An ICAI notification—gazetted on April 25 —showed that the intermediate course exams will be held on May 3, 5 & 9 (Group I) and May 11, 15 and 17 (Group II). The final exams are scheduled for May 2, 4 and 8 (Group ...
The Institute of Chartered Accountants of India (ICAI) has found gross negligence by edtech firm Byju's auditors, ICAI president Ranjeet Kumar Agarwal said on Wednesday. "Our inspection has found gross negligence on accounting practices by individual auditors of Byju's and accordingly we have recommended to the Financial Reporting Review Board (FRRB) to take punitive actions on auditors concerned," Agarwal told news agency PTI. Agarwal said, "The FRRB wil...
The Enforcement Directorate (ED) raided premises linked to Delhi Chief Minister Arvind Kejriwal’s personal secretary Bibhav Kumar, and Aam Aadmi Party (AAP) Rajya Sabha MP, Past President of ICAI Sh.ND Gupta in connection with a money laundering probe related to the Jal Board case. The central probe agency had last month arrested Jagdish Kumar Arora, the former chief engineer of the Delhi Jal Board. The probe agency claims that Arora awarded a contract worth Rs 38 crore to NKG Infrastru...
A bench of justice Bharav D Karia had observed that the activity of a CA includes that of accounting, auditing, refereeing, receivers, arbitrators and special commissioners as prescribed by the ICAI to be carried out on-premises and at places of managing partner may determine The Gujarat high court has ruled that a Chartered Accountancy (CA) firm should be classified as a professional establishment rather than a shop, commercial or retail entity and as a result, its employees are deemed ineli...
Notice Sent to Kumar Vishwas by Advocate (CA) Dr. Suneel Maggo for his Derogatory Remarks against Professionals (Chartered Accountants and Company Secretaries). We had discussed the matter with Advocate Suneel Maggo and the same has been uploaded on the youtube but on the pressure of Kumar Vishwas, Video has been removed 2 times. In his notice to Kumar Vishwas, He asked for Sorry to the Professional else Next Defemation Notice to Kumar Vishwas for his Derogatory Remarks against Chartered A...
Comments