INCORPORATION. Revised Tax Audit form , amended with Finance Act 2015 (With revised Tax Audit Form (3CA, 3CB and 3CD) w.e.f. 25.7.2014). Detail analysis of each clause (With a separate chapter of Comparison of old and new clause). Detailed guidance on New ICDS, notified on 31.3.2015, along with comparision with respective AS.. Includes the separate chapter on Guidance on Domestic Transfer Pricing Issues. Auditor Checklist. Important certifications in Income tax Act, 1961. FAQ and Practical Issues. Latest Case laws. E- filing guidanc Other Features.The book has covered all the amendments of Finance Act 2015.Detailed discussion of New ICDS, notified on 31.3.2015, including differentials with current AS..Guidance on Domestic Transfer Pricing on procedural aspects and Practical issues.Detailed analysis of all the clauses of Form 3CD by explaining the each in separate chapter..Revised audit forms (3CA, 3CB, 3CD) have been considered w.e.f. 25.7.14. A separate chapter has been incorporated for the detail analysis and clause by clause comparison.The book with its crisp and lucid commentary on the subject will strive to achieve required balance between Tax provisions and audit requirements…The Book has covered Audit Check list for the guidance and step by step audit Approach..The book has incorporated latest e-filing and ITR requirements and guidance for complying with the same along with the filing the Tax audit Report online.The book has dissected each clause of the Tax Audit report by incorporating latest judicial precedents, relevant case laws under Income-Tax Act, 1961, CBDT circulars, Notifications and pronouncements from the Institute of chartered Accountants of India (ICAI).Reference to latest Guidance notes of ICAI (2014) has been given at various places(where ever required).The book has incorporated practical issues faced during Tax audits and Frequently Asked Questions (FAQs) on the subject of Tax audit coupled with relevant illustrations, and case laws examples wherever needed..As an aid to the auditors, the book has contained ethical issues arising out of Tax audit, Documentation requirements, and references to relevant Standards on Auditing..The book have sample formats for Engagement Letter, Management representations, which the Tax Auditors are required to obtain from their clients.CONTENTPart IComparision of Revised and Pre-Revised Form 3CA, 3CB, 3Chapter 1 Comparison of Revised and Pre-revised Form No.3CA, 3CB, 3CD (clause by clause)Part IIIntroduction and ObligationChapter 2 Introduction, Overview and Analysis of Section 44ABChapter 3 Obligation, Non-Compliance and Penal ProvisionsChapter 4 Eligibility, Duties, Obligations and Ethical Requirements of Chartered Accountant under ICAI GuidelinesPart IIIAnalysis of FormsChapter 5 Analysis of Form No. 3CAChapter 6 Analysis of Form No. 3CBChapter 7 Overview of Form No. 3CDChapter 8 Clauses 1 to 8: Basic InformationChapter 9 Clause 9 – Details in Respect of Firms/LLPs/ AOPChapter 10 Clause 10 – Nature of Business or ProfessionChapter 11 Clause 11 – Books of AccountChapter 12 Clause 12 – Presumptive Income and TaxationChapter 13 Clause 13: Method of AccountingChapter 14 Clause 14 – Method of Stock ValuationChapter 15 Clause 15 – Conversion of Capital Asset into Stock-in-TradeChapter 16 Clause 16 – Amounts not Credited to Profit and Loss AccountChapter 17 Clause 17 – Transfer of Asset under Sections 43CA and 50CChapter 18 Clause 18 – DepreciationChapter 19 Clause 19 – Amounts Admissible under Sections 32AC, 33AB, 33ABA, and 35, etcChapter 20 Clause 20 – Bonus/Commission to Employees & Contribution to Provident and other FundsChapter 21 Clause 21 – Amounts Debited to Profit and Loss AccountChapter 22 Clause 22 – Interest Inadmissible under Section 23 of MSMED Act, 2006Chapter 23 Clause 23 – Payments to Persons Specified under Section 40A(2)(b)Chapter 24 Clause 24 – Deemed Profits/Gains under Section 32AC/33AB/33ABA/33ACChapter 25 Clause 25 – Deemed Profits/Gains under Section 41Chapter 26 Clause 26 – Taxes/Duties and other Sums Covered under Section 43BChapter 27 Clause 27 – CENV AT Credit/Prior Period IternsChapter 28 Clause 28 – Acquisition of Shares Covered under Section 56(2)(viia)Chapter 29 Clause 29 – Consideration for Issue of Shares Covering under Section 56(2)(viib)Chapter 30 Clause 30 – Amount Borrowed or Repaid on HindiChapter 31 Clause 31 – Acceptance/Repayment of Loan/Deposit under Sections 2695S and 269TChapter 32 Clause 32 – Unabsorbed Losses/Depreciation and Speculation LossesChapter 33 Clause 33 – Deductions under Chapter VIA/Chapter IIIChapter 34 Clause 34 – Compliances with TDS & TCS ProvisionsChapter 35 Clause 35 – Quantitative Details for Trading/ Manufacturing ConcernsChapter 36 Clause 36 – Tax on Distributed Profits (Tax on Dividend)Chapter 37 Clause 37 – Cost AuditChapter 38 Clause 38 – Central Excise AuditChapter 39 Clause 39 – Service Tax Auc1itChapter 40 Clause 40 – Accounting Ratios and Business ParametersChapter 41 Clause 41 -Details of Demand Raised/ Refund IssuedPart IVAppendicesAppendices under other Laws ABOUT THE AUTHORCA Amit Ashok PurohitAcademic Qualifications:Commerce Graduate from the Mumbai University, Fellow Chartered Accountant from The Institute of Chartered Accountants of India and holds additional degrees of ‘Company Secretary’ from the Institute of Company Secretaries of India and Diploma in International Financial Reporting from ACCA (UK). Has over 17 years of professional experience and has been advising clients on Audit, Assurance and Tax matters across various sectors.Professional activities:Has addressed and led discussions on various professional topics at various meetings/ seminars organized by the Professional Organisations such as The Institute of Chartered Accountants’ of India, the Bombay Chartered Accountants’ Society an┬╖d the Chamber of Tax Consultants. He has also contributed articles for Professional journals and newspapers.
Amit Ashok Purohit
2nd Edition , 2015