Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT Audit :: ACCOUNTING STANDARD :: VAT RATES :: ACCOUNTING STANDARDS :: due date for vat payment :: empanelment :: TAX RATES - GOODS TAXABLE @ 4% :: cpt :: Central Excise rule to resale the machines to a new company :: form 3cd :: list of goods taxed at 4% :: articles on VAT and GST in India :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TDS
 
 
ICAI »
 President's Message - May 2017
 Commencement of the Next Batch of the Certificate Course on Wealth Management and Financial Planning to be commenced on 3rd June, 2017 at Chennai : An initiative of CCBMP, ICAI
 Commencement of the Next Batch of the Certificate Course on Wealth Management and Financial Planning to be commenced on 8th July, 2017 at Kolkata : An initiative of CCBMP, ICAI
 Group to look into the intricacies involvced in areas pertaining to the Disciplinary Mechanism
 Exposure Draft of Amendments to Ind AS 101, First-time Adoption of Indian Accounting Standards
  Requirements for passing Information Systems Audit (Assessment Test)
  Exposure Draft of Clarifications to Ind AS 115, Revenue from Contracts with Customers
 Exposure Draft of Clarifications to Ind AS 115, Revenue from Contracts with Customers
 Exposure Draft of Clarifications to Ind AS 115, Revenue from Contracts with Customers
 Reconstitution of Group to study the existing norms for the appointments/re-appointments of statutory / internal auditors
 Reconstitution of Group to study and suggest changes in the Guidelines relating to Networking of CA Firms

Representation made by ICAI with respect to new formats of Form No.3CA/3CB and 3CD.
August, 12th 2014

The new formats of tax audit reports namely Form No.3CA, 3CB and 3CD have been notified through Notification no. 33/2014 on 25/7/2014 with immediate effect. With regard to the same, certain genuine concerns were raised by the members, which, ICAI has, through a representation dated 07.08.2014, brought to the notice of the Hon’ble Finance Minister, Revenue Secretary, and Chairman CBDT for appropriate action at their end. Also, certain preliminary observations on the new forms have been shared with them.

For the reasons mentioned in detail in the representation and summarized below, ICAI has suggested:

The new formats of tax audit reports be made effective from the Assessment Year 2015-16 and not Assessment Year 2014-15. Alternatively, the due date for furnishing tax audit reports for the Assessment Year 2014-15 may be extended to 30th November, 2014

It has also been suggested that appropriate clarification be issued with regard to the position of the tax audit reports e-filed during 01.04.2014 to 24.07.2014 relating to Assessment Year 2014-15.


Reasons given in brief:

a) The Internationally accepted Standard on Auditing-700 has not been considered.
b) The audit of 50% of the taxpayers like listed companies, PSUs, Banks, Insurance Companies have already been completed and the financial statements are published. Only, the audit reports are pending for uploading in the e-filing portal.


c) The notification has been issued just two months before the last date of furnishing tax audit report and the schema for the same is not yet made available. This will cause undue hardship to both the taxpayer and the auditors. 

Direct Taxes Committee, ICAI
 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Development Software Programming Software Engineering Custom Software Development Requirement Based Software Development Software Solutions Software Serv

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions