« Top Headlines » Open DEMAT Account in 24 hrs  Income Tax Calculator FY 2023-24: How To Know Your Tax Liability Online On IT Dept's Portal?  BackBack Income Tax Act amendment on cards on tax treatment of MSME dues  ITR-1, ITR-2, ITR-4 forms for FY 2023-24 available for e-filing. Check details here  Income tax slabs FY 2024-25: Experts share these 8 benefits for taxpayers in new income tax regime  How To File ITR Online - Step by Step Guide to Efile Income Tax Return, FY 2023-24 (AY 2024-25)  Old or new tax regime for TDS on salary? This post-election 2024 event will impact your tax planning  What Are 5 Heads Of Income Tax?  Income Tax Dept releases interim action plan for FY25 on tax collection, refund approvals   Income Tax Return: 5 lesser-known tax-saving tips from Section 80  Income Tax Return: 5 lesser-known tax-saving tips from Section 80  Why you need not rush to file your ITR immediately «  ICAI refers AS-15 issue to sub group... Why you must have a PAN card... » CAs grapple with tax audit woes September, 08th 2006 Chartered Accountants are working overtime to ensure compliance with the new amendments to the tax audit forms. The amendments made by CBDT to tax audit form has met with opposition from CAs. For example, dividend income does not attract tax in the case of a share broking firm. The form wants the CAs to certify how much expenditure has been incurred in earning such a dividend income and then disallow it. Tax consultants say certifying such a computation is unrealistic. "Its a difficult situation because all investments are not maintained together.The bank accounts are a hotch potch of all activities together so to work out a direct linkage of expenditure or finance is a difficult situation for big corporations,"said Jitendra Sanghavi, Chartered Accountant. The amendment also asks auditors to verify if corporates have deducted tax at source on all transactions, which CAs say is an impossible task. "In case of big companies, where TDS is in huge volumes, there are numerous transactions.It may be impossible to verify each transaction and see if tax has been deducted or not," said Nihar Jambusaria, Former Chairman Western India at ICAI. CAs say they need more time to file tax audit forms and hope the Finance Ministry will extend the October 31st deadline.