« Top Headlines » Open DEMAT Account in 24 hrs  Delhi HC Rules GST Registration Cannot Be Cancelled Retrospectively Without a Clear Show Cause Notice (SCN)  Belated income tax return AY 2026-27: How to file, late filing charges and what you may lose  Major Financial Changes from August 1, 2026: ITR Deadline, RBI MPC Meeting, Tatkal Ticket Rules & More  Government proposes to ease tax relief conditions for offshore funds  TallyPrime Connected Banking: Automating Banking and Accounting  ITR Filing Deadline 2026: Is July 31 the Last Date to File Your Income Tax Return? Latest Official Update  ITR filing deadline nears: How to file income tax return online on e-filing portal - quick 15-step guide  Will the ITR Filing Deadline Be Extended Beyond July 31 for FY 2025-26? Here's the Latest Update for Taxpayers  Income Tax Refund Delayed for AY 2026-27? 5 Common Reasons Your Refund May Be Stuck and How to Fix It  ITR Filing 2026: FM Nirmala Sitharaman Asks Tax Officials to Let Honest Taxpayers Correct Genuine Mistakes  Will Your FCNR Deposit Stay Tax-Free After Returning to India? Tax Rules Explained for NRIs «  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.