Clarification Regarding Number of Tax Audit Assignments Under Section 44AB

The ICAI Council, at its 311th meeting held recently, has clarified that audit prescribed under any statute which requires the audit report in the form as prescribed under Section 44AB of the Income-tax Act, 1961 shall not be considered for the purpose of reckoning the specified number of tax audit assignments if the turnover of the auditee is below the turnover limit specified in Section 44AB of the Income-tax Act, 1961. For instance, audit under Section 44AD, under DVAT, 2004 (for turnover between Rs. 40 lakh and Rs. 60 lakh), etc., will not be considered for inclusion in the current limit of 45 audits. The said clarification has also been hosted on the Institute website.

www.icai.org

 

New Delhi, 19-01-2012

 

 

 

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