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Form 3CD Clause-wise Tax Audit Checklist – FY 2025-26 Form 3CD Clause-wise Tax Audit Checklist – AY 2026-27 (FY 2025-26) What this workbook is built on, and how updates reach you. Form basis Form 3CD as amended by Income-tax (Eighth Amendment) Rules 2025 – Notification 23/2025 dated 28-03-2025, effective 1-4-2025. e-filing schema v2.2. Changes carried …
ICAI Launches Multipurpose Empanelment Form (MEF) 2026-27: Key Dates and Filing Overview The Professional Development Committee of the Institute of Chartered Accountants of India has opened the Multipurpose Empanelment Form 2026-27 for Chartered Accountants and CA firms seeking empanelment for various professional assignments, including bank audits and other audit opportunities. The online filing process commenced on …
Draft C&AG Empanelment Policy 2026–27 – Issues Affecting Small & Medium CA Firms & Suggested Policy Interventions While the objective of the Draft Comptroller and Auditor General of India Empanelment Policy 2026–27 to strengthen audit quality, accountability, and governance—is fully appreciated, certain provisions, if implemented in their present form, are likely to result in unintended, …
CBDT Due Dates for Tax Audit & ITR Filing (FY 2025-26) Official Press Release issued by V. Rajitha, Commissioner of Income Tax (Media & Technical Policy) & Official Spokesperson, from the Government of India, Ministry of Finance, Department of Revenue, Central Board of Direct Taxes (CBDT), dated 31st October 2025. Here are the key points …
New Deadline of Tax Audit from 30th September 2025 to 31st October 2025 The Central Board of Direct Taxes has extended the due date for filing Tax Audit Reports under the Income Tax Act, 1961, for the Assessment Year 2025-26. Previous Due Date: 30th September 2025 Revised Due Date: 31st October 2025 The due date …
MSME Reporting in Tax Audit Report (AY 2025-26) Background: Due to amendments made by the Finance Act 2023, effective 01.04.2024, Section 43B(h) was inserted into the Income-tax Act, 1961. Now, any payment to an MSME supplier must be paid within the time limit prescribed under the MSMED Act, otherwise it will be disallowed in the …
Significantly change in Tax Audits to Form 3CD, effective from 1.04.2025 These changes to Form 3CD, effective from 1st April 2025, significantly impact tax audits. The Income-tax (Eighth Amendment) Rules, 2025, were made to improve tax compliance, enhance MSME reporting, and increase scrutiny of financial transactions. This change in Clause 26 of Form 3CD, replacing …
Role of different accounting professionals on Tax Audit in India This is a significant development in the ongoing debate over the role of different accounting professionals in India. ICAI President Charanjot Singh Nanda’s firm stance on reserving tax audits and other audit functions exclusively for chartered accountants highlights the longstanding jurisdictional boundaries between ICAI, ICSI, …
What happen when Failure to get accounts audited Section 271B of the Income Tax Act mandates a penalty for failure to comply with the audit requirements under Section 44AB. However, Section 273B provides relief by allowing the penalty to be waived if the assessee can prove a reasonable cause for such failure. While Section 271B …
CBDT has issued revised instructions on the SOP for managing internal audit objections. CBDT has issued Instruction No. 2/2024, which introduces an updated Standard Operating Procedure (SOP) for managing internal audit objections. Revised instructions aim to ensure that the internal audit process remains relevant in the evolving faceless tax administration environment by leveraging digital …