Representation
made by ICAI with respect to new formats of Form No.3CA/3CB and 3CD. –
(11-08-2014)
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.
source : Direct
Taxes Committee, ICAI
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