Tax Audit due date is approaching fast and all of us are stretched to make this statutory compliance for our clients in this challenging situation.<\/p>\n
The tax audit is conducted as per provisions of Income Tax Act and as per guidance notes issued by ICAI. In supplement to same, I have prepared a very Basic Check List<\/strong> of some important points which may be handy and useful in your audit tax audit compliance work which is as follows-<\/p>\n CHECK LIST<\/strong><\/p>\n 1) Letter of appointment and acceptance thereof.<\/p>\n 2)NOC from previous auditor wherever applicable.<\/p>\n 3)Digital signatures of Client and Chartered Accountant and validity of digital signatures. Updation of digital signatures on web site in case new digital signatures.<\/p>\n 4)Login to Income Tax site using client\u2019s login prior to uploading Tax audit forms so that contact details updation problem does not arise.<\/p>\n 5)Keep the passwords of digital signatures and Income Tax website ready.<\/p>\n 6)Availability of Chartered Accountant details like Pan No, Membership No, Address etc.<\/p>\n 7)Availability of correct Bank Account details with IFSC Code. <\/p>\n 8)Downloading and Checking 26AS for TDS and other details.<\/p>\n 9)VAT, Service Tax Registration Numbers- Assessment and return filing status to be furnished.<\/p>\n 10)Comparison with the last year\u2019s Audit Report, if available and audit observations of earlier year.<\/span><\/p>\n 11)Any inadmissible expenses are to be provided for. Prepare a list, get it signed and keep it in the file for reference.<\/p>\n 12)Stock details of client\u2019s business are required- obtain signed stock statement for audit documentation purpose.<\/p>\n 13)Obtain a Certificate from the Client with reference to Loans and repayment thereof for compliance with section 269SS and 269T.<\/p>\n 14)Confirm that Balance Sheet and Profit and Loss Account are signed along with stamps both by Auditor & Client and these are scanned & converted into PDF.<\/p>\n 15)Confirm that data entered in income computation software\/ utility for accuracy. Double check is required.<\/p>\n 16)Availability of funds in bank account for making self assessment tax payment, especially in last few days of due date.<\/p>\n 17)Back up of Tally\/Accounting record of client should be taken after finalization.<\/p>\n 18)Timely issuance of bill for professional fees and audit fees to clients.<\/p>\n I hope above points will be useful in completing your audit work in time.<\/p>\n","protected":false},"excerpt":{"rendered":"
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