Contents: Part A: Tax Audit Under Section 44AB. 1. Tax audit under section 44ab - a prologue. 2. Who can conduct tax audit under section 44ab? 3. Who cannot be an ‘accountant’ under the income tax act, 1961? 4. Persons covered and not covered by section 44ab. 5. Meaning of business and profession vis-à-vis tax audit. 6. Meaning of sales, turnover, gross receipts vis-à-vis tax audit. 7. Time limit for conducting tax audit. 8. Communication with previous tax auditor - is it mandatory? 9. Ceiling on tax audit assignments – applicability. 10. Form of tax audit particulars to be furnished by members/firm. 11. Minimum remuneration of tax auditor – applicability. 12. Relative/employee of assessee as tax auditor. 13. Letter of engagement/appointment for tax audit - action points [with specimen letters]. 14. Change/removal of tax auditor - is it justified? 15. Duties of chartered accountant vis-a-vis tax audit. 16. Rights of chartered accountant vis-a-vis tax audit. 17. Maintenance of books of account by persons carrying on business or profession. 18. Different types of business vis-a-vis tax audit. 19. Tax audit in case of companies having accounting year other than financial year. 20. Financial year adopted by the assessee under other law is not the previous year - legal impact. 21. Tax audit - applicability to commission agents. 22. Non-residents and tax audit – applicability. 23. Revision of tax audit report and form no. 3cd. 24. Financial statements for non-corporate trading entities. 25. Financial statements for non-corporate manufacturing entities. 26. Penalty for non-compliance of section 44ab. 27. Action on incomplete/faulty tax audit reports. 28. How to approach tax audit? [audit guidelines]. 29. Tax audit reports - part-wise analysis (preparation & furnishing details). 30. Form no. 3cd - part a - clause wise analysis. 31. Form no. 3cd - part b - clause wise analysis. 32. Recent amendments to tax audit report under section 44ab. 33. Form no. 3ca - tax audit report (audit case). 34. Form no. 3cb - tax audit report (non-audit case). 35. Form no. 3cd - statement of particulars under section 44ab. 36. Falsification of books of account and furnishing incorrect reports - impact on auditors. 37. E-filing of tax audit reports - procedural steps. 38. E-filing of tax audit report - procedural issues. 39. Accounting standards/icds notified under section 145(2). 40. Tax audit vis-a-vis icds i relating to accounting policies (corresponding to AS-1). 41. Tax audit vis-a-vis icds II relating to valuation of inventories (corresponding to AS-2). 42. Tax audit vis-a-vis icds iii relating to construction contracts (corresponding to as-7). 43. Tax audit vis-a-vis icds iv relating to revenue recognition (corresponding to as-9). 44. Tax audit vis-a-vis icds v relating to tangible fixed assets (corresponding to as-10). 45. Tax audit vis-a-vis icds vi relating to the effects of changes in foreign exchange rates (corresponding to as-11). 46. Tax audit vis-a-vis icds vii relating to government grants (corresponding to as-12) 47. Tax audit vis-a-vis icds viii relating to securities (corresponding to as-13). 48. Tax audit vis-a-vis icds ix relating to borrowing costs (corresponding to as-16). 49. Tax audit vis-a-vis icds x relating to provisions, contingent liabilities and contingent assets (corresponding to as-29). 50. Income computation and disclosure standards (icds) or tax accounting standards (tas) issued by cbdt – clarifications. 51. Recent amendments relating to icds (finance act, 2018). 52. Icai pronouncements and tax audit – applicability. 53. Tax audit vis-a-vis standards on auditing (sa), sre, sae, srs, sqc. 54. Accounting standards (as) of icai: applicability vis-a-vis - tax auditor. 55. Indian accounting standards (Ind as) – applicability vis-a-vis tax audit. 56. Icds, indian gaap and Ind as - from tax auditor’s perspective. Part B: Other Tax Audits, Audit Certifications, Verifications and Reporting: 57. List of audit report/report of accountant, etc., required under income-tax law. 58. Who can issue audit reports, certificates and statements for income-tax purposes? 59. Mandatory e-filing of audit reports - at a glance. 60. Report of accountant on income attributable to assets located in India under section 9. 61. Report of accountant under section 9a relating to arm’s length price. 62. Audit of charitable and religious trusts, educational and medical institutions under section 10(23c) - 10th proviso. 63. Audit of newly established units in special economic zone under section 10aa. 64. Audit of charitable or religious trusts or institutions under section 12a. 65. Audit report under rule 17ca(12) in case of an electoral trust. 66. Audit of tea/coffee/rubber manufacturer under section 33ab. 67. Audit in respect of site restoration account under section 33aba. 68. Report of accountant relating to in-house scientific research and development facility under section 35(2ab). 69. Certificate of expenditure on eligible projects or schemes under section 35ac. 70. Audit in respect of amortization of preliminary expenses under section 35d. 71. Audit in respect of expenditure on prospecting, etc., for certain minerals under section 35e. 72. Audit report (to be filed by a non-corporate nonresident or a foreign company) on receipt of income by way of royalty or fees for technical services under section 44da. 73. Report of accountant on capital gains in case of slump sale under section 50b. 74. Verification by chartered accountant regarding level of production of amalgamated company under section 72a(2). 75. Ca certificate on housing or other activities, which are integral part of a highway project under section 80-ia(6). 76. Audit of undertakings (infrastructure development) under section 80-ia. 77. Audit of multiplex theatres under section 80-ib(7a). 78. Audit of convention centres under section 80-ib(7b). 79. Audit of hospitals (in rural areas) under section 80-ib(11b). 80. Audit of hospitals (anywhere in india) under section 80-ib(11c). 81. Audit of industrial undertakings (other than infrastructure development undertakings) under section 80-ib. 82. Audit of undertakings (in special category states) under section 80-ic. 83. Audit of hotels and convention centres (in specified areas) under section 80-id. 84. Audit of certain undertakings in north eastern states under section 80-ie. 85. Audit of undertaking or enterprise engaged in development of special economic zone under section 80-iab. 86. Audit in respect of specified business under section 80-iac. 87. Report of accountant in respect of new employees under section 80jjaa. 88. Audit of offshore banking unit/international financial services centre under section 80la. 89. Report of accountant in respect of international or specified domestic transactions under section 92e. 90. Report of accountant on book profits of companies under section 115jb. 91. Report of accountant under section 115jc for computing adjusted total income and alternate minimum tax of the person other than a company. 92. Ca certificate in statement of income paid or credited by a securitisation trust under section 115tca. 93. Verification by chartered accountant in respect of statement of income paid or credited by venture capital company or a venture capital fund under section 115u. 94. Ca certificate in statement of income distributed by a business trust under section 115ua. 95. Ca certificate in statement of income paid or credited by investment funds under section 115ub. 96. Audit under tonnage tax scheme under section 115vw. 97. Audit (under directions from assessing officer) under section 142(2a). 98. Ca certificate on remittance [to non-residents] under section 195. 99. Accountant certificate in respect of tax-deduction under first proviso to section 201(1). 100. Accountant certificate in respect of collection of tax under first proviso to section 206c(6a). 101. Chartered accountant - as authorised signatory in respect of annual statement under section 285. 102. Statement of specified financial transactions under section 285ba(1) - (reporting of cash payments exceeding two lakh rupees by persons liable for tax audit under section 44ab)