INCREASE IN TAX AUDIT LIMIT FOR CHARTERED ACCOUNTANT'S
Now In the Council General Guidelines, 2008
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On its 331st Meeting of Institute of Chartered Accountants of India held on 10th to 12th February 2014, it is decided to increase the limit of "specified number of Tax audits assignments" for practicing Chartered Accountants from 45 to 60. This limit will be effective for the audits conducted during the financial year 2014-15 i.e. A.Y. 2015-16 and onward.
Now In the Council General Guidelines, 2008
The Council guidelines No. 1- CA(7)/02/2008, dated 08th August 2008, in Chapter VI "Tax audit assignments under Section 44AB of the Income Tax Act, 1961", in Explanation given in Para 6.1, in sub para (a) and sub para (b), the figure "45" be substituted by figure "60".
Disclaimer: The above post is only for sharing information between friends & professional colleagues. Professional consultancy must be sought before entering into any transaction related with above post.
Any discussion/ improvement/ correction in above post is heartily appreciated.
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