Tax audit Checklist by ICAI for 2020

Tax audit is a service/ audit which only Chartered Accountants can conduct and which forms a major part of total services provided by most of the Chartered Accountants and there are various sections and provisions covered under this Tax audit wherein a Chartered accountant file Form 3CD with Income tax department.

It involves information related to various sections of Income tax act like: Section 32 depreciation, special deduction under section 35, disallowance under 40A, 40(a) or information related to TDS.

Tax audit also covers information related to other laws like: GST, EPF, Excise, VAT etc.

Hence with a total of 44 clauses in a tax audit report covering various laws and checkpoints it is very difficult for a Chartered accountant to keep a check on each and every point alone and without any support.

ICAI has come up with a checklist for Chartered Accountants for conducting Tax audit in a more effective and efficient manner as many a times tax audit is done in the fag end of the time limit for same and because of it’s dynamic nature there are chances that a Chartered Accountant may forget something and because of which ICAI has tried preparing a checklist for same with the help of various Chartered Accountants.

It is a 50 pointer checklist with multiple sub points and is available in Word as well as PDF format as all points/ clauses are not applicable in all cases, hence the professional can choose on clauses for which he wants checklist and edit the word file accordingly.

To download Word file: CLICK HERE.

To download PDF file: CLICK HERE.