Online panel of experts for addressing Bank Branch Audit related queries
AASB of ICAI announced an Online Panel of Experts for addressing Bank Branch Audit related queries for financial year 2023-24. The Panel will address queries from 1st April 2024 till 30th April 2024. The queries are to be sent at email address: bankau…@icai.in
Panel Convenors : CA. (Dr.) Sanjeev Kumar Singhal, Chairman, AASB and CA. Vishal Doshi, Vice Chairman, AASB
Click the link to access the announcement: ICAI – The Institute of Chartered Accountants of India
CBDT permits trusts & institutions to submit AY 2023-24 audit reports via Form 10B/10BB by March 31, 2024
The CBDT has authorized trusts and institutions that have submitted audit reports by October 31, 2023, using Form No. 10B when Form No. 10BB was required, and vice versa, to file their audit reports for the assessment year 2023-24 by March 31, 2024, under clause (b) of the tenth proviso of section 10(23C) and section 12A(1)(b)(ii), using the appropriate Form No. 10B or 10BB.
Click the link to access the Circular: circular-no-2-2024.pdf (incometaxindia.gov.in)
CBDT amends forms for filing tax audit and tonnage tax application
The CBDT has amended the tax audit form (Form 3CD & Form No. 3CEB) and Form for filing of tonnage tax application (Form 65). In Form 3CD, changes include the addition of clauses related to Section 115BAE tax regime, presumptive taxation u/s 44ADA, etc. Form 65 is amended, requiring certification for IFSC unit status along with disclosure of availed deductions and cessation dates.
Click the link to access the Notification: notification-27-2024.pdf (incometaxindia.gov.in)
CBDT notifies ITR-7 applicable for AY 2024-25
The CBDT has notified the Income-tax Return (ITR) form 7 applicable for filing of return for the Assessment Year 2024-25. The Board has already notified ITR forms 1 to 6 applicable for AY 2024-25.
Click the link to access the Notification: notification-24-2024.pdf (incometaxindia.gov.in)
CBDT issues a clarificatory circular on FA 2023 amendments pertaining to inter-charity donations
The CBDT issued a circular clarifying that only 85% of eligible inter-charity donations shall be deemed as applied for charitable/religious activities, with the remaining 15% exempt from specified investment requirements under Section 11(5) of the Act.
Click the link to access the Circular: circular-3-2024.pdf (incometaxindia.gov.in)
CBDT releases the order to “Waive off Tax demand” outstanding as of Jan 31, 2024; “Capped at Rs. 1 lakh per Assessee”
- Consequent to the finance minister’s budget speech, the CBDT released an order that outstanding tax demands pertaining to income tax, wealth tax and gift tax as on January 31, 2024, shall be remitted and extinguished “subject to the maximum ceiling of Rs 1 lakh for any specific taxpayer/assessee”.
- The limit of Rs 1 lakh would include the principal component of tax demand, interest, penalty or fee, cess, surcharge. However, the remission shall not be applicable on the demands raised against the tax deductors or tax collectors under TDS or TCS provisions of the I-T Act.
- Further, this waiver or cancellation does not entitle taxpayers to any claims for credit or refunds.
MCA deploys the ‘Change Request Form’ on MCA-21 for the convenience of users of MCA-21 services
- MCA vide Circular has provided for deployment and usage of the ‘Change Request Form’ (CRF) on MCA-21.
- This web-based Form is to be used only under exceptional circumstances, for making a request to ROC, for purposes that cannot be catered through any existing form or services or functionality available either at the Front Office level (users of MCA-21 services) or Back Office level (RoCs).
Click the link to access the Circular: getdocument (mca.gov.in)
ICAI issues Implementation Guide (Revised) on Reporting on Audit Trail
ICAI issues Implementation Guide on Reporting on Audit Trail under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 (Revised 2024 Edition) to guide its members on reporting on use of accounting software by companies which has audit trail feature and report that audit trail feature has not been tampered with and the audit trail has been preserved by the company as per the statutory requirements for retention of records.
Click the link to access the Implementation Guide: 78922aasb63149.pdf (icai.org)
ICAI issues Revised Standard on Auditing (SA) 800, SA 805 and SA 810
ICAI issues revised Standards on Auditing (SAs) 800, SA 805 and SA 810.
The current SA 800, SA 805, and SA 810 will continue to apply till audits/engagements for the financial year 2023-24.
These revised standards will apply to audits/engagements for the financial year 2024-25 and onwards.
Click the link to access the revised standards: ICAI – The Institute of Chartered Accountants of India
ICAI issues Technical Guide on Preparation of Financial Statements under Cash Basis of Accounting
ICAI has issued a Technical Guide on the Preparation of Financial Statements under the Cash Basis of Accounting to provide guidance on the application of relevant provisions of Accounting Standards while following the cash basis of accounting. This publication is relevant for the entities that follow a cash basis of accounting including Non-corporate entities (NCEs), LLPs, small entities, and individuals.
Click the link to access the Technical Guide:
https://resource.cdn.icai.org/78907asb63134.pdf
Guidance Note on Audit of Banks (2024 Edition)
AASB of the ICAI issues the Guidance Note on Audit of Banks every year. This publication provides comprehensive guidance to members regarding statutory audits of banks and bank branches.
Click the link to access the guidance note: 78977aasb-gnab2024-b.pdf (icai.org)
