Search Results for Tag : Audit
Notifications & Circulars
Committee of Experts submits its report on Regulating audit firms and the Networks(31.10.2018)
The Committee of Experts has submitted its report on Regulating audit firms and the Networks to the Government of India through the Secretary, Ministr.....
Tags : Report, Audit firms, Regulations
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Top Story
Income Tax Department validates Unique Document Identification Number generated from ICAI portal for Tax Audit Reports(26.11.2020)
In continuation with the ongoing initiatives of the Income Tax Department for integrating with other Government agencies, Income-tax e-filing portal h.....
Tags : Validation, UDIN, Tax Audit
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Judgments
Audit report can be filed even at the appellate stage(02.03.2023)
The assessee is a trust, which had filed its return of income for the relevant assessment year year. However, when the return of income was filed, the.....
Tags : Audit report, Assessment, Return
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Mandatory Safety Audits(10.08.2023)
Road Safety audit (RSA) is an essential part of any National Highway development project. RSA is carried out at different stages namely during design,.....
Tags : Safety Audits, Recommendation, Implementation
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More than 30 lakh Audit Reports filed on Income Tax Department's e-filing portal till 30th September, 2023(02.10.2023)
More than 30.75 lakh audit reports, including about 29.5 lakh Tax Audit Reports have been filed for AY 2023-24 on the e-filing portal till the end of .....
Tags : Compliances, Audit Reports, E-filing
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CBDT allows certain trusts/institutions to furnish the audit report on or before 31st March, 2024(05.03.2024)
Income of any fund or institution or trust or any university or other educational institution or any hospital or other medical institution referred to.....
Tags : Audit report, Furnishing of, date
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Circular on Standardization of the Private Placement Memorandum (PPM) Audit Report(18.04.2024)
1. In terms of Regulation 28 of SEBI (AIF) Regulations, 2012 and Clause 2.4 of SEBI Master Circular SEBI/HO/AFD/PoD1/P/CIR/2023/130 dated July 31, 202.....
Tags : Standardization, PPM, Audit Report
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News
SEBI: Companies to Disclose Forensic Audit Information to Stock Exchanges(30.09.2020)
Securities and Exchange Board of India (SEBI) has made it mandatory for all listed entities to disclose to the stock exchanges any forensic audit that.....
Tags : Securities and Exchange Board of India, Forensic Audit Information
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NGT Orders Environment Audit of All Government Buildings in Delhi(24.11.2016)
National Green Tribunal (NGT) has ordered environment audit of all Government Buildings, including offices and hospitals, in Delhi to control pollutio.....
Tags : National Green Tribunal, Government Buildings, environment audit
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Annual Report of Telecom Regulatory Authority of India for the year 2017-2018(21.02.2019)
The Annual Report of Telecom Regulatory Authority of India for the year 2017-18 detailing activities of the Authority, certified accounts and the audi.....
Tags : Annual Report, TRAI, Accounts, Audit report
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Madras High Court Issues Notice to Kanchi Sankaracharya in the Auditor Assault Case(18.07.2016)
Madras High Court has issued a notice to Kanchi Sankaracharya Sri Jayendra Saraswathi and eight others in the14-year-old assault case pending against.....
Tags : Madras High Court, Kanchi Sankaracharya, Auditior Assault
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ITAT, Lucknow: Clerical Mistake in Audit Report Form 10B Can be Rectified(02.05.2022)
Income Tax Appellate Tribunal, Lucknow has observed that the clerical mistakes in audit report form 10B can be rectified and the same should not be a .....
Tags : Income Tax Appellate Tribunal, form 10B, Audit Report
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SEBI Issues Stricter Norms for Auditors Amid Series of Exits(21.10.2019)
Securities and Exchange Board of India has observed that the auditors of listed companies will have to issue a limited review or audit report if they .....
Tags : SEBI, Auditors
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Performance Audit Report No. 14 of 2022 "Sabka Vishwas (Legacy Dispute Resolution) Scheme (SVLDRS) 2019" of C&AG of India (Indirect Taxes-GST, Central Excise & Service Tax)(06.02.2023)
1. The Performance Audit Report No. 14 of 2022 "Sabka Vishwas (Legacy Dispute Resolution) Scheme (SVLDRS) 2019" of C&AG of India (Indirect Taxes-GST, .....
Tags : Performance, Audit Report, Sabka Vishwas Scheme
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States Resisting Social Audits by NCPCR Appear to be “Hiding Something”: Supreme Court(13.07.2018)
Supreme Court has noted with concern the fact that a large number of States have not permitted National Commission for Protection of Child Rights (NCP.....
Tags : Supreme Court, Social Audits
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ITAT, Delhi: AO Cannot Apply Wrong Method to Determine Profit in Absence of Audited Financials(06.05.2022)
Income Tax Appellate Tribunal, Delhi has ruled that the Assessing Officer cannot give benefit to the assessee for non-cooperation in providing audited.....
Tags : Income Tax Appellate Tribunal, Assessing Officer, audited financials
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SC: No Occasion for CAG Audit of PM CARES Fund as It is a Public Charitable Trust(19.08.2020)
Supreme Court has observed that there is no occasion for audit of Prime Minister's Citizen Assistance and Relief in Emergency Situations Fund by the C.....
Tags : Supreme Court, Audit of PM CARES Fund
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MCA Relaxes Norms on Auditors Term for Pvt Cos With Paid Up Share Capital of 50 Crores(23.06.2017)
Ministry of Corporate Affairs has notified amendment to Companies (Audit and Auditors) Rules, 2014 wherein it amended Auditors’ rules with respect to .....
Tags : Ministry of Corporate Affairs, Companies (Audit and Auditors) Rules
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RBI prescribes format for SAC to be submitted by NBFCs(23.06.2016)
The Reserve Bank of India introduced a uniform format for the statutory auditor certificate. Non-Banking Financial Corporations will need to fill out .....
Tags : Statutory auditor, certificate, nbfi
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International Cases
Only forum in which a taxpayer may dispute or object to a decision of an assessment, including additional assessments, is the tax court, unless the high court directs otherwise(24.03.2023)
The Respondent, the Commissioner for the South African Revenue Services (SARS), issued a letter to the appellant, United Manganese of Kalahari (Pty) L.....
Tags : Audit, Assessment, Objections
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MCA Extends Last Date of Filing of Cost Audit Report to Board of Directors(28.09.2021)
Ministry of Corporate Affairs (MCA) has extended the last date of filing of the Cost Audit Report to the Board of Directors under Rule 6(5) of the Com.....
Tags : Ministry of Corporate Affairs, Last Date of Filing of Cost Audit Report
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Uttarakhand High Court Orders Government to Conduct Audit of Covid-19 Deaths in State(10.06.2021)
Uttarakhand High Court has ordered the Government to conduct an audit of Covid-19 deaths in the state and submit its report by 21st June, 2021 in plea.....
Tags : Uttarakhand High Court, Audit of Covid-19 Deaths in State
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Del. HC to Centre: Maintain Highest Standards of Safety and Security at Railway Stations(27.07.2023)
Delhi High Court has directed Union government to ensure that there is a periodic audit and maintenance of highest standards of safety and security at.....
Tags : Delhi High Court, Railway Stations, Audit, Safety
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CESTAT: Objection of Audit Cannot be Basis for Determining Duty Liability(18.12.2020)
Customs, Excise, Service Taxes Appellate Tribunal (CESTAT) has held that objection of audit cannot be the basis for determining duty liability, in abs.....
Tags : Customs, Excise, Service Taxes Appellate Tribunal, Objection of Audit
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Supreme Court Asks Election Commission, ‘By When Will You Introduce Paper Trail in EVMs’(06.01.2017)
Supreme Court has asked Election Commission to spell out time frame within which it would introduce Voter Verifiable Paper Audit Trail (VVPAT) in EVMs.....
Tags : Supreme Court, Election Commission, Voter Verifiable Paper Audit Trail
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Madras HC: Appointment of Independent Directors in Social Audit of MGNREGA is Must(18.02.2020)
Madras High Court has directed the State of Tamil Nadu to issue fresh Government Order prescribing the qualifications for the appointment of independe.....
Tags : Madras High Court, Appointment of Independent Directors in Social Audit
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Delhi High Court Upholds Power to Conduct Service Tax Audit(04.11.2020)
Delhi High Court held that Section 174(2) (e) of the Central Goods and Services Tax Act, 2017 specifically empowers the authorities to institute any i.....
Tags : Delhi High Court, Service Tax Audit
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Extension of time to submit proposals for empanelment in the panel of Auditors to carry out Audit of Digital Addressable Systems(29.04.2019)
The Telecom Regulatory Authority of India (TRAI) had issued Expression of Interest (EOI) for Empanelment of Auditors to Carry out Audit of Digital Add.....
Tags : Time, Extension, Empanelment, Auditors
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NGT Asks CPCB to Consider Environmental Audit of E-Commerce Websites(14.09.2020)
National Green Tribunal has asked the Central Pollution Control Board to submit an action taken report against manufacturers and e-commerce websites w.....
Tags : National Green Tribunal, Environmental Audit of E-Commerce Websites
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Delhi HC Orders CAG Audit on Tree Felling Since 2010(17.03.2017)
Delhi High Court has asked Comptroller and Auditor General (CAG) to conduct an audit into number of trees felled here for various projects and disposa.....
Tags : Delhi High Court, Comptroller and Auditor General, Audit
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CBDT Extends Deadline for Uploading UDIN for Audit Forms/Audit Certificates(05.04.2021)
Central Board of Direct Taxes (CBDT) has extended the deadline for uploading of UDIN for Audit Forms / Audit certificates till 30th April, 2021. The U.....
Tags : Central Board of Direct Taxes, Uploading UDIN for Audit Forms/Audit Certificates
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Bombay HC Quashes Prosecution of 2 Former IFIN Auditors(22.04.2020)
Bombay High Court has quashed the prosecution of BSR Associates and Deloitte Haskins & Sells, auditors of the crisis-ridden IL&FS Financial Services (.....
Tags : Bombay High Court, Prosecution of 2 Former IFIN Auditors
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Calcutta High Court Orders CAG Audit of Amphan Relief(02.12.2020)
Calcutta High Court has directed the Comptroller and Auditor General (CAG) of India to audit Amphan Cyclone related relief, amid allegations of irregu.....
Tags : Calcutta High Court, Audit of Amphan Relief
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Delhi HC: CAG Cannot Audit Private Discoms(30.10.2015)
Delhi HC while allowing plea filed by Tata Power Delhi Distribution Ltd, BSES Yamuna Power, BSES Rajdhani Ltd., has junked AAP Govt.’s decision to get.....
Tags : Delhi HC, Comptroller and Auditor General (CAG)
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ITAT Hyderabad: Return by Govt Agency Can't be Rejected For Not Furnishing Audit Report(09.06.2017)
Income Tax Appellate Tribunal (ITAT), Hyderabad has held that income tax return filed by a Government agency cannot be rejected by authorities merely .....
Tags : Income Tax Appellate Tribunal, Audit Report
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Central Board of Direct Taxes Extends Due Date of Income Tax Audit Reports(12.01.2022)
Central Board of Direct Taxes (CBDT) has notified the extension of the timeline for filing Income Tax Returns and Various reports of audit for the AY .....
Tags : Central Board of Direct Taxes, Due Date of Income Tax Audit Reports
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Bombay HC: Re-Assessment at Behest of Audit Party Invalid(13.04.2022)
Bombay High Court has observed that the re-assessment under section 147 of the Income Tax Act, 1961 is bad in law since the same was at the request of.....
Tags : Bombay High Court, section 147 of the Income Tax Act, 1961, audit party
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Business Having Above 2 Crore Turnover Can File GST Audit Reports: GST Council(16.04.2019)
Taxpayers under Goods and Services Tax (GST) with annual turnover of over Rs 2 crore can now start filing GST audit reports for financial year 2017-18.....
Tags : GST, Audit Reports, Turnover
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Extension of timeline for finalization of audited accounts(06.07.2020)
1. Please refer to para 18(2) of the Master Direction on Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) D.....
Tags : Extension, Timeline, Audited accounts
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Delhi HC Orders Release of 410 VVPAT Machines For Use in Assembly Polls(08.02.2017)
Delhi High Court has allowed AAP Government's plea seeking release of 410 Voter Verified Paper Audit Trail (VVPAT) machines, which were earlier ordere.....
Tags : Delhi High Court, Voter Verified Paper Audit, AAP
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Del. HC to Authorities: Conduct Structural Audit of Buildings to Check Stability During Earthquakes(06.12.2023)
Delhi High Court has directed the city authorities to conduct a structural audit of buildings of all hospitals, schools and colleges in the national c.....
Tags : Delhi High Court, structural audit, earthquakes
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DIRECT TAXATION - Delay in Statutory Audit is Reasonable Cause for Delayed Filing of Tax Audit Report: ITAT(27.03.2019)
Income Tax Appellate Tribunal (ITAT) has held that the delay in completion of statutory audit can be a reasonable cause for delay in filing of the tax.....
Tags : Income Tax Appellate Tribunal, ITAT, statutory audit, tax audit report
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RBI Orders Concurrent Auditors to Submit Reports on Non-Performing Loans Directly to Banks(25.09.2015)
Reserve Bank of India (RBI) has directed concurrent auditors of commercial banks to submit their review of non-performing loans directly to the banks .....
Tags : Reserve Bank of India,concurrent auditors of commercial banks
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Gujarat HC Issues Notice on Plea Seeking Physical Filing of ITR, Audit Reports(13.01.2022)
Gujarat High Court has issued notice to the Central Government on a plea seeking waiver of interest under section 234A of Income Tax Act, 1961 and als.....
Tags : Gujarat High Court, Physical Filing of ITR, Audit Reports
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INSOLVENCY - 51% COC Vote Enough for Forensic Audit of Corporate Debtor: NCLT(08.03.2019)
National Company Law Tribunal (NCLT) has clarified that 51 per cent vote of the Committee of Creditors (CoC) is enough to initiate a forensic audit of.....
Tags : NCLT, Forensic Audit, Corporate Debtor
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ITAT, Mumbai: No Penalty If Non-Furnishing of Tax Audit Report was Due to Bona Fide Reasons(18.03.2020)
Income Tax Appellate Tribunal (ITAT), Mumbai has held that the penalty under Section 271B of the Income Tax Act, 1961 is not leviable if there are bon.....
Tags : Income Tax Appellate Tribunal, Non-furnishing of Tax Audit Report
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Calcutta HC Restrains Special Audit of Bank Headed by BJP MLA Suvendu Adhikari(19.07.2021)
Calcutta High Court has held that the West Bengal government's Co-operative Department shall not conduct a special audit of the Contai Cooperative Ban.....
Tags : Calcutta High Court, Special Audit of Bank Headed by BJP MLA Suvendu Adhikari
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DGCA and USTDA sign agreement for aviation safety and technical assistance(09.02.2016)
The Directorate General of Civil Aviation of India and the United States Technical Development Agency signed the Grant Agreement for India Aviation Sa.....
Tags : Civil aviation, safety, audit, agreement
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Enforcement action in respect of statutory auditors of commercial banks(03.06.2019)
RBI vide its Press Release dated June 29, 2018 had put in place an enforcement action framework in respect of statutory auditors for the lapses in the.....
Tags : Statutory auditors, Commercial banks, Enforcement action
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Delhi High Court Orders Audit of Private School(17.02.2020)
Delhi High Court has ordered an audit and inspection of a school on Government land in Chanakyapuri, on the allegations that the private school was ig.....
Tags : Delhi High Court, Audit of Private School
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Delhi High Court: Set Up Panel to Audit All Govt Hospitals in City(25.09.2017)
Delhi high court wants third party audit of all Delhi Government hospitals, starting with Janakpuri Super Speciality and Rajiv Gandhi Super Speciality.....
Tags : Delhi High Court, Audit, Govt Hospitals
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Income Tax Appellate Tribunal, Bangalore: Delay in Furnishing Audit Reports is Mere Technical Breach(09.01.2020)
Income Tax Appellate Tribunal, Bangalore has held that the delay in furnishing audit reports results only in the technical venial breach which does no.....
Tags : Income Tax Appellate Tribunal, Audit Reports
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Government Amends Companies (Audit and Auditors) Rules, 2014(20.02.2018)
Government has amended Companies (Audit and Auditors) Rules, 2014 wherein Forms ADT-1 which provides for notice to RoC by the company for appointment .....
Tags : Companies, Audit, Auditors
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AO has Power to Extend Time Limit for Filing Auditor’s Report: Supreme Court(05.04.2019)
Supreme Court has held that Assessing Officer who prescribes time limit for filing auditor’s report under Section 142(2A) of the Income Tax Act is als.....
Tags : Supreme Court, Assessing Officer, Auditor's Report
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Draft Reporting System on Accounting Separation Regulations, 2016(22.02.2016)
The Telecom Regulatory Authority of India released draft ‘read»
TRAI conducted an Open House Discussion (OHD) on Consultation Paper on "Empanelment of Auditors for Digital Addressable Systems"(18.04.2018)
The Telecom Regulatory Authority of India (TRAI) convened an Open House Discussion (OHD) on Consultation Paper on "Empanelment of Auditors for Digital.....
Tags : Discussion, Empanelment, Auditors
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Action against statutory auditors of NBFC under Section 45MAA of RBI Act, 1934(12.10.2021)
The Reserve Bank of India (RBI) in exercise of the powers vested under section 45MAA of the Reserve Bank of India Act, 1934, has, by an order dated Se.....
Tags : Statutory auditors, NBFC
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Supreme Court Asks Centre to Curb Illegal Operations of Multinational Auditors(26.02.2018)
Supreme Court has taken a serious note of alleged illegal operations of multi-national accounting firms in India in collaboration with Indian charted .....
Tags : Supreme Court, Auditors
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Govt Extends Deadline for Income Tax Audit & Return Filing to Nov 7(01.11.2017)
Central Government has declared that due date for tax audit and return filing under the provisions of Income Tax Act is extended to November 7th. Earl.....
Tags : Government, Income Tax Audit
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CBIC Notifies New Customs Audit Regulations, Rs. 50,000 Fine in Case of Default(29.05.2018)
Central Board of Indirect Taxes and Customs (CBIC) has notified the Customs Audit Regulations, 2018 wherein the scope of ‘audit’ and the selection on .....
Tags : Customs, Audit Regulations
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Bombay HC Seeks Centre's Reply on Public Declaration & CAG Audit of PM CARES Fund(15.05.2020)
Bombay High Court has directed the Union of India to file a reply to a Petition filed by a lawyer seeking an audit by the Comptroller & Auditor Genera.....
Tags : Bombay High Court, Audit of PM CARES Fund
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NCLAT: Auditor Cannot be Debarred for 5 Years in Absence of Evidence(26.02.2020)
National Company Law Appellate Tribunal has set aside an order passed by National Company Law Tribunal in a matter relating to debarring of an auditor.....
Tags : National Company Law Appellate Tribunal, Debarring of Auditor
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Del HC: MSMED Act Not Applicable to CA Firms Appointed as Special Auditors(10.07.2023)
Delhi High Court has held that MSMED Act, 2006 is not applicable to a CA firm appointed as ‘Special Auditor’ under Section 142(2A) of the Income Tax A.....
Tags : Delhi High Court, MSMED Act, Special Auditor, Income-Tax
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Order under section 119 of the Income-tax Act, 1961(09.10.2023)
1. Audit report in the case of a fund or trust or institution or any university or other educational institution or any hospital or other medical inst.....
Tags : Audit report, Furnishing, Form
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CAG of India signs 11 UN Audit reports(28.07.2016)
Comptroller & Auditor General of India, is currently in New York to attend the 70thRegular Session of the United Nations' Board of Auditors, held at t.....
Tags : UN audit reports, Board, Approval
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Tamil Nadu Govt. Extends Time Limit for Furnishing VAT Audit Report in Electronic Form for FY 2020-21(03.01.2022)
Tamil Nadu Government has notified the extension of the time limit for Furnishing VAT Audit Report in electronic form for financial year 2020-21 till .....
Tags : Tamil Nadu Government, Time Limit for Furnishing VAT Audit Report
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Finance Ministry: No Audit for Turnover of Up to Rs 2 Crore if Opted Presumptive Taxation Scheme(21.06.2016)
Finance Ministry has said that small businesses with a total turnover of up to Rs 2 crore will not be required to get their accounts audited if they o.....
Tags : Finance Ministry, presumptive taxation scheme, Audit
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