Categories: Tax Audit

Clause 44 of Tax Audit under Income tax Act

ICAI issue guidance Note on Clause 44 of Tax Audit under Income tax act?

ICAI issue Guidance Note provides basic guidance to CA members while conduct of tax audit, making of report & related income tax Filling matters

  • Break up of expenditure in Total is to be given and not head wise.
  • Bad debts, Depreciation etc. which are not expenses are not to be reported.
  • Transactions covered under Schedule III of Central Goods and Services Tax (CGST) Act not to be reported in any column viz. Salary expenditure etc.
  • Expenditure on petroleum crude, motor spirit, Alcohol, natural gas, high speed diesel oil & aviation turbine fuel are covered under meaning of exempt supplies.

Whether Reporting of Clause 44 of Form 3CD is applicable for AY 2022-23?

Ans: Yes

Complete Tax audit Update

 

ICAI issue Tax Audit Guidance Note issued for Assessment Year 2022-23 (including Clause 44 which is applicable from AY 2022-23).

Popular Articles related to Tax Audit: 

Rajput Jain & Associates

Rajput Jain & Associates is a Chartered Accountants firm, with it's headquarter situated at New Delhi (the capital of India). The firm has been set up by a group of young, enthusiastic, highly skilled and motivated professionals who have taken experience from top consulting firms and are extensively experienced in their chosen fields has providing a wide array of Accounting, Auditing, Taxation, Assurance and Business advisory services to various clients and their stakeholders. Rajput jain & Associates, a professional firm, offers its clients a full range of services, To serve better and to bring bucket of services under one roof, the firm has merged with it various Chartered Accountancy firms pioneer in diversified fields. We have associates all over India in big cities. All our offices are well equipped with latest technological support with updated reference materials. We have a large team of professionals other than our Core Team members to meet the requirements of our prospective clients including the existing ones. However, considering our commitment towards high quality services to our clients, our team keeps on growing with more and more associates having strong professional background with good exposure in the related areas of responsibility.

Recent Posts

Mandatory ITR Filing Requirement Cases for AY 2025–26

Mandatory ITR Filing Requirement Cases for the AY 2025–26: Filing your Income Tax Return (ITR) is not only a statutory… Read More

3 weeks ago

Tax Exemption & Deduction for Army Personnel AY 2025–26.

Income Tax Exemptions and Deductions for Army Personnel (AY 2025–26) Army personnel, like all salaried taxpayers, are liable to pay… Read More

3 weeks ago

Understanding PF Withdrawal vs. Pension (EPS) Claim

Understanding PF Withdrawal vs. Pension (EPS) Claim How employees often withdraw their Employees Provident Fund but ignore the Employees’ Pension… Read More

4 weeks ago

Challenges MSME face due to the accrual-based GST framework

Challenges MSME face due to the accrual-based GST framework. GST on accrual basis hurting MSME/ Small businesses" highlights a significant… Read More

4 weeks ago

Guideline for ITR Compulsory Selection for Complete Scrutiny

Guidelines for Compulsory Selection of Returns for Complete Scrutiny – FY 2025-26 The Central Board of Direct Taxes (CBDT) has… Read More

4 weeks ago

Key Difference in TDS Section 192 vs. Section 194J

Key Difference in TDS Section 192 Vs. Section 194J Understanding the difference between Section 192 and Section 194J is crucial… Read More

4 weeks ago
Call Us Enquire Now