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Clause 44 of Tax Audit under Income tax Act

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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).

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