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Full Day CPE Seminar on “ISSUES in TAX AUDIT and BUSINESS DEDUCTIONS UNDER IT ACT, 1961 on Friday 21St August, 2009 at ICAI Bhavan, Visakhapatnam

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Full Day CPE Seminar on “ISSUES in TAX AUDIT and BUSINESS DEDUCTIONS UNDER IT ACT, 1961 on Friday 21St August, 2009 at ICAI Bhavan, Visakhapatnam Issues in Tax Audit & Business Deductions under IT Act, 1961 Full Day CPE Seminar on “ISSUES IN TAX AUDIT AND BUSINESS DEDUCTIONS UNDER IT ACT, 1961 On Friday 21st August, 2009 At ICAI Bhavan, Visakhapatnam Organised by : VISAKHAPATNAM BRANCH OF SOUTHERN INDIA REGIONAL COUNCIL OF THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA D. No. 9-36-22/2, Pithapuram Colony, Visakhapatnam - 530 003, Ph : 2755019 e-mail : [email protected] Website : www.icaivisakhapatnam.org Visakhapatnam Branch of SIRC of ICAI 1 Issues in Tax Audit & Business Deductions under IT Act, 1961 Full Day CPE Seminar on “ISSUES IN TAX AUDIT AND BUSINESS DEDUCTIONS UNDER IT ACT, 1961” FIRST TECHNICAL SESSION Time : 10.00 A.M. Subject : ISSUES IN TAX AUDIT Speaker : CA. KAMLESH VIKAMSEY Past President - ICAI, Mumbai 12.45 P.M : FLOOR PARTICIPATION 01.15. P.M. : LUNCH SECOND TECHNICAL SESSION Time : 02.00 P.M Subject : BUSINESS DEDUCTIONS AND RECENT CASES ON DOMESTIC TDS Speaker : CA.K.K.CHYTHANYA BANGALORE 04.30 P.M : FLOOR PARTICIPATION 05.00 P.M. : VALADICTORY SESSION Visakhapatnam Branch of SIRC of ICAI 2 Issues in Tax Audit & Business Deductions under IT Act, 1961 Visakhapatnam Branch of SIRC of ICAI 3 Issues in Tax Audit & Business Deductions under IT Act, 1961 ISSUES IN TAX AUDIT CA. Kamlesh Vikamsey, FCA Visakhapatnam Branch of SIRC of ICAI 4 Issues in Tax Audit & Business Deductions under IT Act, 1961 BIO DATA CA. KAMLESH SHIVJI VIKAMSEY CA.Kamelesh Vikamsey is a practicing Chartered Accountant since 1982. He is a Senior Partner – in M/s. KHIMJI KUNVERJI & CO.Chartered Accountants, Mumbai, the firm registered with the Institute of Chartered Accountants of India & in practice since 1936, having over 69 years of experience in the areas of Auditing;Taxation; Corporate & Personal Advisory Services; Business & Management Consulting Services; Due diligence; Valuations; Inspections; Investigations, etc. BRIEF PROFILE: He is Presently : · President of The Confederation of Asian and Pacific Accountants · Member of Standing Committee on Accounting Issues of Insurance Regulatory and Development Authority of India (IRDA) · Member of Appellate Authority constituted under section 22A of the Chartered Accountants Act, 1949 CA.Kamelesh Vikamsey is Past President of The Institute of Chartered Accountants of India during 2005-06 He was a Board Member of International Federation of Accountants (IFAC) and Member of Steering Committee Member of United Nations - Appointed by Secretary General of United Nations Mr.Kofi Annan, as a member of Steering Committee for Comprehensive Review of Governance and Oversight within the United Nations, and its funds, programme and specialized agencies. He was Chairman of : · Strategic Committee of The Confederation of Asian and Pacific Accountants during 2005- 2007 and · Centre of Excellence on Education, Training and CPD of South Asian Federation of Accountants 2004–2005 He was Member of several Committees and Regulatory Bodies , to name a few : • Information Technology Committee of the ICAI • Group on XBRL in India • IFAC during 2006-2008 Contribution & Participation: Contributed and participated in Corporate Governance Leadership program conducted by Center for International Private Enterprise & Global Corporate Governance Forum . He is also Director of Several Organisations, to name a few · General Insurance Corporation of India, , · the Reinsurance Company in India owned by the Government of India, · Axis Mutual Fund Trustee Limited · Aditya Birla Retail Limited He is Trustee of: • Global Vipassana Foundation, an internationally renowned Trust • Dhamma Pattan Vipassana Kendra Visakhapatnam Branch of SIRC of ICAI 5 Issues in Tax Audit & Business Deductions under IT Act, 1961 ISSUES IN TAX AUDIT CA. Kamlesh Vikamsey, FCA Seminar on Tax Audit and Tax Audit Report Business Deduction under Income Tax Act, 1961 § Form 3CA – Report that Statutory Audit was conducted in pursuance of Statute applicable Issues in Tax Audit under Income Tax to a’ee Act, 1961 § Form 3CB – Report that Tax Audit is conducted in accordance with S. 44AB. Presented by: Express opinion whether financial statements CA Kamlesh Vikamsey give true & fair view of- § Of state of affairs of a’ee as represented by balance sheet Applicability of Tax Audit – § Of Profit / Loss or Income / Expenditure S. 44AB as represented by Profit / Loss Account § Every person carrying on business whose Gross Turnover, Receipts Or Total Sales § Express opinion whether particulars exceed Rs. 40 Lakhs mentioned in Annexure 3CD & Annexure I § Every person carrying on profession whose & II are true & correct Gross Receipts exceed Rs. 10 Lakhs § Where profits & gains of person from business are taxable on estimated basis u/ ss. 44AD, 44AE, 44AF, 44BB or 44BBB & such person claims his income to be lower than profits & gains so estimated Tax Audit Procedures § Primary responsibility of a’ee to prepare relevant information Tax Audit § Tax Auditor (TA) to verify compliance Objective: § TA to- § To assist Income Tax Department to assess § Use professional skill & expertise correct income of a’ee § Apply Generally Accepted Auditing Main report: Procedures as applicable for other § Form 3CA: Applies where accounts of audits business or profession of a’ee have been § Apply techniques of reasonable test audited under any other law audit checks & compliance tests § Form 3CB: Applies in other cases depending upon internal controls of a’ee § Annexure I – Financial Reporting § Annexure II – Report on FBT § Follow principles of ‘Materiality’, ‘Prudence’ & ‘Substance Over Form’ Annexure in Form 3CD to main report Visakhapatnam Branch of SIRC of ICAI 6 Issues in Tax Audit & Business Deductions under IT Act, 1961 Tax Audit Procedures Annexure to Tax Audit Report § Documentation (SA 230)- (Form - 3CD) § Keep detailed notes of evidences relied Clauses 1-6: upon § General details about a’ee § Maintain all working papers including Clause 7: notes on following- § Is applicable to Firms & Association of • Work done while conducting audit Persons & by whom § Names of partners / members & their profit- • Explanation & information given sharing ratios [Sub-Clause (a)] during course of audit & by whom § Changes in the constitution, or profit- • Decision on various points taken sharing, of Partnership / Association & the & judicial pronouncements relied particulars of change [Sub-Clause (b)] upon • MRs / Certificates issued by client § Design audit programme as would Annexure to Tax Audit reveal extent of checking & ensure Report (Form - 3CD) adequate documentation Clause 7: Relevant Issues § If you are also Statutory Auditor, § Will change in remuneration paid to advisable to carry out both audits partners without change in profit-sharing concurrently ratio would require any disclosure in tax audit report? Tax Audit Procedures § When partner in representative capacity § Refer to following publications issued by retires & admitted as partner in individual ICAI- capacity, will it amount to change in § Standards on Audit (SAs) partnership? § Guidance Notes (GNs) on Audit Reports & Certificates for Special Purposes Annexure to Tax Audit Report (Form - 3CD) § GN on Tax Audit , Supplementary GN on Tax Audit, GN on Audit of FBT, GN Clause 8: on S. 145A considering VAT & GN on S. 14A § Nature of Business / Profession (If more § Issues on Tax Audit than one business / profession is carried out, then nature of every business / § SA 700 - Auditor’s report on financial statements profession) [Sub-Clause (a)] § Statement on qualifications in Auditor’s § Particulars of change in business / report profession [Sub-Clause (b)] Visakhapatnam Branch of SIRC of ICAI 7 Issues in Tax Audit & Business Deductions under IT Act, 1961 Annexure to Tax Audit Report Annexure to Tax Audit (Form - 3CD) Report (Form - 3CD) Clause 11: Clause 8: Relevant Issues § Method of Accounting followed in P.Y [Sub-Clause (a)] § If a’ee starts another business whose gross § Any change in method of accounting in receipts are not material compared to relation to last P.Y [Sub-Clause (b)] existing business, would it still amount to § Effect of such change on profit / loss [Sub- Clause (c)] change in business? § Details of deviation of such method from prescribed accounting standards & effect § If a’ee manufactures certain products & on profit / loss [Sub-Clause (d)] also sells certain components which are Relevant Issues used in manufacture of product, would he § Does change in accounting policy amount be categorized as trader or manufacturer? to change in ‘method of accounting’? § If preceding P.Y’s accounts were not § If nature of business covers vast no. of subject to tax audit, is it sufficient to rely activities, is it sufficient for TA to obtain only upon information & explanations provided by client? management representations? Annexure to Tax Audit Report Annexure to Tax Audit Report (Form - 3CD) (Form - 3CD) Clause 9: Clause 12: § Method of Valuation of Closing Inventory § Whether books of accounts are prescribed employed in P.Y [Sub-Clause (a)] as per S. 44AA? [Sub-Clause (a)] § Details of deviation of such method of § Books of Accounts maintained (In case of valuation from method prescribed u/s. computerized system of accounting, men- 145A & effect on profit / loss [Sub-Clause (b)] tion books of account generated by such system) [Sub-Clause (b)] ü What is objective behind S. 145A? § List of books examined [Sub-Clause (c)] ü Whether there is any effect on Profit & Loss Account by adopting ‘Inclusive Annexure to Tax Audit Report Method’ as per S. 145A ?
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