Audit quality remains a cornerstone of financial transparency and stakeholder confidence in today’s complex business environment. The Institute of Chartered Accountants of India (ICAI), through […]
ICAI
NOCLAR and ICAI Ethical Standards for CAs: Liabilities, Guidelines, and Core Professional Principles
The accounting profession is built on trust, competence, and an unwavering commitment to ethical conduct. Chartered Accountants, as custodians of financial integrity, play a central […]
Essential Tax Audit Clauses 35-38: Detailed Analysis Based on ICAI Standards
The Income Tax Act, 1961, mandates that certain assessees undergo a tax audit as per Section 44AB. This audit is performed by a Chartered Accountant […]
ICAI Issues Draft Guidance Note for Revised Tax Audit Norms
The Institute of Chartered Accountants of India has released the Exposure Draft of the Revised Guidance Note on Tax Audit under Section 44AB of the […]
Tax Audit Clauses 39 to 41 Explained: Comprehensive Guide as per ICAI Guidance Note
Clause 39 of the tax audit report requires an auditor to disclose specific information when an audit has been conducted under section 72A of the […]
Comprehensive Guide to Clause 22 to Clause 25 in Tax Audit Report under ICAI Guidance Note
The tax audit requirement under the Income-tax Act, 1961 compels businesses crossing the specified turnover threshold to furnish a detailed report in Form 3CD. Each […]
Derivative Accounting Simplified: Complete Overview of ICAI’s Latest Guidance Note
Derivative contracts are financial instruments whose value is linked to changes in an underlying asset, rate, or index. These instruments do not require a significant […]
Cash Basis of Accounting: ICAI’s Latest Technical Guide and Its Real-World Impact
In India, accounting practices are shaped by both legislative mandates and commercial usage. Among the accepted methods for recognizing financial transactions are two principal approaches: […]
Tax Audit Clauses 26 to 29 Explained: Complete Guide with Case Laws and ICAI Guidance
The Income-tax Act, 1961 mandates a tax audit under section 44AB for certain categories of taxpayers. The prescribed format for reporting is Form 3CD, which […]
Tax Audit Clauses 42 & 43: In-Depth Analysis as per ICAI Guidance Note
Clause 42 and Clause 43 of the Tax Audit Report as prescribed under Form 3CD of the Income-tax Rules, 1962, are designed to ensure comprehensive […]
Calculating Turnover for Derivatives in Tax Audit: A Complete Guide
In the context of income tax compliance in India, a tax audit is a significant requirement mandated under Section 44AB of the Income-tax Act, 1961. […]
Clause 32 to 34 Explained: Tax Audit Insights Based on ICAI Guidelines
Clause 32(a) of the Tax Audit Report in Form 3CD requires disclosure of the brought forward losses or depreciation allowance to the extent available. The […]