CA Institute issues revised guidance note on tax audit

The CA Institute has issued the Revised Guidance Note on Tax Audit to help its members discharge their obligations in a timely and effective manner under the income tax law.

The Revised Guidance Note — eighth edition— was approved at a meeting of the central council of Institute of Chartered Accountants of India (ICAI) at Siliguri.

“We have in the recent council meeting approved the revised Guidance Note on Tax Audit. It’s going to be a big change as it is being done after seven or eight years,” Debashis Mitra, President of ICAI, told.

The format of tax audit reports have changed significantly since the last revision in year 2014, which broaden the responsibility of the chartered accountants while discharging their professional duties in this respect, sources said. Also, guidance was required on certain issues around Goods and Services Tax (GST).