Tax Audit
This query is : Resolved
14 September 2010
I'm an ACA. My uncle is engaged in a trading business which is covered within tax audit ambit. My mother, my grand mother & my father are having balances as Unsecured Loan in this business. Can I perform the attestation function of this buiness? Plz advise.
14 September 2010
Dear Parag,
As per Section 226(3), (4), (5)
You are not disqualified to do the attestation work.
As per Section 226(3), (4), (5)
You are not disqualified to do the attestation work.
14 September 2010
As far as just attestation is concerned you can do that. Its just as a certificate..
14 September 2010
I think u are asking whether u can audit ur uncle's trading firm accounts. there is no prohibition to audit the accounts of uncle under section 44AB. u may disclose ur relation by giving a suitable note in the report.
15 September 2010
The total amount of unsecured loans held by my relatives (i.e. mother, father & grand mother) exceeds 20% of the capital employed in the said business. So I want to make sure if my signing the tax audit report of the same will be as per the guidelines!
16 September 2010
yes
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