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Bank Audit reporting

25 June 2021

Can anyone please explain to me how is tax audit of a bank branch is filed, is it different from normal tax audit filing, do branches have separate PAN for adding CA for the respective branches? and also where do we submit LFAR and other certificates.

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4 Replies

CA. Sourav Sarkar (Chartered Accountant ) (24583 Points)
Replied 26 June 2021

You should follow banks tax audit guidelines by requesting bank managerial personnel the audit manual and previous audit reports

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haridas rao (73 Points)
Replied 26 June 2021

Can you please explain how you did it from your peactical experience?

CA. Sourav Sarkar (Chartered Accountant ) (24583 Points)
Replied 26 June 2021

You should check out the bank tax audit manual report by asking the manager and also the acknowledgement guidelines of audit if banks issued by head office of bank

debora M (BUSINESS DEVELOPMENT MANAGER) (1697 Points)
Replied 15 September 2021

The matters which the banks want the auditors to check is been prescribed by RBI. The time limit for submission of LFAR is 30th June. An auditor should plan the audit for timely submission of LFAR. An auditor can give an executive summary of the LFAR is they feel its required.