Hi
i would like to know if for a private limited company a auditor has given disclaimer of opinion due to lack of evidence.will it be accepted by the income tax authorities. Plz help me I am in a very critical position.
2 Replies
CA Harshal Totla
(Chartered Accountant)
(2229 Points)
Replied 23 June 2016
Disclaimer of opinion is also a type of audit opinion issued by the auditor in which he reserves his opinion on F/S due to lack of audit evidences. Income tax authorities considers tax audit report u/s 44AB submitted by auditor, audit report issued under companies act will not demanded by them.
mohammad rasool baig
(Management Consultant)
(1026 Points)
Replied 23 June 2016
Dear rakesh
Why audit opinion will effect the income tax authorities since we are having different audit for income tax purpose which is tax audit u/s 44AD. If any disclaimer in tax audit, it will impact the IT authorities.
But while performing the tax audit, the tax auditor will consider the opinion provided by the statutory auditor in his audit report. Then it will effect the tax audit report of your company
Disclaimer opinion in simple terms means for example you purchased an asset costing Rs 5,00,000 but you don't have any bill for the same. But transfer is reflected in your bank statement.
Now auditor cannot judge that transaction had taken place or not. So he will provide the disclaimer of opinion.
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