yashsr (CA) (2285 Points)
13 October 2012Hello,
A Proprietor whos turnover was Rs.5 Crores got its Accounts audited by a Chartered Accountant whose no. of Income Tax Audits signed crossed 45. Now, ICAI has found out and is taking action against the Chartered Accountant. Can the Proprietor be under any fault i.e. will it affect the genuiness of the Tax Audit or will only the CA be under the hammer?
yashsr
(CA)
(2285 Points)
Replied 13 October 2012
So the Tax Audit remains upheld and the Proprietor will not be under any problems??
vanisha mittal
(CA)
(88 Points)
Replied 13 October 2012
Tax audit wil not be remained upheld, coz CA cannot signed 46th tax audit as per rules,
Expert comments stil welcome for the tax audit limit.
yashsr
(CA)
(2285 Points)
Replied 13 October 2012
| Originally posted by : vanisha mittal | ||
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Tax audit wil not be remained upheld, coz CA cannot signed 46th tax audit as per rules, Expert comments stil welcome for the tax audit limit. |
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So in that case will the Proprietor be in trouble for effectively not getting his accounts audited despite turnover being 5 crores?
vanisha mittal
(CA)
(88 Points)
Replied 13 October 2012
Yashr,
its not valid tax audit.. so for sure the validity to get the audit done by the prop is in question, get it arranged by a frnd of that CA who is into practice, nd file the return if not yet filled (otherwise revise the return if already filled, but m not 100% sure that can v revise the name of tax auditor in return)
KCJM and Associates
(Chartered Accountants Firm)
(864 Points)
Replied 15 October 2012
The CA will held guilty for the neligence of his professional duties. Moreover the tax audit wil not be consider valid. So he has to get the tax audit done by other CA.
CA Abhilasha Bhagat
(ACA)
(466 Points)
Replied 23 October 2012
The proprietor should take a certificate from auditor that specified limit is not crossed. Practically how it is possible for the proprietor to know whether the auditor has crossed the limit or not?
I think tax audit should be valid and only auditor should be held guilty. Can any1 quote any provision which says tax audit is not valid if limit crossed by the auditor?
yashsr
(CA)
(2285 Points)
Replied 23 October 2012
| Originally posted by : CA Abhilasha Bhagat | ||
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The proprietor should take a certificate from auditor that specified limit is not crossed. Practically how it is possible for the proprietor to know whether the auditor has crossed the limit or not? I think tax audit should be valid and only auditor should be held guilty. Can any1 quote any provision which says tax audit is not valid if limit crossed by the auditor? |
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Correct! If a certificate is required from an auditor and if the auditor issues a false certificate
(whether by mistake or intentioanlly) what will happen to the validity of the audit??
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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