Terms of Reference
TAXATION AUDITS QUALITY REVIEW BOARD
To review any report prescribed under the Income-tax Act, 1961 and Rules framed thereunder and any report prescribed under the Indirect Tax Laws including Goods and Services Tax Law which are certified by a Chartered Accountant (tax auditor) in respect of certain enterprises with a view to determine, to the extent possible, compliance with the reporting requirements prescribed under the Income-tax Act, 1961 and Rules framed thereunder; compliance with the reporting requirements prescribed under the Indirect Tax Laws including Goods and Services Tax Law and compliance with the respective pronouncements, guidance notes of ICAI.
The various reports referred under clause 1 above may be selected for review by the Board:
The various reports referred under clause 1 above may be selected for review by the Board:
-
- On suo moto basis or
- with the prior approval of the Council, in case of a reference made to it in respect of taxation matters (Direct and/or Indirect) by any regulatory body including Reserve Bank of India, Securities and Exchange Board of India, Insurance Regulatory and Development Authority, Ministry of Corporate Affairs, Comptroller and Auditor General of India, the Central Board of Direct Taxes, the Central Board of Indirect Taxes and Customs, State Commercial Tax Departments etc. or
- where serious irregularities in taxation matters (Direct and Indirect) have been highlighted by the media reports.
-
- Entities whose equity or other securities are listed or are in the process of listing on any stock exchange, whether in India or outside India.
- Banks (including co-operative banks), financial institutions or entities carrying on insurance business.
- All commercial, industrial and business reporting persons, whose turnover (excluding other income) exceeds rupees one hundred crore in the financial year as may be decided by the Board.
- Holding and subsidiary entities of any one of the above.
- such other category of persons which in the opinion of the Board make the public interest vulnerable due to susceptibility to non-compliance of reporting requirements prescribed under the Income-tax Act, 1961 and/or under the Indirect Tax Laws including Goods and Services Tax Law relevant to it and non-compliance of the reporting obligations of the tax auditor.
The Board may also give suitable recommendations to the various Committees of ICAI.
The Board may organise webcasts and seminars/ conferences/ programmes with a view to educate the members and other stakeholders about the compliances and probable non-compliances which may occur while certifying the various reports under the Income-tax Act, 1961 and/or the Indirect Tax Laws including Goods and Service Tax Law and to organise training programmes for Members for training them as Technical Reviewers.