Significant Achievements of the Board during Council Year 2021-22
- Enable to systematically identify the common non-compliances on the basis of XBRL financial statements by using rule-based analytics,
- Contribution of articles in Journal in respect of common errors noticed while reviewing Tax audit reports.
- Regulation & Quality Assurance –
- The Board conducts a 3-tier review. Firstly, by Technical Reviewers, secondly by Taxation Audits Quality Review Groups and thirdly by the Taxation Audits Quality Review Board.
- 100 reports each were been selected for review during the year 2018-19 and 2020-21
respectively (Total 200) out of which:
- 181 reports were reviewed by Technical Reviewers
- 122 reports have been reviewed by the Taxation Audits Quality Review Groups
- 42 reports have been reviewed by the Taxation Audits Quality Review Board
- Based on the review:
- Advisories are being issued to members to ensure that such mistakes are not committed again
- Suggestions have been identified to be conveyed to CBDT for changes in the Tax Audit Report e-filing utility.
- Suggestions have been identified for recommending DTC for incorporation in the next edition of the Guidance Note on Tax Audit.
- Common errors committed while furnishing Tax Audit Reports have been identified for the purpose of creating awareness amongst the members.
- Initiatives for the Members/Students –
- Section 44AB – Form No. 3CA/ No.3CB – Commonly found irregularities
- Resolution to Queries raised during the webinar held with respect to Section 44AB- Form No. 3CA/ 3CB
- Commonly Found Irregularities – Clauses 1-15 of Form No. 3CD
- Commonly Found Irregularities – Clauses 16-30 of Form No. 3CD
- Commonly Found Irregularities – Clauses 30A-44 of Form No. 3CD
- Significance of Tax Audit compliances – Taxpayers, Revenue and Chartered Accountants – Panel discussion
- Common Errors in Tax Audit Report and Expectations of Taxation Audits Quality Review Board was hosted by TAQRB along with Cuttack Branch of EIRC of ICAI
- Tax Audit Report under section 44AB and Commonly Found Irregularities therein was hosted by TAQRB along with Siliguri Branch of EIRC of ICAI