SEMESTER NO. - 5GROUP NO. - 1

Introduction Introduction To Auditing Definition a) According To Taylor And Perry b) According To F. R. M. De Paulla Auditor

Basic Principles Governing Of An Audit Integrity, Objectivity And Independence Confidentiality Skills And Competence Work Performed By Others Documentation Audit Evidence

Tax Audit Introduction For Non-Corporate Explanation Of The Three Expressions Transfer Of Movable Or Immovable Property Return Along With The Auditor Report

Section 44AB Audit should be conducted if: a) Sales turnover exceeds 60 lakh b) Gross receipts exceed 15 lakh c) Income is lower than the profits & gains Not Applied To If Accounts Are Audited Before The Specified Date

Income Tax Audit Introduction Selection Of Taxpayers Types Of Income Tax Audit a) Correspondence Audit b) Field Audit c) Office Audit In Case Of Underpayment

Purpose Of Income Tax Audit Introduction The tax audit was introduced by section 11 of the Finance act, 1984 by insertion of a new section 44AB to the Income Tax Act, 1961 w.e.f 1st April, 1985.

The Purpose: a) Compulsory b) 17.1 Maintain Accounts c) 17.2 Proper Audit Helps Checking Fraudulent Practices

Special Cases Of Liability To Tax Audit Non Chargeable Income Such cases may cover those assessees: a) Who are wholly outside the purview of income-tax law b) Those whose income is otherwise exempt under the Act No Exemption Mandatory Non Residents

Conclusion

Indian tax compliance requires careful and timely attention. Detailed understanding of various rules and regulations often demand the study of previous tax decisions by Indian courts. Tax litigation is common in India and can be both time-consuming and expensive. However, with proper front-end planning and professional advice, the tax liability and compliance costs can be kept at manageable levels. The regulations permit taxpayers to obtain advance rulings on tax issues involving non-residents from the authorities.

Group MembersNames Adrian DCosta Hazel DSilva Anthony Fernendes Dave Fernandes Karen Gonsalves Johann Misquitta Aditya Pinto

Roll No 8206 8211 8218 8220 8224 8229 8235