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e file of tax audit

1. Registering PAN on income tax portal without the PAN holder’s consent:

 If any professional / accountant found that he has access to all pan data of its client company employees or other clients and/or he voluntary register PAN without consent is cyber crimes while e-filing of income tax returns, while the PAN holder/’s wanted to file manual returns,that kind of act is a crime of putting personal information on Internet server without consent is cyber crimes . Though Chartered accountants / tax lawyers are exempt provided they obtain POA / consent to engage such professionals as defined under section 4B of IT Act 2000 as exceptions.

Changes in Audit and Auditors- Companies Act, 2013

The companies act, 2013 has come into existence on 29.08.2013 that replaces a nearly six decade-old legislation and overhauls the way corporate function and are regulated in the country.

This article contains the description of some provisions related to audit and auditors which have been modified in companies Act, 2013.

Appointment of first auditor in case of every company except govt. company or company owned/ controlled by CG/SG/CG and SG [139(6)]:-

Appointment of first auditor shall be made by board within 30 days of registration of company. If Board fails to appoint the first auditor within given time then it shall inform to members and members shall make the appointment of first auditor within 90 days of information at an EGM. The First Auditor shall hold office till the conclusion of first AGM.

Pursuant to amendment in rule 12 of the Income Tax Rules, by the notification no 42 dated 11/6/2013, the following proviso has been inserted in sub- rule (2) of rule 12.

“Provided that where an assesses is required to furnish a report of audit specified under sub-clauses (iv), (v), (vi) or (via) of clause (23C) of section 10, section 10A, clause (b) of sub-section (1) of section 12A, section 44AB, section 80-IA, section 80-IB, section 80-IC, section 80-ID, section 80JJAA, section 80LA, section 92E or section 115JB of the Act, he shall furnish the same electronically.

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