Date: Mon, Jul 4, 2011 at 10:36 AM
Subject: Re: {jalgaoncas} Re: [aurangabad_ca] ITR with DSC
To: jalgaoncas@googlegroups.com
Cc: jtmehtaca@gmail.com
Dear CA. Jaysukh T. Mehta,
In the matter of interpretation of any legal provision, circular, etc., the intention behind it is very important.
The amended Rule 12 speaks about section 44AB. In the absence of any express exclusion, DSC will be required even in case of audits under section 44AD, since they are specifically mentioned u/s 44AB(d).
So far as the decision of the Council of the ICAI is concerned, this issue has been expressly discussed by it, before deciding that the audits conducted under sections 44AD, 44AE and 44AF of the Income-tax Act,1961 shall not be taken into account for the purpose of reckoning the "specified number of tax audit assignments." W.e.f. 01.04.2011, i.e., A.Y.2011-12, the monetary limit for audit has been increased, s. 44AF has become inapplicable and s. 44AD has been substituted. However, these changes do not affect the Guidelines in any way.
The requirement of audit under the presumptive scheme is given in sub-section (5) of section 44AD. No doubt, it has now been mentioned in section 44AB(d) also but it is an identical provision. Therefore, this, per se, cannot render the Council Guideline redundant, so as to include such audits for the purpose of reckoning the "specified number of tax audit assignments."
With regards,
CA. B L Bhojwani,Kota
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