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Home » Blog » ICAI Releases Draft of Revised Tax Audit Guidance Note

ICAI Releases Draft of Revised Tax Audit Guidance Note

  • News|Blog|Account & Audit|
  • 2 Min Read
  • By Taxmann
  • |
  • Last Updated on 8 July, 2025

Latest from Taxmann

ICAI Tax Audit Guidance Note 2025

The Institute of Chartered Accountants of India (ICAI), through its Direct Taxes Committee (DTC), has released the Exposure Draft of the Revised Guidance Note on Tax Audit under Section 44AB of the Income-tax Act, 1961. This significant update reflects the numerous legislative, regulatory, and procedural changes that have occurred in recent years, including amendments to Form 3CD through the Income-tax Rules and evolving interpretations through judicial pronouncements and CBDT notifications.

The Guidance Note, first introduced in 1985 following the enactment of Section 44AB by the Finance Act, 1984, is a vital document that aids chartered accountants in discharging their responsibilities in conducting tax audits. The current revision (2025) integrates updates from the Implementation Guide on Revision in Form No. 3CD issued in March 2024 and incorporates amendments from the recent Income-tax (Fourth Amendment) Rules, 2024 and the Income-tax (Eighth Amendment) Rules, 2025. Notably, several clauses in Form 3CD, such as Clauses 8A, 12, 18(ca), 19, 21, 22, 26, and 31, have been revised, and new clauses like 36B have been introduced, while Clauses 28 and 29 have been omitted.

Key highlights of the exposure draft include clarification of the turnover thresholds for audit applicability, updated reporting requirements for professionals and businesses (especially under presumptive taxation), detailed treatment of gross receipts, and examples of scenarios involving speculative transactions, derivatives, GST implications, and professional reimbursements.

ICAI has invited stakeholders to submit their comments and suggestions on the draft by July 20, 2025, providing an opportunity for professionals and industry participants to shape the final guidance. The comments for the exposure draft may be submitted through the link provided on the ICAI website.

This initiative reiterates ICAI’s commitment to continuous professional guidance, ensuring consistency and clarity in the tax audit process aligned with current legal frameworks.

Click here to access the Exposure Draft

Click here to access the ICAI Notification

Click Here To Read The Full Story

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Author: Taxmann

Taxmann Publications has a dedicated in-house Research & Editorial Team. This team consists of a team of Chartered Accountants, Company Secretaries, and Lawyers. This team works under the guidance and supervision of editor-in-chief Mr Rakesh Bhargava.

The Research and Editorial Team is responsible for developing reliable and accurate content for the readers. The team follows the six-sigma approach to achieve the benchmark of zero error in its publications and research platforms. The team ensures that the following publication guidelines are thoroughly followed while developing the content:

  • The statutory material is obtained only from the authorized and reliable sources
  • All the latest developments in the judicial and legislative fields are covered
  • Prepare the analytical write-ups on current, controversial, and important issues to help the readers to understand the concept and its implications
  • Every content published by Taxmann is complete, accurate and lucid
  • All evidence-based statements are supported with proper reference to Section, Circular No., Notification No. or citations
  • The golden rules of grammar, style and consistency are thoroughly followed
  • Font and size that's easy to read and remain consistent across all imprint and digital publications are applied
View all posts by Taxmann

Author TaxmannPosted on July 8, 2025Categories News, Blog, Account & Audit

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