Reporting requirement
Report whether any transactions not recorded in the books of account have been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act 1961, and if so, whether the previously unrecorded income has been properly recorded in the books of account during the year.
What to verify before signing
- Inquiry of management on search / survey / settlement proceedings
- Income surrender via Form 15CA, ITSC, Vivad se Vishwas, search assessment under Section 132/153A
- Journal entries booking the surrendered amount in current-year books
- Tax disclosure in Form 3CD Clause 26 / Clause 36A
Sample observation — applicable
Sample observation — not applicable
There were no transactions relating to previously unrecorded income that were surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961.
Related standards
Sections 132, 153A Income-tax Act 1961
On CORAA
Clause (viii) auto-populates from the underlying ledger work in CORAA’s
Reporting hub. Each observation traces back to the transactions that triggered it. Pair with our
CARO 2020 Checklist template for the full audit-report annexure.
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