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of <h1>PAC Report Urges Internal Audits to Include Intangible Asset Depreciation; CBDT to Ensure Compliance with New Guidelines.</h1> The 117th Report to the 4th Lok Sabha by the Public Accounts Committee (PAC) highlights the need for internal audits to assess depreciation and development rebates in income tax assessments. Previously, audits focused only on arithmetic checks, but now they must ensure total depreciation does not exceed original costs. However, there are no specific instructions for auditing depreciation on intangible assets. The PAC recommends that assessing officers obtain asset breakdowns, including intangibles, for audit checks. The Central Board of Direct Taxes (CBDT) instructs that these guidelines be communicated to assessing officers and Internal Audit Parties (IAPs) for immediate compliance.
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