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Mar 5, 2024 · The Central Board of Direct Taxes (CBDT) has introduced significant amendments to the Income-tax Rules, 1962, specifically targeting Form No. 3CD. The revision, effective from 5th March 2024, brings forth crucial alterations in the format and scope of the tax audit report.
- What Is A Tax Audit Report?
- Tax Audit Report – Form 3CA, 3Cb, 3CD, 3CE
- Method to Upload and File Tax Audit Report
- Due Date to Upload Tax Audit Report
- Guidance Note on Tax Audit
- Penalty For Not Filing Form 3CD
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As per the Income Tax Act, Tax Audit as per Sec 44AB of the Income Tax Act is applicable to a business or profession in certain specified situations. Tax Audit Report is the report prepared by a Chartered Accountant in practice after auditing the books of accounts of a business. Under Tax Audit, the CA ensures whether the books of accounts are corr...
The format of the Audit Report is specified by the Income Tax Department with specified particulars. Form 3CA and 3CB is the statement with auditors’ information while form 3CD is the statement with details of the tax audit.
Up to FY 19-20
1. Taxpayer adds CA from their Income Tax Account 2. CA uploads P&L, Balance Sheet & Tax Audit Report from their income tax account 3. Taxpayer approves Tax Audit Report 4. Taxpayer files ITR using DSC
FY 20-21 Onwards
1. Taxpayer adds CA from their Income Tax Account 2. Taxpayer uploads P&L and Balance Sheet from their income tax account 3. CA approves P&L and Balance Sheet 4. CA files Tax Audit Report 5. Taxpayer approves Tax Audit Report 6. Taxpayer files ITR using DSC
The due date to file Tax audit report for FY 2020-21 (AY 2021-22) is 15th Feb 2022. And, the due date to file ITR when tax audit is applicable is 15th March 2022.
The Tax Audit Report has 2 parts – Form 3CA/3CB and Form 3CD. While Form 3CA/3CB is the statement with details of auditor, Form 3CD is the Statement with particulars required to be reported as per Sec 44AB of the Income Tax Act.
An assessee who is liable to get books of accounts audited as per Section 44AB fails to do so, the Assessing Officer i.e. A.O. may impose a penalty under Section 271B. The penalty shall be lower of the following: 1. 0.5% of Total Sales / Turnover of business or 0.5% of Gross Receipts of profession 2. INR 1,50,000 However, if the assessee can prove ...
Learn how to prepare and file tax audit report in different formats (3CA, 3CB, 3CD, 3CE) for businesses and professionals under Income Tax Act. Find the due dates, guidance notes, penalty clauses and FAQs for tax audit report.
- What is a Tax Audit? A tax audit is a process to verify whether the books of accounts prepared by a taxpayer comply with the generally accepted accounting principles and the provisions of the Income-tax Act.
- What is Tax Audit Report? Under section 44AB of the Income-tax Act, 1961, persons falling in specified categories have to get their accounts audited compulsorily by a Chartered Accountant.
- Who has to get books of accounts audited? A taxpayer is required to maintain books of accounts and get them audited. The requirement to maintain the books of accounts is prescribed under Section 44AA and the requirement to get them audited is mentioned in Section 44AB.
- Form for Filing of Tax Audit Report: There are two types of forms under the tax audit report prepared and submitted – Form 3CA, Form 3CB, and Form 3CD.
Oct 26, 2021 · Download offline utility for audit report under section 44AB of the Income-tax Act, 1961, in different formats and versions. Find common instructions, schema change document and other related forms.
Form 3CA is the tax audit report filed by the Chartered Accountant. It certifies that the audit was conducted as per the provisions of Section 44AB. Form 3CD is the statement of particulars in a prescribed format that needs to be submitted along with the Return and Form 3CA.
Learn how to file Form 3CA-3CD, a tax audit report for certain taxpayers, online through the e-Filing portal. Find out the purpose, prerequisites, sections, and steps of the form.
Jun 11, 2024 · The person conducting a tax audit has to provide the findings in a report using specified ‘Audit Forms’ prescribed by the income tax department. Section 44AB prescribes Forms 3CA and 3CB. Along with these two forms, the auditor has to furnish a form 3CD.
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