Skip to main content

Tax Audit Report | Form 3CA, 3CB & 3CD | Certicom

Tax Audit Report based on Section 44AB:

The tax audit as specified under section 44AB must be carried out by a Chartered Accountant who holds a full time Practice Certificate. Tax Audit ensures the correctness of the Account Book managed by taxpayers and income is calculated in accordance with the provisions of the Income Tax Act. The tax audit report is completed in Form no. 3CA / 3CB & Form no. 3CD.

When is Form No. 3CA equipped?

Tax audit report in Form no. 3CA must be completed when the party assessed is required to get its account audited under any law other than the Income Tax law. Form no. 3CA is given by a Chartered Accountant after the completion of the Audit. This form must be submitted along with Form no. 3CD.
Details to complete in Form no. 3CA: –
1. Details of assessed items such as Name, Address, PAN etc.,
2. Date of Audit Report,
3. Attachments (Audited Balance Sheet, Profit and Loss Account, Form 3CD),
4. Statement by the auditor that all details are filled in Form no. 3CA and annexure are installed according to their knowledge,
5. Audit of observations and qualifications found in the form of 3CD,
6. Auditor Name, Address, Membership Number, FRN No. And a signature with a stamp / stamp.
When is Form No. 3CB Equipped?
Audit report in Form no. 3CB is required to be completed if the appraisal book does not need to be audited based on other laws (ie laws other than the income tax law).
Details to be completed in 3CD form: –
1. Details of appraiser namely Name, address, PAN;
2. Date of audit report;
3. Attachments (Balance Sheet, Profit and Loss Account, Form 3CD)
4. Statement by the auditor that they have obtained all the information needed for the Audit;
5. Reporting detailed observations, non-conformities mentioned in the form of 3CD;
6. A statement that the account is stored at the branch office and head office;
7. A statement that the details filled in by the auditor are in accordance with their knowledge;
8. Auditor Name, Address, Membership No, FRN No. And a signature with a stamp / stamp
What is Form No. 3CD?
Form No. 3CD is a format in which special statements from tax audits must be completed. This form has a total of 44 clauses in which the auditor must report various matters contained in it.
Form No. 3CD is divided into two parts, Part A and Part B, where;
A. Part A includes basic factual details about the person and
B. Part B requires information on various types of compliance under the provisions of the Income Tax Act.
What is the due date to provide a Tax Audit Report?
The due date for filing the Tax Audit Report based on section 44AB is September 30 of the relevant Year of the previous Year. However, if the appraiser is asked to submit a report relating to certain domestic or domestic transactions based on section 92E, then the due date for filing a Tax Audit Report is 30 November from the relevant Year of Assessment.
Non-filing tax audit reports attract criminal consequences where the penalty imposed is 0.5% of gross turnover / revenue or Rs. 1.5 Lakh, whichever is lower. However, punishment will not be imposed if the failure is caused by a reasonable reason.

Comments

Post a Comment

Popular posts from this blog

Due Date For Filing ITR | Audit Reports Extended By 15 Days | Certicom

Due Date For Filing Income Tax Return, Audit Reports Extended By 15 Days The taxman last month announced the extension of the maturity date of September 30 by a similar 15 days.  The Government on Monday extended the due date for submission of income tax returns (ITR) and audit reports. The Direct Tax Center Board, the top policy-making body of the Income Tax Department, said the due date for filing  income tax returns  and the audit report for Assessments 2018-19 (2017-18 financial year) is October 31, 2018 for certain. taxpayer category. Monday’s step marks the second extension given by the  Direct Tax  Center Council to assessors whose bookkeeping must be audited. The move comes after the tax officer considers representation from stakeholders, he said in a statement. The taxman last month announced the extension of the maturity date on September 30 by the same 15 days, until  October 15, 2018 . Submission of income tax returns by paid taxpayers and those choosing the Estim
1 comment
Read more

Benefits of Filing ITR on Time - Avoid Penalties & Other Benefits | Certicom

Benefits of Filing Income Tax Return on time – AY 2018-19 1. Easy Loan Approval Registration of  ITR  will help individuals, when they need to apply for a vehicle loan (2-wheeler or 4-wheeler), mortgages, etc. All major banks can request a copy of the tax return 2. Claim tax refund If you have a refund for your  income tax , you will need to submit a tax return to claim the refund. 3. Income and address of evidence Income tax can be used as proof of income and address. 4. Quick Visa Processing Most embassies and consulates must submit a copy of your tax return in the past two years when a visa application is submitted. 5. Forward your loss If you sign up again within the due date, you will be able to claim losses over the next few years, which can be used to receive income from subsequent years. 6. Avoid penalties If you have to return your tax return, you will not be entitled to tax, up to Rs.5,000. 7. Refer to and earn up to Rs. 3000 Refer and get Rs
Post a Comment
Read more

KYC non-compliance

Govt deactivates ID numbers of 2.1 million directors The government began the process of deactivating the identification numbers of almost 2.1 million directors of companies that did not comply with KYC standards, according to a senior official. The director’s identification numbers (DIN), a unique number assigned to people who are eligible to be directors at meetings of registered companies, are being deactivated. They will be reactivated after paying a fee of 5,000 rupees along with the required form and the affected people could also face a lawsuit. The latest movement of the  Ministry of Corporate Affairs  also comes at a time when the government has intensified the crackdown on the front companies, which are suspected conduits for illicit cash flows. In June, the ministry decided to carry out the KYC process (Know Your Client) for all directors, including those who have been disqualified. The last date to comply with the new rules by sending the form ‘ DIR-3 KYC ‘ witho
Post a Comment
Read more