Tax Audit - CBDT prescribes new Forms - 3CA, 3CB and 3CD
CBDT has amended the Income Tax Rules to substitute the old Forms 3CA, 3CB and 3CD relating to mandatory audit of the accounts of certain assessees.
3CA = Audit report under section 44AB of the Income - tax Act, 1961, in a case where the accounts of the business or profession of a person have been audited under any other law.
3CB = Audit report under section 44AB of the Income - tax Act 1961, in the case of a person referred to in clause (b) of sub - rule (1) of rule 6G. (a person not covered under Form 3A - Rule 6G prescribes these forms.)
3CD = Statement of particulars required to be furnished under section 44AB of the Income Tax Act, 1961.
As per Section 44AB,
Every person,-
(a) carrying on business shall, if his total sales, turnover or gross receipts, as the case may be, in business exceed or exceeds one crore rupees in any previous year; or
(b) carrying on profession shall, if his gross receipts in profession exceed twenty-five lakh rupees in any previous year; or
(c) carrying on the business shall, if the profits and gains from the business are deemed to be the profits and gains of such person under section 44AE or section 44BB or section 44BBB, as the case may be, and he has claimed his income to be lower than the profits or gains so deemed to be the profits and gains of his business, as the case may be, in any previous year; or
(d) carrying on the business shall, if the profits and gains from the business are deemed to be the profits and gains of such person under section 44AD and he has claimed such income to be lower than the profits and gains so deemed to be the profits and gains of his business and his income exceeds the maximum amount which is not chargeable to income-tax in any previous year,
get his accounts of such previous year audited by an accountant.
CBDT Notification No.33/2014, Dated: July 25, 2014
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