Tips and Tricks

What is the form 3CA?

by Lennon Wade

What is the form 3CA?

Form 3CA. One of the significant forms utilised in the procedure of filing Income Tax returns in India is the Form 3CA. It is an Audit Report indenture. An Audit Report is a statement that is controlled and managed in accordance with Section 44AB of the Income Tax Act, 1961.

What is form 3CA and 3CD?

Purpose. To discourage tax avoidance and evasion, the requirement of a tax audit was introduced by the Finance Act of 1984, by inserting a new section 44AB w.e.f Assessment Year 1985-86. Form 3CA-3CD is applicable in case of person who is required by or under any law to get its accounts audited.

How do I file Form 3CA?

How to Fill Form 3CA

  1. Personal details of the tax assessee including name, address and Permanent Account Number (PAN)
  2. Name of the auditor (either firm or individual)
  3. Number and section/subsection of prevailing Companies Act under which the accounts have been audited.
  4. Date of the audit and audit report.

Is form 3CA mandatory?

In respect of a taxpayer carrying on a business or profession and who is already mandated to get his accounts audited under any other law (i.e. law other than income tax law). For instance, A company is required to get its accounts audited compulsorily under the Companies Act 2013. So, it will furnish Form 3CA.

Can ITR be filed before tax audit report?

But after the introduction of annexure less forms i.e ITR4, ITR5, ITR6 etc., the Tax Audit Report is not required to be submitted along with the Return of Income nor it is to be submitted separately any time before or after the due date.

What is Rule 6G?

6G. ( 1) The report of audit of the accounts of a person required to be furnished under section 44AB shall,— (a) in the case of a person who carries on business or profession and who is required by or under any other law to get his accounts audited, be in Form No.

How do I file Form 3CA 3CD?

  1. PREREQUISITES.
  2. Steps for uploading 3CA / 3CB – 3CD.
  3. STEP 1:- Client’s Login- ADD CA +ASSIGN FORM 3CB 3CD + ATTACH DSC –
  4. STEP 2:- make 3CA/3CB-3CD JSON.
  5. STEP 3:- CA’s login– FOR UPLOADING the form.
  6. STEP 4:- Client’s Login- ..FOR ACCEPT THE form.
  7. STEP 5:- DOWNLOAD , SAVE AND PRINT.
  8. __________________

What is form 3CEB?

Form 3CEB is report from an accountant to be furnished under section 92E relating to international transaction(s) and specified domestic transaction(s).

What is the due date of tax audit for AY 2021 22?

The due date of furnishing of Return of Income for the Assessment Year 2021-22, which was 30th November, 2021 under sub-section (1) of section 139 of the Act, as extended to 31st December, 2021 and 28th February, 2022 by Circular No.9/2021 dated 20.05.2021 and Circular No.17/2021 dated 09.09.2021 respectively, is …

Is 3CA applicable to LLP?

In case of LLP following April-March as its financial year and if it is required to get its account audited under the LLP Rules, 2009, then the Tax Audit report would be in Form No. 3CA. However, if it is not required to get its accounts audited under the LLP Rules, then Form No. 3CB would be applicable.

What is the benefit of filing of IT returns?

As per the Income Tax rules, you can carry forward losses to subsequent years if filing ITR before the due date. This provision will help you in reducing your tax liability from any future income. Apart from the above, taxpayers who file their ITR on time also get their Income Tax Refund faster than others.

What is the penalty for tax audit?

If a taxpayer who is required to obtain tax audit does not get the accounts audited, then penalty could be levied under Section 271B of the Income Tax Act. The penalty for not completing tax audit is 0.5% of the turnover or gross receipts, subject to a maximum of Rs. 1,50,000.

How to download Form 3CA?

Apart from Form 3CA, other forms that are prescribed for specific types of audits include Form 3CB, 3CD and 3CE. How to Download Form 3CA? You can download Form 3CA for free from the Income Tax Department website. The following is a sample of what this single-page audit form looks like:

What is Form 3CA under Section 44AB?

The auditors of businesses/individuals covered by Section 44AB have to provide their audit reports using a specified audit forms specified by the Income Tax Department. Form 3CA is one such audit report form that needs to filled out and submitted by auditors. What is Form 3CA and Who Submits it?

What is the difference between Form 3CD and form 3ca/3cb?

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. Observations, Comments, Discrepancies, and Inconsistencies reported by the auditor

What is Form 3CD in tax audit?

Along with either of the forms mentioned above, the tax auditor shall also furnish Form 3CD which forms part of the audit report and contains the prescribed particulars. Name and address of the taxpayer along with Permanent Account Number.