Blog Details

1. What is Form 3CB? 

FORM 3CB is used by all those taxpayers engaged in business or profession and who are not required by law to get their r book of accounts audited except under Income Tax act 1961. This form derives its authority from section 44AB which requires a mandatory tax audit report to be submitted by the assessee. Any private company, partnership firm or proprietorship entity earning a turnover of over Rs. 1 crore and who has not chosen the presumptive taxation scheme, are only liable to get their books of account audit and file this form. It is to be furnished by Chartered accountant registered under Chartered accountant act, 1949 on behalf of the assessee. The particulars required to be mentioned in the form are 

1. Date of record. 

2. Period of Profit & Loss Account/ Income & Expenditure Account. (Beginning Date & End Date). 

3. Name and address of the taxpayer alongside Permanent Account Number. 4. Address, where the books of accounts are kept 

5. Audit Observations/ Qualifications/ Comments/ Discrepancies 

6. Declaration by the auditor regarding the organisation 

7. Declaration of attaching Form 3CD alongside the audit report. 

8. Audit observations/ discrepancies found within the details associated with Form 3CD 

9. Place & Date of signing audit report. 

10. Stamp/ Seal of the auditor. 

2. Why is Form 3CB used? 

Form 3 CB is used by all those who are only required to get their accounts audited under income tax. Using this form can help the government in determining the health of institutions that are not covered under compulsory audit criteria. Filing a 3CB audit report with form no. 3CD is sufficient compliance.

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