What is Form 3CD income tax?

Form 3CD is a format of the Audit Report required to be filed by tax auditors of a certain section of Assessees in India. … The Form is a part of the process of filing Income Tax Returns in India and is an Annexure to the Audit Report. Form 3CD contains 41 Clauses.

What is the purpose of Form 3CD?

Form 3CD is prepared by a Chartered Accountant on behalf of the assessees who get their accounts audited. The objective of the form is to specify the particulars of the audit report under any of the forms specified under Section 44AB.

What is 3CD?

Particulars of Form 3CD

Form 3CD is a 41-points detailed statement of particulars. All the details related to various aspects of the business and transactions have to be filled at appropriate places.

Who should file Form 3CD?

The appointed Chartered Accountant should file the Tax Audit Report in Form 3CB-3CD or Form 3CA-3CD on the Income Tax Website on or before 30th September of the Assessment Year.

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Is Form 3CD mandatory?

3CD. In the case of those persons who are covered under the previous FAQ that is who are necessarily required to get their accounts audited by or under any other law, the form that is prescribed for audit report is Form No. 3CA​ and the aforesaid particulars are to be reported in Form No. 3CD.

Who is eligible for tax audit?

​​​As per section 44AB, following persons are compulsorily required to get their accounts audited : A person carrying on business, if his total sales, turnover or gross receipts (as the case may be) in business for the year exceed or exceeds Rs. 1 crore.

What is the limit for tax audit?

Update: The threshold limit of Rs 1 crore for a tax audit has been increased to Rs 5 crore with effect from AY 2020-21 (FY 2019-20) if the taxpayer’s cash receipts are limited to 5% of the gross receipts or turnover, and if the taxpayer’s cash payments are limited to 5% of the aggregate payments.

What is difference between 3CA and 3CD?

While audit requirement is compulsory requiring submission of Form 3CA, no such mandatory requirement exists in case of Form 3CB. The main difference between Form 3CA and Form 3CD on the other hand, is related to the fact that Form 3CD is a very detailed statement of accounts used as supporting document for Form 3CA.

What is form 3CB 3CA & 3CD?

Form 3CA, 3CB and 3CD are basically prescribed forms that auditors use to present tax audit reports. … In Section 44AB, the class of individuals or taxpayers that are required to get their accounts audited from a relevant chartered account are given, along with the rules and regulations.

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What is form no 3CB?

Form 3CB is an audit report that is furnished by a professional CA on the behalf of the tax assessee who is working as a self-employed professional or carrying out a business. The assessee undergoing audit has to obtain the report in Form 3CB on or before September 30 of the applicable assessment year.

How many tax audit reports a CA can sign?

Therefore, if there are 10 partners in a firm of Chartered Accountants in practice, then all the partners of the firm can collectively sign 600 tax audit reports. This maximum limit of 600 tax audit assignments may be distributed between the partners in any manner whatsoever.

What is 269ST of income tax act?

Section 269ST prohibits any person to receive an amount of Rs. 2 lakh and above in cash: (i) In aggregate from a person in a day, or (ii) In a single transaction, or (iii) In respect of transactions relating to one event or occasion from a person .

How can I accept Form 3CD online?

Steps to Accept / Reject Audit Report

  1. Login to Income Tax E-Filing Portal. …
  2. Navigate to ‘For your Action’ …
  3. View Uploaded Form Details. …
  4. Select Assessment Year and Form Name. …
  5. Click on View Form. …
  6. Select Accept or Reject. …
  7. Generate Signature File in order to Accept/ Reject. …
  8. Signature file generated.


How do I file a 3CD report?

Procedures to upload ITR and 3CB/3CD

  1. 1) Firstly CHARTERED ACCOUNTANT has to register on Income Tax Site: …
  2. i) You have to fill. …
  3. Note: …
  4. ii) Upon successful submission of the Registration form: …
  5. iii) Activate your account by clicking on the activation link.
  6. 2) Now “ASSESSEE” have to: …
  8. 4) Then ASSESSEE has to:
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What is Section 44AB A?

Section 44AB of the Income Tax Act contains provisions pertaining to the tax audit under the Income Tax Audit. A tax audit is an examination of a taxpayer’s books of accounts. The examination is conducted to ensure that the taxpayer has properly maintained the books of accounts and other records.

How do you make a 3CD?

  1. From Assessment year 2013-14, it is made compulsory to file Tax Audit report online. …
  2. Generation of XML file. …
  3. Preparation of 3CA/3CB. …
  4. Input of the form 3CD is divided by point number. …
  5. Whenever you exit from this page by clicking “Exit” button, software will validate the input. …
  6. Registration of Chartered Accountant.
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