Audit report
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
03 September 2014
In which form audit report is submitted in case of a private ltd. company having turnover below 50 lakhs.Is form 3CD is compulsory in each case of audit. which form is submitted alaong with 3CD, wheter Form 3CA or 3CB. plz suggest me the whole concept.
Querist : Anonymous
Querist :
Anonymous
(Querist)
05 September 2014
Guys plz suggest me with the above mentioned query. In the above mentioned query is there no need of 3AC or 3AB or 3CD..??
15 July 2024
In the case of a private limited company with a turnover below 50 lakhs undergoing audit, the audit report and related forms are as follows:
1. **Audit Report Form**:
- For companies with turnover below 50 lakhs, the audit report is typically submitted in **Form 3CA**. Form 3CA is used when the company's accounts are audited under any other law (like Companies Act) but not under Income Tax Act.
2. **Form 3CB and 3CD**:
- **Form 3CB**: This is the audit report format under the Income Tax Act, 1961. It is applicable when the accounts of the company are audited under the Income Tax Act and the audit report is in Form 3CA.
- **Form 3CD**: This is the format for the audit report in which the auditor provides details of the audit findings and compliance with various provisions of the Income Tax Act.
3. **Filing Requirements**:
- **Form 3CA**: This form is submitted along with Form 3CD when the audit is conducted under any law other than the Income Tax Act (like the Companies Act).
- **Form 3CB and 3CD**: If the audit is conducted under the Income Tax Act, Form 3CB is signed by the auditor and Form 3CD is filled out detailing the various particulars required under the Income Tax Act.
4. **Applicability of Form 3CD**:
- Form 3CD is compulsory whenever an audit is conducted under the Income Tax Act, regardless of the turnover of the company. It provides specific details about income, deductions, compliance with TDS provisions, accounting policies, etc.
### Conclusion:
For a private limited company with turnover below 50 lakhs undergoing audit:
- **Audit Report**: Form 3CA is submitted along with Form 3CD.
- **Form 3CB and 3CD**: Used when the audit is under the Income Tax Act.
- **Form 3CD**: Mandatory for all audits under the Income Tax Act to provide detailed compliance and financial information.
Ensure compliance with the specific forms and reporting requirements under both the Companies Act and the Income Tax Act, as applicable to your company's audit. It's advisable to consult with a qualified chartered accountant to ensure accurate and timely submission of audit reports and related forms.
1. **Audit Report Form**:
- For companies with turnover below 50 lakhs, the audit report is typically submitted in **Form 3CA**. Form 3CA is used when the company's accounts are audited under any other law (like Companies Act) but not under Income Tax Act.
2. **Form 3CB and 3CD**:
- **Form 3CB**: This is the audit report format under the Income Tax Act, 1961. It is applicable when the accounts of the company are audited under the Income Tax Act and the audit report is in Form 3CA.
- **Form 3CD**: This is the format for the audit report in which the auditor provides details of the audit findings and compliance with various provisions of the Income Tax Act.
3. **Filing Requirements**:
- **Form 3CA**: This form is submitted along with Form 3CD when the audit is conducted under any law other than the Income Tax Act (like the Companies Act).
- **Form 3CB and 3CD**: If the audit is conducted under the Income Tax Act, Form 3CB is signed by the auditor and Form 3CD is filled out detailing the various particulars required under the Income Tax Act.
4. **Applicability of Form 3CD**:
- Form 3CD is compulsory whenever an audit is conducted under the Income Tax Act, regardless of the turnover of the company. It provides specific details about income, deductions, compliance with TDS provisions, accounting policies, etc.
### Conclusion:
For a private limited company with turnover below 50 lakhs undergoing audit:
- **Audit Report**: Form 3CA is submitted along with Form 3CD.
- **Form 3CB and 3CD**: Used when the audit is under the Income Tax Act.
- **Form 3CD**: Mandatory for all audits under the Income Tax Act to provide detailed compliance and financial information.
Ensure compliance with the specific forms and reporting requirements under both the Companies Act and the Income Tax Act, as applicable to your company's audit. It's advisable to consult with a qualified chartered accountant to ensure accurate and timely submission of audit reports and related forms.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Opting our of sec 44AD
- Copyright software
- Transporter Declaration form
- Multiple trade mark
- SALE OF MOTOR CAR BY REGISTERED INDIVIDUAL
- LC charges in relation to Asset purchased should be Capitalised ?
- Value of property in capital gain
- Regarding TDS Applicability For Director Remuneration
- Tds UNDER SECTION 195 INTEREST PAID TO NRI DIRECTOR
- GST Treatment of Insurance Commission for Existing GST Holder
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
