Tax audit report

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This query is : Resolved

CA RAMESH KUMAR AHUJA (Querist)

27 March 2019 In case of Amalgamation, whether Revised Tax Audit Report is also to be submitted along with the Revised ITR for Amalgamated Company.

Dipika Shah

Dipika Shah (Expert)

27 March 2019 Yes, revised tax audit report to be filed for amalgamated company

CA RAMESH KUMAR AHUJA

CA RAMESH KUMAR AHUJA (Querist)

27 March 2019 There are certain doubts on revising of Tax Audit Report. Can you clarify these:
1. Whether Tax Audit Report will be filed on 3CA-3CD
2. Which Balance Sheet/P&L will be attached with TAR
3.Whether Merged Balance Sheet will have to be audited as there is no requirement to prepare and audit the merged balance sheet under the Companies Act.
4.TAR has a reference to Balance Sheet and P & L in 3CA. How the same will appear in 3CA.

Dipika Shah

Dipika Shah (Expert)

30 March 2019 1.Yes, tax audit report in Form 3CA-3CD to be prepared again for amalgamated company. While uploading the TAR online you have to mention revised and select reasons for revise as change in annual accounts.
2. Merged balance sheet and P&L prepared for amalgamated company considering the merged accounting entries.
3.Yes, merged balance sheet and P&L to be audited and approved by board of directors in the subsequent EGM. Though there is no requirement, but, on account of merger the final accounts gets changed w.e.f the date approved by the HC order and the same needs to be audited.
4. merged BS and P&L to be uploaded.

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