Section 44AB of income tax act

Can you elaborate the reason for the same.

Also as per your query it seems that the assessee is a company. However the company has to present its accounts within 6 months from the end of the financial year. So if the y. e. is 31.03.2009 then it will have to compulsorily be 30.09.2009 for the AGM to be held and if it is not going to be held then whether extension for AGM has been filed by the company.

Even if the accounts have not been audited you will have to obtain tax accounts for the assessee as you cannot conduct tax audit without accounts of the assessee and the report of tax audit will be in form no. 3CB.

However the last date of filing return was 30.09.2009 in case of an asseessee liable for tax audit. Then how are u asking this question now?

The assessee is a company and has filed for extension of AGM.(lets say)

form 3CA is for person carrying on Business or profession and is REQUIRED to get his books of accounts audited under any law and 3CB if he is NOT REQUIRED to get his books audited under any law.

so if the person is required to get his books audited and has not done the same, then the report to be issued is 3CA and not 3CB, but 3CA states that the statutory audit is conducted by 'abc' ....,

so what is the solution for this??

is it modification of the wording in 3CA (Which i guess is the correct proceedure), or issuing 3CB, which is issued for persons "not required" to get their books of accounts audited under any other law?

Also, this is just a doubt and not a practical situation that came across.

:)

Hi Vineet.. For Tax audit u/s 44AB, the form is Form 3CD. In addition to this form, another form has to be submitted i.e. form 3CA or 3CB depending whether its a Company or Non Company respectively.

 3CA or 3CB depending on company or non company.

Dear Vineet,
 

Words which are used for the form 3CA are

"Audit report under section 44AB of the Income-tax Act, 1961 in a case where the accounts of the business or profession of a person have been audited under any other law"

this implies that accounts are already audited under any other law. so in your case form 3CB is to be used.

Kindly rectify me if i am wrong

sunil

hey guys...i really appreciate your efforts ...but please refer to the quotes once again....i mean i am aware of the forms that are to be issued in case of companies and other than companies...the problem is once again given in brief as follows

1. Form 3CA is issued to persons who are required to get their accounts audited under any other law

2. Form 3CB is issued to persons who are not-required to get their accounts audited under any other law

3. in my case, the accounts are required to be audited, however, due to some or the other reason, the same is not done

4.so form 3CB cannot be issued cause he is required to get his accounts audited .

5.so if the person is required to get his accounts audite, but has failed to do so, then what is the form that is to be issued??

If Accounts are not audited then No form to be issued. You have to get the accounts audited and then Issue form 3CD

is there any such requirement in Income Tax Act??,also, 44AB does not say so...

i hope that form 3CD is the annexure for the Form 3CA and 3CB.... that is the details of the explanation by the Auditor.... Form 3CA and 3CB is the Report....

yes...3CA and CB are the audit reports and details of the same are given in 3CD...

boss

us 44 AB if ur gross turnover  cross rs 40 lakh than a company must file a tax audit report.tax audit report is in form of FORM 3CD. in which u have to give all details regading how much u have deduct tds in a f.y. , how much u have deposit  in PF a/c. what is previous balance sheet detail & current year detail , additions of fixed assets during the year, Rate of dep on it as per income tax rule.how much u have taken secured loan & unsecured loan & how much is repaid through out the year.. main agenda of Form 3 CD that whether company is default in payment of tax or not . all tds , advance tax , self assessment tax paid on time or not. u must enclose copy of all challans alongwith form 3 cd. it must  be signed by the chrtered accountant . auditors duty is upto verification of all details only,

hop all of u satisfy from that answer