Description
Taxmann Publications Tax Audit As Amended by the Finance Act 2021 by Srinivasan Anand G
Taxmann’s Tax Audit provides a detailed commentary/clause-by-clause analysis on provisions relating to Tax Audit and clauses of Form 3CA, 3CB and 3CD along-with guidance notes issued by ICAI & Tax Audit Reckoner. This book also Tax Audit Reckoner covering the following topics:
Audit of Cash Transactions
Audit of Sale of Immovable Property
Audit of Share Capital
Audit of Loans, Deposits and Borrowings Liabilities
Clauses of From No. 3CD not relevant/applicable to tax audit for assessment year 2021-22
Clauses of Form No. 3CD relevant/applicable to individuals/HUFs who are liable for tax audit u/s 44AB
Clauses of Form No. 3CD relevant/ applicable to Firms/LLPs/AOPs/BOIs who are liable for tax audit u/s 44AB
Clauses of Form No. 3CD Relevant/applicable to companies who are liable for tax audit u/s 44AB
Audit reports/report of accountant, etc. prescribed under Income-tax Rules
Clauses of Form No. 3CD not applicable to assessees following cash basis of accounting
Form No. 3CD – Clause wise applicability reckoner of income computation and disclosure standards
Statutory provisions relevant to various clauses of Form No. 3CD
The Present Publication is the 13th Edition, amended by the Finance Act 2021 & Income-tax (Eighth Amendment) Rules 2021, authored by CA Srinivasan Anand G, with the following noteworthy features
Analysis of the audit requirement under Income tax provision;
An in-depth discussion on every clause of the tax audit report Form No. 3CA, 3CB and 3CD;
Analysis of guidance note released by the ICAI on tax Audit.
Contents of the book are as follows:
Section 44AB: Audit of accounts of certain persons carrying on business or profession
Persons carrying on business who are obliged to comply with provisions of Section 44AB as regards compulsory audit of accounts
Turnover-linked compulsory audit obligations u/s 44AB(a) on certain persons carrying on business
Compulsory audit obligations u/s 44AB(c)/(e) on certain persons carrying on business regardless of their turnover/gross receipts/ sales (non-turnover-linked-audit obligations)
Persons carrying on business who are exempt from tax audit (compulsory audit obligations) u/s 44AB
Presumptive tax regime under Section 44AD for eligible businesses carried on by resident individuals, HUFs & Firms
Presumptive tax regime u/s 44AE for assessees owning good, carriages and plying, hiring or leading them
When person carrying on profession is required to get his accounts audited u/s 44AB(b) & u/s 44AB(d)
Presumptive tax regime available under the act to persons carrying on specified professions
Turnover on gross receipts
Obligations cast by Section 44AB
Preparation of financial statements
Form No. 3CA
Form No. 3CB
Form No. 3CD
Name of the Assesse
Address of the Assesse
PAN or Aadhar Number
Registrations under Indirect Tax Laws (Clause 4)
Status (Clause 5)
Previous Year (Clause 6)
Assessment Year (Clause 7)
Clause 8 of Form No. 3CD | Relevant Clause of Section 44AB under which tax audit is applicable
Clause 8A of Form No. 3CD | Whether the assessee has opted for taxation under Section 115BA/115BAA115BAB/115BAC/115BAD?
Clause 10 of Form No. 3CD | Nature of business/profession
Clause 11 of Form No. 3CD | Books of accounts
Clause 12 of Form No. 3CD | Presumptive income
Clause 13 of Form No. 3CD | Method of accounting & compliances
Clause 14 of Form No. 3CD | Method of stock valuation
Clause 15 of Form No. 3CD | Capital asset converted into stock-in-trade
Clause 16 of Form No. 3CD | Amounts not credit to profit and loss account
Property (Land or Building or Both) Transferred at less than stamp duty value - Clause 17 of Form No. 3CD
Clause 18 of Form No. 3CD | Depreciation
Clause 19 of Form No. 3CD | Amounts deductible under Sections 33AB, 33ABA, etc.
Clause 20 of Form No. 3CD | Bonus/employees contribution to PF
Clause 21 of Form No. 3CD | Amounts debited to profit and loss account
Clause 22 of Form No. 3CD | Amounts of interest inadmissible under Section 23 of MSMED Act, 2006
Clause 23 of Form No. 3CD | Payments to persons specified under Section 40A(2)(b)
Clause 24 of Form No. 3CD | Amounts deemed to be profits and gains under Section 32AC/32AD/33AB/33ABA/33AC
Clause 25 of Form No. 3CD | Amounts deemed to be profits and gains under Section 41
Clause 26 of Form No. 3CD | Sums covered by Section 43B
Clause 27 of Form No. 3CD | CENVAT Credit/Input Tax Credit/Prior Period Items
Clause 28 of Form No. 3CD | Gifts of unlisted shares received by LLPs/Firms/Companies on or before 31-3-2017
Clause 29 of Form No. 3CD | Share premium received by closely held companies in excess of FMV taxable – Section 56(2)(viii)(b)
Clause 29A of Form No. 3CD | Amount chargeable under Section 56(2)(ix
Clause 29B of Form No. 3CD | Gifts/deemed gifts chargeable under Section 56(2)(x)
Clause 30 of Form No. 3CD | Hundi transactions
Clause 30A of Form No. 3CD | Secondary transfer pricing adjustments
Clause 30B of Form No. 3CD | Thin capitalisation adjustments
Clause 31 of Form No. 3CD | Acceptance/repayment of loan/deposit/specified sum
Clause 32 of Form No. 3CD | Unabsorbed loss/depreciation
Clause 33 of Form No. 3CD | Chapter VI-A deduction
Clause 34 of Form No. 3CD | Audit of compliance with TDS provisions
Clause 35 of Form No. 3CD | Quantitative details
Clause 36 of Form No. 3CD | Dividend distribution tax
Clause 36A of Form No. 3CD | Deemed dividend u/s 2(22)(e)
Clause 37 of Form No. 3CD | Cost audit report
Clause 38 of Form No. 3CD | Central excise audit report
Clause 39 of Form No. 3CD | Service tax audit for valuation for services
Clause 40 of Form No. 3CD | Accounting ratios
Clause 41 of Form No. 3CD | Details of demands raised or refunds issued under tax laws
Clause 42 of Form No. 3CD | Furnishing of Form No. 61, 61A, and 61B
Clause 43 of Form No. 3CD | Furnishing of country by country report u/s 286
Clause 44 of Form No. 3CD | Break-up of total expenditure of entities registered or not registered under GST
About the author
Srinivasan Anand G.
Srinivasan Anand G is a Practicing Chartered Accountant. He has qualified in the exams of all three premier professional institutes, i.e. ICAI, ICWAI & ICSI.
He is associated as a guest faculty with various institutes such as Regional Training Institute, Comptroller & Auditor General of India, Western Coalfields Ltd., Punjab National Bank, Zonal Training Centre. He has also spoken at Study Circle Meetings organized by Nagpur Branch of ICAI.