Last updated on October 1st, 2022 at 08:37 am
Tax Audit Report
A Tax Audit Report is a report prepared by a Chartered Accountant in practice after auditing the books of accounts of the taxpayer. A tax auditor expresses an opinion based on an audit conducted on books of accounts and details furnished by the assessee. A detailed report in Form 3CD complying with various provisions of the Income Tax Act is provided.
The concept of tax audit was introduced by inserting section 44AB in the Finance Act 1984 to discourage tax avoidance and evasion.
Due Dates of Tax Audit Reports
|
Assessment Year |
Due Date (Extended) |
|
2022-23 |
7th Oct 2022
|
| 2021-22 |
15th Feb 2022 |
|
2020-21 |
31st Dec 2021 |
| 2019-20 |
31st Oct 2020 |
|
2018-19 |
31st Oct 2019 |
| 2017-18 |
7th Nov 2018 |
|
2016-17 |
17th Oct 2017 |
| 2015-16 |
31st Oct 2016 |
|
2014-15 |
30th Nov 2014 |
| 2013-14 |
31st Oct 2013 |
|
2012-13 |
31st Oct 2012 |
| 2011-12 |
31st Oct 2011 |
Tax Audit Reports
|
Form No. |
Purpose |
|
Form 3CA |
Audit Report u/s 44AB where the accounts are required to be audited under any other law. |
|
Form 3CB |
Audit Report u/s 44AB where the accounts are not required to be audited under any other law. |
|
Form 3CD |
Detailed statement required to be furnished u/s 44AB under Income Tax Law. (Along with 3CA/3CB) |
|
Form 3CE |
Audit Report u/s 44DA(2) where the accounts are required to be audited under Income Tax in case of non-resident or a foreign company for computing income by way of royalties. |
|
Form 3CEB |
Audit Report u/s 92E where the accounts are required to be audited under Income Tax relating to the international transaction(s) and specified domestic transaction(s). |
Penalty for not getting books of account audited| Penalty for not filing the tax audit report within the due date.
As per section 271B, if a person fails to get books of accounts audited or fails to file the tax audit report within the prescribed due date then the Assessing Officer MAY levy a penalty of
- 0.5% of total sales/turnover/gross receipts of business or profession
OR
- Rs 1,50,000/-
whichever is lower.
Note: Penalty u/s 271B shall be levied at the discretion of AO.
When penalty u/s 271B will not be imposed?
YES.
As per section 273B – if the taxpayer proves that there was reasonable cause for failure to get accounts audited or get the tax audit report uploaded within the prescribed due date penalty u/s 271B shall not be imposed.
Can the tax audit report be revised?
YES
As per sub-rule (3) of Rule 6G, if certain payments are made after furnishing the audit report which makes it necessary to recalculate the disallowances u/s 40 or u/s 43B – A revised tax audit report can be furnished which is duly verified by a practicing Chartered Accountant before the end of the relevant assessment year.
How to file a tax audit report on Income Tax Portal?
Following are the prerequisites for filing a tax audit report (Form 3CA-3CD/3CB-3CD) on Income Tax Portal
- Both the auditor and the taxpayer should be registered on the e-Filing portal and have an active user ID and password.
- PAN status for both the auditor and taxpayer should be active.
- Digital Signature Certificate for both the auditor and taxpayer should be active and valid.
- The taxpayer has to first assign the auditor i.e. CA and then assign the tax audit report to the auditor ie. CA for filing the tax audit report.
- Now the auditor (CA) will have to accept or reject the assigned tax audit report from the CA’s worklist.
Can you download the tax audit report from Income Tax Portal?
YES. A taxpayer can download the tax audit report from the Income Tax Portal.
Dashboard>e-file>Income Tax Forms> View filed forms.
Other points
- Don’t forget to file Income Tax Return for the individuals who are partners in the firm which are subject to a tax audit.
- For multiple GSTINs under one PAN, only a single original audit report is required to be filed for a PAN and AY combination.
- Auditor i.e the practicing chartered accountant will have to mandatorily generate UDIN for all tax audit reports issued under the IT Act through the website udin.icai.org. within 15 days of signing the document.
- Only one UDIN will be generated per assignment per signatory and the same shall be mentioned in all the Form 3CA/3CB and Form 3CD and annexures thereto.
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