Tax Audit Report

Tax Audit Report
Share This Post

Tax Audit Report

Tax Audit Report is the 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

30th Sep 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.

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.

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.



Related Posts

CA Ankita Khetan
Latest posts by CA Ankita Khetan (see all)

 

Disclaimer: The above content is for general info purpose only and does not constitute professional advice. The author/ website will not be liable for any inaccurate / incomplete information and any reliance you place on the content is strictly at your risk.

Follow us on Social Media by clicking below


Share This Post

Be the first to comment

Leave a Reply

Your email address will not be published.