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8/23/2011 Hence, in such cases the tax payer is required to prepare a separate profit and loss account and balance sheet as at 31 st March and get the same audited and the tax auditor is to give the report in Form No. 3CB whereby he is required first to certify the true and fair view of the balance sheet and profit and loss account and furnish statement of particulars in Form No. 3CD. Though Rule 6G(1)(a) provides that a person who carries on business or profession and who is required by or under any other law to get his accounts audited the tax audit report should be in Form No. 3CA, the word ―accounts‖ here has to be interpreted in terms of the requirement of Form No. 3CA. ―Accounts‖ here will mean the accounts i.e. profit and loss account and the balance sheet and tax audit report. In case the accounts i.e. profit and loss account and balance sheet with tax audit report has not been audited under any other law, the correct form will be Form No. 3CB. [Circular No. 561 dated 22.05.1990 vide page 167 of guidance note on tax audit revised 2005 edition.] 34
8/23/2011 Issue No. 22 - Revision of Tax Audit Report: Can a tax auditor revise his tax audit report and Form No. 3CD? Ans: A tax auditor should exercise extreme care and caution while discharging his responsibilities. He should ensure that correct information has been given in Form No. 3CA/3CB and 3CD. However, if he feels that there is a need for revising the audit report and / or Form No. 3CD, it is advisable to do so in a timely manner and he should clearly indicate the reasons for giving a revised report. Attention is also invited to paragraph 13. 9 and to the guidance note on revision of Audit Report which deals with this aspect elaborately. 35
Page 1 and 2: 8/23/2011 ISSUES IN TAX AUDIT U/S.
Page 3 and 4: 8/23/2011 [Audit of accounts of cer
Page 5 and 6: 8/23/2011 Liability of Tax Audit
Page 7 and 8: 8/23/2011 ISSUE NO. 2 In case of sh
Page 9 and 10: 8/23/2011 Issue No. 4 - Derivatives
Page 11 and 12: 8/23/2011 The Authority for Advance
Page 13 and 14: 8/23/2011 The principle to be appli
Page 15 and 16: 8/23/2011 (c) However it may be not
Page 17 and 18: 8/23/2011 Ans: (i) Even if the asse
Page 19 and 20: 8/23/2011 (ii) In the above case if
Page 21 and 22: 8/23/2011 Ans : In this case, Mr. B
Page 23 and 24: 8/23/2011 This applies to the accou
Page 25 and 26: 8/23/2011 Issue No. 14 - Surrender
Page 27 and 28: 8/23/2011 Ans: The sale of car is n
Page 29 and 30: 8/23/2011 Ans: The words ‗sales
Page 31 and 32: 8/23/2011 Discuss the following iss
Page 33: 8/23/2011 (b) Rule 6G(a) provides t
Page 37 and 38: 8/23/2011 (ii) The tax auditor, how
Page 39 and 40: 8/23/2011 The words used in section
Page 41 and 42: 8/23/2011 Special provision for com
Page 43 and 44: 8/23/2011 Explanation.—For the pu
Page 45 and 46: 8/23/2011 The new section 44AD is a
Page 47 and 48: 8/23/2011 Who all are the aseessee
Page 49 and 50: 8/23/2011 How to calculate limit o
Page 51 and 52: 8/23/2011 What is the meaning of No
Page 53 and 54: 8/23/2011 Computation of Taxable Pr
Page 55 and 56: 8/23/2011 Calculation of Capital G
Page 57 and 58: 8/23/2011 section 44AB The assesse
Page 59 and 60: 8/23/2011 AN INDIVIDUAL HAVING FOLL
Page 61 and 62: 8/23/2011 ISSUE - 3 Sachin, a resid
Page 63 and 64: 8/23/2011 Case 1: Cash payment of R
Page 65 and 66: 8/23/2011 ISSUE NO - 9 In case of a
Page 67 and 68: 8/23/2011 In case of a person who i
Page 69 and 70: 8/23/2011 ISSUE NO. - 14 Mr Prem, a
Page 71 and 72: 8/23/2011 PART A Clause (1 to 6) 1
Page 73 and 74: 8/23/2011 ISSUES ON Clause 7: Ans:
Page 75 and 76: 8/23/2011 (iv) When a partner in a
Page 77 and 78: 8/23/2011 Sec 44AA Specified Profes
Page 79 and 80: 8/23/2011 Sec 2(12A) Books or Books
Page 81 and 82: 8/23/2011 While giving the particul
Page 83 and 84: 8/23/2011 Clause 11b. Whether there
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8/23/2011 Clause 12b. Details of de
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8/23/2011 Ans: The significance of
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8/23/2011 Ans: In the first year de
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8/23/2011 During the year after ann
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8/23/2011 Subsequent to the year en
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8/23/2011 Cost of capital asset in
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8/23/2011 b. the proforma credits,
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8/23/2011 Ans : Clause (iv) of sect
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8/23/2011 Issues on Clause -14 It
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8/23/2011 Ans: For the purpose of c
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8/23/2011 Under Explanation 10 to s
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8/23/2011 Clause 16b. Any sum recei
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8/23/2011 Ans: The objective of Sub
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8/23/2011 Thus, we find that from s
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8/23/2011 Clause 17c. Expenditure o
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8/23/2011 Clause 17f. Amounts inadm
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8/23/2011 40(ba) Payment Of Interes
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8/23/2011 Note: The assessee mainta
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8/23/2011 Rule 6DD - Disallowance o
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8/23/2011 ‣ then such payment may
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8/23/2011 Note: No deduction shall
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8/23/2011 Clause 17k. Particulars o
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8/23/2011 iii. an amount equal to o
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8/23/2011 Section 23 of the MSME Ac
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8/23/2011 i. The principal amount
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8/23/2011 If necessary, indicate in
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8/23/2011 Note: Where one or more o
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8/23/2011 Clause 20 :- Any amount o
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8/23/2011 A) Liability pre- existin
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8/23/2011 shall be allowed as deduc
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8/23/2011 Clause 23. Details of any
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8/23/2011 Section 269SS provides th
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8/23/2011 Exemptions from section 2
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8/23/2011 Section 269T Section 269T
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8/23/2011 Clause 24.(c) Whether a c
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8/23/2011 Clause 26. Section-wise d
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8/23/2011 Clause 28(b) In the case
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8/23/2011 Where stock audit has be
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8/23/2011 30. 30.) Whether any cost
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8/23/2011 Issues on Clause -32 Cal
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8/23/2011 “Reasonable cause" Som
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