Taxmann’s Tax Audit As Amended by Finance Act 2021 & Income Tax (Eighth Amendment Rules 2021) by CA SRINIVASAN ANAND G Edition 2021

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 13^th 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

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