TAX AUDIT REPORT - FORM 3CD
WHAT IS FORM 3CD? In simple terms, Form 3CD describes the format of the Audit Report which is to be filed by tax auditors under Section 44AB of Income Tax Act, 1961.
WHY FORM 3CD IS REQUIRED? A tax audit is mandatory if the turnover of a business exceeds Rs. 1 crore or exceeds Rs. 25 Lacs in case of Professionals. Form 3CD is a Form in accordance with Rule 6G(2) and Section 44AB of the Indian Income Tax Act, 1961 It is required to be attached with Forms 3CA or 3CB, as applicable.
WHO SHOULD FILE FORM 3CD? Form 3CD is prepared by a Chartered Accountant on behalf of the assessees who get their accounts audited. To get more information about tax audit report and Form 3CD visit Tax Guru. WWW.TAXGURU.IN