Audit report
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
03 September 2014
In which form audit report is submitted in case of a private ltd. company having turnover below 50 lakhs.Is form 3CD is compulsory in each case of audit. which form is submitted alaong with 3CD, wheter Form 3CA or 3CB. plz suggest me the whole concept.
Querist : Anonymous
Querist :
Anonymous
(Querist)
05 September 2014
Guys plz suggest me with the above mentioned query. In the above mentioned query is there no need of 3AC or 3AB or 3CD..??
15 July 2024
In the case of a private limited company with a turnover below 50 lakhs undergoing audit, the audit report and related forms are as follows:
1. **Audit Report Form**:
- For companies with turnover below 50 lakhs, the audit report is typically submitted in **Form 3CA**. Form 3CA is used when the company's accounts are audited under any other law (like Companies Act) but not under Income Tax Act.
2. **Form 3CB and 3CD**:
- **Form 3CB**: This is the audit report format under the Income Tax Act, 1961. It is applicable when the accounts of the company are audited under the Income Tax Act and the audit report is in Form 3CA.
- **Form 3CD**: This is the format for the audit report in which the auditor provides details of the audit findings and compliance with various provisions of the Income Tax Act.
3. **Filing Requirements**:
- **Form 3CA**: This form is submitted along with Form 3CD when the audit is conducted under any law other than the Income Tax Act (like the Companies Act).
- **Form 3CB and 3CD**: If the audit is conducted under the Income Tax Act, Form 3CB is signed by the auditor and Form 3CD is filled out detailing the various particulars required under the Income Tax Act.
4. **Applicability of Form 3CD**:
- Form 3CD is compulsory whenever an audit is conducted under the Income Tax Act, regardless of the turnover of the company. It provides specific details about income, deductions, compliance with TDS provisions, accounting policies, etc.
### Conclusion:
For a private limited company with turnover below 50 lakhs undergoing audit:
- **Audit Report**: Form 3CA is submitted along with Form 3CD.
- **Form 3CB and 3CD**: Used when the audit is under the Income Tax Act.
- **Form 3CD**: Mandatory for all audits under the Income Tax Act to provide detailed compliance and financial information.
Ensure compliance with the specific forms and reporting requirements under both the Companies Act and the Income Tax Act, as applicable to your company's audit. It's advisable to consult with a qualified chartered accountant to ensure accurate and timely submission of audit reports and related forms.
1. **Audit Report Form**:
- For companies with turnover below 50 lakhs, the audit report is typically submitted in **Form 3CA**. Form 3CA is used when the company's accounts are audited under any other law (like Companies Act) but not under Income Tax Act.
2. **Form 3CB and 3CD**:
- **Form 3CB**: This is the audit report format under the Income Tax Act, 1961. It is applicable when the accounts of the company are audited under the Income Tax Act and the audit report is in Form 3CA.
- **Form 3CD**: This is the format for the audit report in which the auditor provides details of the audit findings and compliance with various provisions of the Income Tax Act.
3. **Filing Requirements**:
- **Form 3CA**: This form is submitted along with Form 3CD when the audit is conducted under any law other than the Income Tax Act (like the Companies Act).
- **Form 3CB and 3CD**: If the audit is conducted under the Income Tax Act, Form 3CB is signed by the auditor and Form 3CD is filled out detailing the various particulars required under the Income Tax Act.
4. **Applicability of Form 3CD**:
- Form 3CD is compulsory whenever an audit is conducted under the Income Tax Act, regardless of the turnover of the company. It provides specific details about income, deductions, compliance with TDS provisions, accounting policies, etc.
### Conclusion:
For a private limited company with turnover below 50 lakhs undergoing audit:
- **Audit Report**: Form 3CA is submitted along with Form 3CD.
- **Form 3CB and 3CD**: Used when the audit is under the Income Tax Act.
- **Form 3CD**: Mandatory for all audits under the Income Tax Act to provide detailed compliance and financial information.
Ensure compliance with the specific forms and reporting requirements under both the Companies Act and the Income Tax Act, as applicable to your company's audit. It's advisable to consult with a qualified chartered accountant to ensure accurate and timely submission of audit reports and related forms.
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