Neha Kumar Sunit (Company Secretary) (79 Points)
19 August 2010Is it necessary to submit audited (Statutory Audit under Companies Act) accounts to Income Tax Department.
That is, Is there any relation betweem the audit under Income Tax Act and under Companies Act.
If Tax Audit is not applicable to a company, Does it mean that unaudited accounts can be submitted to the IT departmant.
Pankaj
(AM - Finance & Accounts)
(58 Points)
Replied 31 August 2010
Provisions for audit get applicable only when certain conditions as prescribed in income tax get applicable. For e.g. section 44AB has prescribed condition to get accounts audited. Auditor has to submit audit report to income tax. Form 3CA is applicable when accounts are already required to be audited under any other law for e.g. Companies act. Form 3CB is required to be submitted in other cases. Form 3CD is submitted along with 3CA/CB. If tax audit is not applicable than also audit report is required to be submitted because section containing provision relating to filling of return contains such requirement. However in case of e-filing it is not necessary but income tax officer at the time of assessment will demand it.
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