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Taxmann’s Tax Audit | 2023 | 15th Edition | Srinivasan Anand G



This book provides a clause-wise detailed commentary on provisions relating to Tax Audit and clauses of Form 3CA, 3CB and 3CD, along with Guidance Notes issued by ICAI & Tax Audit Reckoner.

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This book comprehensively provides the following:

  • [Commentary on Tax Audit u/s 44AB] with reference to its applicability to various assessees and appointment of the tax auditor
  • [Clause-wise Detailed Commentary] on the following:
    • Form 3CA
    • Form 3CB
    • Form 3CD
    • Clause 30C of Form 3CD pertaining to GAAR explained with foreign case laws
  • [Detailed Discussion on Presumptive Tax Provisions with Pros & Cons] of the following sections:
    • Section 44AD
    • Section 44ADA
    • Section 44AE
  • [Income Computation and Disclosure Standards (ICDS)] explained with the following:
    • Application Guide for each ICDS
    • Difference between Ind AS/AC & ICDS
    • Statements showing adjustments for variations between Ind AS/AS & ICDS
  • [Tax Audit Ready Reckoner] on the following topics:
    • Management Representation Letters which are to be obtained by the tax auditor for each Clause of Form No. 3CD
    • Notes/Comments/Disclaimers to be given regarding each Clause of Form No. 3CD in Clause (3) of Form No. 3CA & Clause (5) of Form No. 3CB
    • Audit of Cash Transactions
    • Audit of Share Capital
    • Audit of Loans, Borrowings and Deposits
    • Sale of Immovable Property
    • Applicability of various clauses to different assessees
    • Clause of Form 3CD not applicable to assessees following cash basis of accounting
    • Form 3CD – Clause-wise applicability reckoner of ICDS
    • Statutory provisions relevant to various clauses of Form 3CD

The Present Publication is the 15th Edition and has been amended by the Finance Act 2023. This book is authored by CA Srinivasan Anand G. with the following noteworthy features:

  • [Practice Pointers] which includes common errors in reporting detected by the ICAI while scrutinising tax audit reports for each Clause of Form No. 3CA, Form No. 3CB and Form No. 3CD
  • [Consequential Effects on Other Clauses] while reporting in each Clause of Form No. 3CD
  • [Tax Audit of Companies]; relevant clauses in statutory audit report & CARO report, which are to be cross-checked
  • [Requirements of various Clauses] of Form 3CA, Form 3CB & Form 3CD are discussed with reference to the following:
    • e-Filing Utility requirements
    • Relevant Legal Provisions
    • Case Laws
    • CBDT Clarification
    • Views of the ICAI
  • [Checklists] are provided for various clauses of Form 3CD

The structure of this book is as follows:

  • Chapters 0 – 14 provide the obligation of an entity to get the accounts audited u/s 44AB, which is explained in light of presumptive taxation provisions along with the following:
    • Case Laws
    • Latest ITR Forms
    • Views of the ICAI
  • Chapters 15 – 65 provide a clause-wise commentary on Form 3CD with a Tax Audit checklist for each clause. Linkages with other clauses of Form 3CD, i.e., how remarks on a particular clause impact report under other clauses, are provided in this book. Each clause is explained in light of the following:
    • e-Filing utility requirements
    • Relevant Legal Provisions
    • Case Laws
    • CBDT’s Clarifications
    • ICDS
    • Views of the ICAI

The detailed contents of this 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 goods carriages and plying, hiring or leasing them
  • When a person carrying on a 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 or gross receipts
  • Obligations cast by section 44AB
  • Preparation of financial statements
  • Form No. 3CA
  • Form No. 3CB
  • Form No. 3CD
  • Name of the Assessee
  • Address of the Assessee
  • PAN or Aadhaar 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/ 115BAA/115BAB/115BAC/115BAD?
  • Clause 9 of Form No. 3CD: Details regarding firms/AOPs/LLPs
  • Clause 10 of Form No. 3CD: Nature of business/profession
  • Clause 11 of Form No. 3CD: Books of Account
  • 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 credited to Profit and Loss Account
  • Property (land or building or both) transferred at less than stamp duty value – Clause 17 of Form No. 3CD
  • Cause 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: Amount 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 or Input Tax Credit (ITC) or prior period items
  • ‘Gifts’ of unlisted shares received by LLPs/firms/companies on or before 31-3-2017 – Clause 28 of Form No. 3CD
  • Share premium received by closely held companies in excess of FMV Taxable – section 56(2)(viib) – Clause 29 of Form No. 3CD
  •  Amount chargeable under section 56(2)(ix) – Clause 29A
  • Gifts/deemed gifts chargeable under section 56(2)(x) – Clause 29B
  • Hundi transactions – Clause 30 of Form No. 3CD
  • Clause 30A of Form No. 3CD: Secondary Transfer Pricing Adjustments
  • Clause 30B of Form No. 3CD: Thin Cap Adjustments
  • GAAR (General Anti Avoidance Rules)
  • 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 deductions
  • 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
  • Details of demands raised or refunds issued under tax laws: Clause 41 of Form No. 3CD
  • Clause 42 of Form No. 3CD: Furnishing of Form Nos. 61, 61A and 61B
  • Clause 43 of Form No. 3CD: Furnishing of Country by Country Report (CBCR) u/s 286
  • Clause 44 of Form No. 3CD: Break-up of Total Expenditure of Entities Registered or not Registered under GST
  • Finance Act, 2023 amendments to key provisions of the Act affecting tax audit with effect from AY 2024-25

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