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  • Taxmann's Tax Audit 2021 by CA. Srinivasan Anand G.

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 13th 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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Taxmann's Tax Audit 2021 by CA. Srinivasan Anand G.

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