Get the free FORM NO. 3CD

This form is used to provide detailed information related to the income and tax computation for the assessment year under section 44AB of the Income-tax Act.

How to fill out form no 3cd

How to fill out FORM NO. 3CD

1. Obtain a copy of FORM NO. 3CD from the official tax website or your accountant.
2. Fill in the basic details including name, address, and PAN of the taxpayer.
3. Enter the relevant assessment year for which the form is being filled.
4. Provide information about the nature of business or profession.
5. Complete the sections on the financial statements, detailing profit and loss account and balance sheet.
6. Include the details of all transactions with related parties.
7. Fill out the particulars of deductions claimed under various sections.
8. Ensure to include any tax audit report if applicable.
9. Review all entries for accuracy and completeness.
10. Submit the completed FORM NO. 3CD to the appropriate tax authority.

Who needs FORM NO. 3CD?

1. FORM NO. 3CD is required by taxpayers who are liable for tax audit under Section 44AB of the Income Tax Act.
2. It is typically needed by businesses and professionals whose turnover exceeds the prescribed limit.
3. Chartered Accountants may need it to prepare and submit tax audit reports.

People Also Ask about

What is the penalty for non filing Form 3CD?

A minimum penalty can be 0.5% of the total sales, turnover or gross receipts, which can go up to Rs. 1,50,000. However, no penalty will be imposed if the taxpayer gives reasonable cause for non-compliance, such as the following: Delay caused by the death or physical inability of the partner responsible for accounts.

What is the penalty for non filing form 3CD?

A minimum penalty can be 0.5% of the total sales, turnover or gross receipts, which can go up to Rs. 1,50,000. However, no penalty will be imposed if the taxpayer gives reasonable cause for non-compliance, such as the following: Delay caused by the death or physical inability of the partner responsible for accounts.

Who should file 3CB and 3CD?

Form 3CA-3CD is applicable in case of person who is required by or under any other law to get its accounts audited. Form 3CB-3CD is applicable in case of a person being a person whose accounts are not required to be audited under any other law.

What is the purpose of form 3CB?

About the Form It is to certify the correctness of books of accounts maintained by the taxpayer, report observations / discrepancies noted by the CA and report prescribed information in compliance of various provisions of Income Tax Act as referred in Form 3CD by a CA. 3.2.

Who files 3CB and 3CD?

A person who is not required by or under any other law to get its accounts audited is required to furnish report of audit of the accounts under section 44AB in Form 3CB along with the required particulars in Form 3CD. 2.

What is form no 3CD?

Form 3CD. The income tax audit Form 3CD is a detailed statement of particulars containing of 41 clauses, whereby all the details related to business and transactions, such as revenue, turnover, expenses, profits, asset-liability details, and so on are furnished by the taxpayer.

How to get 3CD?

Taxpayer is requested to navigate to e-File → Income Tax Forms → File Income Tax Forms and select Form 3CA-3CD/3CB-3CD, as applicable under category “Persons with Business / Professional Income”. Form can be assigned to CA by selecting CA Name, AY and Filing Type.

What is the limit of a 3CD tax audit?

➢ Tax audit is applicable where the sales, turnover or gross receipts of business of the taxpayer exceed Rs 1 crore and in case of taxpayer carrying on profession, if gross receipts exceed Rs 50 lakhs in a financial year.

For pdfFiller’s FAQs

What is FORM NO. 3CD?

FORM NO. 3CD is a tax audit report that is required under the Income Tax Act in India. It contains detailed information about the business operations and financial details of entities subject to audit.

Who is required to file FORM NO. 3CD?

FORM NO. 3CD must be filed by taxpayers whose accounts are required to be audited under Section 44AB of the Income Tax Act, typically including businesses and professionals with a specified turnover or gross receipts.

How to fill out FORM NO. 3CD?

To fill out FORM NO. 3CD, the auditor must collect relevant financial information and documentation, and then complete each section of the form, ensuring accuracy and compliance with the specified guidelines provided by the Income Tax Department.

What is the purpose of FORM NO. 3CD?

The purpose of FORM NO. 3CD is to provide the Income Tax Department with comprehensive information regarding the financials of the taxpayer, facilitating proper assessment and ensuring compliance with tax regulations.

What information must be reported on FORM NO. 3CD?

FORM NO. 3CD requires reporting information such as business receipts, profit and loss statements, tax liabilities, and any specific details related to transactions and deductions as mandated by the Income Tax Act.