New Tax Audit Report Forms – A Suggestion

The CBDT has vide Notification No. 33/2014 dated 25th July 2014 published the Income-tax (7th Amendment) Rules, 2014 wherein new Tax Audit Report Forms 3CA, 3CB and 3CD have been prescribed with immediate effect (that is date of publication in Official Gazette of India.)

The new Form 3CD is far more expansive and seeks a lot of details.

My suggestion is instead of a combination of Audit Report Forms 3CA, 3CB, 3CD, 29B, 29C and 10B – five different audit report formats for different categories of assessee’s be prescribed which will contain relevant particulars pertaining to those assessee’s and reduce the clutter of not-applicable clause as well as be easy to comprehend by the Income Tax Department. This is akin to the different forms prescribed for Income Tax Returns for different categories of assessee’s. (updated for ITRs for AY 2017-18).

For Example :-

AR No. Corresponding ITR Present Audit Report Forms Applicable to which class of Assessee’s
AR 3 ITR 3 Form 3CB – 3CD

Form 29C

Individuals / HUFs whose turnover exceeds the ceiling amounts prescribed u/s 44AB
AR 4 ITR 4 (SUGAM) Form 3CB – 3CD

Form 29C

Individuals / HUFs whose turnover does not exceeds the ceiling amount prescribed u/s 44AB but liable to audit by virtue of Section 44AD
AR 5 ITR 5 Form 3CB – 3CD

Form 29C

Partnership Firms (including LLPs) | Association of Persons or Body of Individuals
AR 6 ITR 6 Form 3CA – 3CD

Form 29B

Companies other than claiming exemption u/s 11
AR 7 ITR 7 Form 3CB – 3CD

Form 10B

Trusts, etc filing return u/s 139(4A), 139(4C), 139(4D)

Leave a Comment

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s