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Explain form No. 3CB

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 ROSHNI asked about 3 years ago

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4 Answers
Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 lochan answered about 3 years ago

**FORM 3CB** Form 3CB is the specified format of an Audit Report as per the rules laid down by the Income Tax Department of India. The use of the Form applies only to a certain section of Assessees as per a set of rules and provisions related to the process of filing Tax Returns. Form 3CB is associated with certain processes associated with the filing of Income Tax Returns in India. The rules and regulations of the Income Tax Act, 1961, and the Income Tax Rules, 1962, govern the process of filing Tax Returns with the Income Tax Department of India and Form 3CB is particularly governed by the provisions of Rule 6G(1)(b). The Form is an Audit Report for a person as per Clause (b) of Sub Rule (1) of Rule 6G under the provisions of Section 44AB of the Income Tax Act, 1961. Applicability of Form 3CB Form 3CB is an Audit Report required to be submitted by an Auditing Authority on behalf of a person who operates a Business or Profession and is not required to get the accounts of the enterprise audited as per any other Law except the Income Tax Act, 1961. Thanks

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Open uri20170510 32134 tcchcu?1494421832 Jitendra Suthar answered about 3 years ago

Hiiii friend..... **Form 3CB** Form No. 3CB is to be filled in by the organisation which needs to get audited only under THE INCOME TAX ACT ,1961. For Eg: Partnership Firms.(needs to get audited under THE INCOME TAX ACT, 1961 but THE PARTNERSHIP ACT, 1931 does not prescribe anything of that sought.) And i agree with the answer of Samkit Thanks & Regards,

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Data?1494421730 rohit awasthi answered about 3 years ago

Dear Roshni > Form No. 3CB In the case of a person who carries on business or profession but who is not required by or under any other law to get his accounts audited the audit report has to be given in Form No. 3CB. Form No. 3CB consists of five paragraphs. The tax auditor has to state whether he has examined the balance sheet as at 31st March of the relevant previous year and the profit and loss account/income and expenditure account for the year ended on that date. Further, such a balance sheet and the profit and loss account must be attached with the audit report. The tax auditor has to certify that the balance sheet and the profit and loss account/income and expenditure account are in agreement with the books of account maintained at the head office and branches. He has also to mention the total number of branches. Under clause (a) of paragraph 3 of Form No.3CB, the tax auditor has to report his “observations/comments/ discrepancies/inconsistencies,” if any. The expression “Subject to above” appearing in clause (b) makes it clear that such observations/comments/ discrepancies/ inconsistencies which are of qualificatory nature relate to necessary information and explanations for the purposes of the audit or the keeping of proper books of accounts or the true and fair view of the financial statements. Paragraph 4 of Form No.3CB provides that the prescribed particulars are furnished in Form No.3CD annexed to the report. Paragraph 5 of Form No.3CB requires the auditor to report whether in his opinion and to the best of his information and according to the explanations given to him, the particulars given in Form No.3CD and the annexure thereto are true and correct. Thanks

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Data?1494421738 samkit kothari answered about 3 years ago

About 3CB Form 3CB is the specified format of an Audit Report as per the rules laid down by the Income Tax Department of India. The use of the Form applies only to a certain section of Assessees as per a set of rules and provisions related to the process of filing Tax Returns. Form 3CB is associated with certain processes associated with the filing of Income Tax Returns in India. The rules and regulations of the Income Tax Act, 1961, and the Income Tax Rules, 1962, govern the process of filing Tax Returns with the Income Tax Department of India and Form 3CB is particularly governed by the provisions of Rule 6G(1)(b). The Form is an Audit Report for a person as per Clause (b) of Sub Rule (1) of Rule 6G under the provisions of Section 44AB of the Income Tax Act, 1961.

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