Income Tax Portal Update: CBDT releases Common Utility for Form 3CA-3CD and 3CB-3CD

The Central Board of Direct Taxes (CBDT) has released the common utility for Form 3CA-3CD and 3CB-3CD on 12th July 2023.

Form 3CA-3CD: Audit report under section 44AB of the Income -tax Act, 1961, in a case where the accounts of the business or profession of a person have been audited under any other law and Statement of Particulars required to be furnished under Section 44AB of the Income-tax Act, 1961.

Form 3CB-3CD: Audit report under section 44AB of the Income -tax Act 1961, in the case of a person referred to in clause (b) of sub - rule (1) of rule 6G and Statement of Particulars required to be furnished under Section 44AB of the Income-tax Act, 1961.

The Section 44AB of the Income Tax Act outlines the regulations pertaining to tax audits. It specifies the guidelines for taxpayers to effectively manage their accounting books and financial records.

These measures ensure accurate and comprehensive information regarding taxes, income, and deductions, thereby aiding in the prevention of fraudulent activities. The audit itself is carried out by a chartered accountant who submits both the audit report and the income tax return to the income tax department.

SCHEMA CHANGES IN FORM 3CA-3CD AS PER 4TH JULY 2023

SCHEMA CHANGES IN FORM 3CB-3CD AS PER 4TH JULY 2023

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