1. What is Form 3CA?
Form 3CA is a document used in the process of filing income tax returns in India. Form 3CA is an audit report and is submitted when the business or profession of the assessee goes through an audit by a chartered accountant. Rule 6G(1)(a) of the Income Tax Rules, 1962, lays down the rules for use of the form. Form 3CA has important components that are necessary to gain details of the audit that the business or profession has been subjected to.
a. Name of the firm along with PAN
b. The details of the CA who has conducted the audit.
c. The year in which the audit is carried out.
d. A declaration by the chartered accountant confirming that all the details given in the annexure is true and correct.
e. The name and Sign of the chartered accountant.
2. Why is form 3CA used?
In respect of a taxpayer carrying on a business or profession and who is already mandated to get his accounts audited under any other law (i.e. law other than income tax law). A company needs to get its accounts audited compulsorily under the Companies Act 2013 so that it can furnish Form 3CA. It is used in cases where the account of the business of a person has been audited under any law of accounts.
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