notification no. 33/2014 f.no.133/1/2014 tpl /s.o. 1902 e income tax 7th amendment rules 2014

GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) (CENTRAL BOARD OF DIRECT TAXES) New Delhi, the 25th July, 2014 NOTIFICATION INCOME-TAX S.O. 1902 (E) In exercise of the powers conferred by section 295 read with section 44AB of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:— 1. (1) These rules may be called the Income-tax ( 7th Amendment) Rules, 2014. (2) They shall come into force on the date of their publication in the Official Gazette. 2. In the Income-tax Rules, 1962, in Appendix-II, for Form No. 3CA, Form No. 3CB and Form No. 3CD, the following forms shall be substituted, namely:- FORM NO. 3CA [See rule 6G(1)(a)] 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 *I / we report that the statutory audit of M/s. _________________ ( Name and address of the asseessee with Permanent Account Number) was conducted by *me / us / M/s. ____________________________________________________in pursuance of the provisions of the___________________________Act, and*I/we annex hereto a copy of *my / our / their audit report dated _______________________along with a copy of each of :- (a) the audited *profit and loss account / income and expenditure account for the period beginning from ----------------------to ending on -----------------------------. (b) the audited balance sheet as at, _____; and (c) documents declared by the said Act to be part of, or annexed to, the *profit and loss account / income and expenditure account and balance sheet. 2. The statement of particulars required to be furnished under section 44AB is annexed herewith in Form No. 3CD. 3. In *my / our opinion and to the best of *my / our information and according to examination of books of account including other relevant documents and explanations given to *me / us, the particulars given in the said Form No.3 CD are true and correct subject to the following observations/qualifications, if any: a. b. c. ……………................................................... **(Signature and stamp/Seal of the signatory) Place : ______________ Name of the signatory ……………………… Date : ______________ Full address …………………………………. Notes : 1. * Delete whichever is not applicable 2. **This report has to be signed by a person eligible to sign the report as per the provisions of section 44AB of the Income-tax Act, 1961. 3. Where any of the requirements in this Form is answered in the negative or with qualification, give reasons therefor. 4. The person who signs this audit report shall indicate reference of his membership number / certificate of practice / authority under which he is entitled to sign this report. FORM NO. 3CB [See rule 6G(1)(b)] 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 1. *I / we have examined the balance sheet as on, ____, and the *profit and loss account / income and expenditure account for the period beginning from ----------------------to ending on -----------------., attached herewith, of ______________________________( Name ), _______________(Address), ____________(Permanent Account Number). 2. *I / we certify that the balance sheet and the *profit and loss / income and expenditure account are in agreement with the books of account maintained at the head office at _____________ and ** ___________ branches. 3.(a) *I / we report the following observations / comments / discrepancies / inconsistencies; if any: (b) Subject to above, - (A) *I / we have obtained all the information and explanations which, to the best of *my / our knowledge and belief, were necessary for the purpose of the audit. (B) In *my / our opinion, proper books of account have been kept by the head office and branches of the assessee so far as appears from*my / our examination of the books. (C) In *my / our opinion and to the best of *my / our information and according to the explanations given to *me / us, the said accounts, read with notes thereon, if any, give a true and fair view :- (i) in the case of the balance sheet, of the state of the affairs of the assessee as at 31st March, ;and (ii) in the case of the *profit and loss account / income and expenditure account of the *profit / loss or *surplus / deficit of the assessee for the year ended on that date. 4. The statement of particulars required to be furnished under section 44AB is annexed herewith in Form No.3CD. 5. In *my/our opinion and to the best of *my / our information and according to explanations given to *me / us, the particulars given in the said Form No.3 CD are true and correct subject to following observations/qualifications, if any: a. b. c. ……………................................................... ***(Signature and stamp/seal of the signatory) Place : ______________ Name of the signatory ……………………… Date : ______________ Full address …………………………………. Notes : 1. *Delete whichever is not applicable. 2. **Mention the total number of branches. 3. ***This report has to be signed by person eligible to sign the report as per the provisions of section 44AB of the Income-tax Act, 1961. 4. The person, who signs this audit report, shall indicate reference of his membership number / certificate of practice number / authority under which he is entitled to sign this report. FORM NO. 3CD [See rule 6 G(2)] Statement of particulars required to be furnished under section 44AB of the Income-tax Act, 1961 PART - A 1. Name of the assessee 2. Address 3. Permanent Account Number (PAN) 4. Whether the assessee is liable to pay indirect tax like excise duty, service tax, sales tax, customs duty,etc. if yes, please furnish the registration number or any other identification number allotted for the same 5. Status 6. Previous year from……………..to …………… 7. Assessment year 8. Indicate the relevant clause of section 44AB under which the audit has been conducted PART - B 9. (a) If firm or association of persons, indicate names of partners/members and their profit sharing ratios. (b) If there is any change in the partners or members or in their profit sharing ratio since the last date of the preceding year, the particulars of such change 10. (a) Nature of business or profession (if more than one business or profession is carried on during the previous year, nature of every business or profession) (b) If there is any change in the nature of business or profession, the particulars of such change. 11. (a) Whether books of account are prescribed under section 44AA, if yes, list of books so prescribed. (b) List of books of account maintained and the address at which the books of accounts are kept. (In case books of account are maintained in a computer system, mention the books of account generated by such computer system. If the books of accounts are not kept at one location, please furnish the addresses of locations along with the details of books of accounts maintained at each location. ) (c) List of books of account and nature of relevant documents examined. 12. Whether the profit and loss account includes any profits and gains assessable on presumptive basis, if yes, indicate the amount and the relevant section (44AD, 44AE, 44AF, 44B, 44BB, 44BBA, 44BBB, Chapter XII-G, First Schedule or any other relevant section.) 13.(a) Method of accounting employed in the previous year