Form 3AAA, Download Income Tax Form 3AAA in PDF Format

Form no. 3AAA Audit Report under section 32AB (5). Form no. 3AAA contain three parts, part I which prescribes audit report in a case where the accounts of the business or profession of an assessee have been audited under any other law, part ii which prescribes audit report where the accounts have not been audited under any other law and part iii which prescribes the statement relating to the claim for deduction under section 32AB.

An assessee, whose total income includes income chargeable to tax under the head “Profits and gains of business or profession”, has, out of such income,—

(a)  deposited any amount in an account (hereafter in this section referred to as deposit account) maintained by him with the Development Bank before the expiry of six months from the end of the previous year or before furnishing the return of his income, which-ever is earlier; or

(b)  utilised any amount during the previous year for the purchase of any new ship, new aircraft, new machinery or plant, without depositing any amount in the deposit account under clause (a),

in accordance with, and for the purposes specified in, a scheme (hereafter in this section referred to as the scheme) to be framed by the Central Government, or if the assessee is carrying on the business of growing and manufacturing tea in India, to be approved in this behalf by the Tea Board, the assessee shall be allowed a deduction (such deduction being allowed before the loss, if any, brought forward from earlier years is set off under section 72) of—

 (i)  a sum equal to the amount, or the aggregate of the amounts, so deposited and any amount so utilised; or

(ii)  a sum equal to twenty per cent of the profits of business or profession as computed in the accounts of the assessee audited in accordance with sub-section (5),

whichever is less :

Provided that where such assessee is a firm, or any association of persons or anybody of individuals, the deduction under this section shall not be allowed in the computation of the income of any partner, or as the case may be, any member of such firm, association of persons or body of individuals:

Provided further that no such deduction shall be allowed in relation to the assessment year commencing on the 1st day of April, 1991, or any subsequent assessment year.

FORM NO. 3AAA

[See rule 5AB]

Audit Report under section 32AB (5)

Part I

Audit report under section 32AB (5) 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 have to report that the statutory audit of
[name and address of the assessee]
[permanent account No.] was conducted by me/us/M/s
in pursuance of the provisions of the
Act, and I/we annex hereto a copy of the audit report dated
along with a copy of each of the audited profit and loss account/income and expenditure statement for the year ended on
and a copy of the audited balance sheet as at
along with the documents declared by the relevant Act to be part of, or annexed to the profit and loss account/income and expenditure statement and the balance sheet.

A further report as required under the proviso to section 32AB (5) is furnished in Part III of this Form.

In my/our opinion and to the best of *my/our information and according to the explanations given to me/us, the particulars given in Part III of this Form are true and correct.

Place

Date

Signed

Part II

Audit report under section 32AB (5) of the Income-tax Act, 1961, in a case where the accounts of the business or profession of a person have not been audited under
any other law

I/We have examined the balance sheet of
[name and address of the assessee]
[permanent account No.] as at
and the profit and loss account/income and expenditure statement for the year ended on that date which are in agreement with the books of account main-tained at the head office at
and branches at

I/We have obtained all the information and explanations which to the best of *my/our knowledge and belief were necessary for the purposes of the audit. In my/our opinion, proper books of account have been kept by the head office and the branches of the assessee so far as appears from *my/our examination of books, subject to the comments given below :

In my/our opinion and to the best of my/our information and according to the explanations given to me/us, they said accounts give a true and fair view—

    (i)    In the case of the balance sheet, of the state of the above named assessee’s affairs as at
; and

    (ii)    In the case of the profit and loss account/the income and expenditure statement, of the profit or the income or loss of the above named assessee for the accounting year ending on

The particulars required for verification of the claim for deduction under section 32AB are given in Part III of this form. In my/our opinion and to the best of my/our information and ac-cording to the explanations given to *me/us, the particulars given in Part III hereof are true and correct.

Place

Date

Signed

Chartered Accountant

Part III

Statement of particulars relating to the claim for deduction under section 32AB

1.

Books of account examined.

2.

Method of accounting employed Please indicate whether there is any change from the method of accounting employed in the immediately preceding previous year.

3.

Whether separate accounts in respect of eligible business or profession are maintained.

4.

If the answer to item 3 above is in the affirmative, please indicate (irrespective of whether the assessee is a company or not),—

The amount of profit computed in accordance with the requirements of Parts II and III of the Sixth Schedule to the Companies Act, 1956.

Plus :

(i) the amount of depreciation;

(ii) the amount of income-tax paid or payable, and provision therefore;

(iii) the amount of surtax paid or payable under the Companies (Profits) Surtax Act, 1964 (7 of 1964);

(iv) the amounts carried to any reserves, by whatever name called;

(v) the amount or amounts set aside to provisions made for meeting liabilities, other than ascertained liabilities;

(vi) the amount by way of provision for losses of subsidiary companies; and

(vii) the amount or amounts of dividends paid or pro-posed;

If any, debited in the audited profit and loss account or income and expenditure statement.]

Gross Amount

Less :

(i) the amount of depreciation computed in accordance with the provisions of section 32(1); and

(ii) The amount or amounts withdrawn from reserves or provisions, if such amounts are credited to the audited profit and loss account or income and expenditure statement.

Net Amount

5.

In case separate accounts are not maintained or are not available, please indicate—

(i) total sales, turnover and gross receipts of the eligible business or profession;

(ii) total sales, turnover and gross receipts of the asses-see’s business or profession; and

(iii) the proportionate profit of the eligible business or profession computed in accordance with the provisions of section 32AB.

6.

The amounts deposited before the expiry of six months from the end of the previous year or before furnishing the return of income, whichever is earlier, with the Development Bank in accordance with the Scheme, out of the income of the previous year chargeable to tax under the head “Profits and gains of business or profession” (Please indicate the account number, the branch of the concerned Development Bank and the dates and the amount of deposits).

7.

Withdrawals made from the account referred to in item 6 with dates and amounts of withdrawals.

8.

Purposes for which the withdrawals referred to in item 7 were made.

9.

The amounts utilized out of the withdrawals referred to in item 7 above with details regarding the purposes for which and the dates on which the amounts were utilised.

10.

The amounts withdrawn from the Development Bank but not utilized during the previous year for the purposes specified in section 32AB and the scheme.

11.

The amounts (other than those referred to in item 7 above) out of income chargeable to tax under the head “Profits and gains of business or profession”, utilized in accordance with the provisions of section 32AB and the Scheme.

12.

Whether any asset acquired in accordance with the provisions of section 32AB and the Scheme is sold or otherwise transferred during the previous year. If the answer is in the affirmative, please indicate separately in respect of each asset, the date of acquisition, the cost of acquisition, date of sale or transfer, consideration for sale or transfer and the names of persons to whom the asset was sold or transferred.

13.

The amount of deduction permissible in accordance with the provisions of section 32AB.

 

*Signed

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