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

FORM NO. 3AC for Audit Report under Section 33AB (2) Of the Income-Tax Act, 1961. FORM NO. 3AC is relevant for the assessee growing and manufacturing tea/coffee/rubber in India. And in a case where the accounts of the business or profession of a person have been audited under any other law. Where an assessee carrying on business of growing and manufacturing tea or coffee or rubber in India has, before the expiry of six months from the end of the previous year or before the due date of furnishing the return of his income, whichever is earlier,—

(a)  deposited with the National Bank any amount or amounts in an account (hereafter in this section referred to as the special account) maintained by the assessee with that Bank in accordance with, and for the purposes specified in, a scheme (hereafter in this section referred to as the scheme) approved in this behalf by the Tea Board or the Coffee Board or the Rubber Board] ; or

(b)  deposited any amount in an account (hereafter in this section referred to as the Deposit Account) opened by the assessee in accordance with, and for the purposes specified in, a scheme framed by the Tea Board or the Coffee Board or the Rubber Board, as the case may be (hereafter in this section referred to as the deposit scheme), with the previous approval of the Central Government,

the assessee shall, subject to the provisions of this section,] 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—

(a)  a sum equal to the amount or the aggregate of the amounts so deposited ; or

(b)  a sum equal to forty per cent of the profits of such business (computed under the head “Profits and gains of business or profession” before making any deduction under this section),

FORM NO. 3AC

[See rule 5AC]

Audit Report under section 33AB (2)

Part I

Audit report under section 33AB (2) 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 33AB (2) 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

Signatures

Chartered Accountant

Part II

Audit report under section 33AB (2) 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 maintained 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, the 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/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 33AB (2) are given 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 hereof are true and correct.

Place

Date

Signature

Chartered Accountant

Part III

Statement of particulars relating to the
claim for deduction under section 33AB

1. Method of accounting employed [Please indicate whether there is any change from the method of accounting employed in the immediately preceding previous year.
2. Whether separate accounts are maintained in respect of business of growing and manufacturing *tea/coffee/rubber in India.
3. If the answer to item 3 above is in the affirmative, please indicate the profit of such business, computed under the head “Profits and gains of business or profession” before making any deduction under section 33AB.
4. In case separate accounts are not maintained or are not available, please indicate—
(i) total sales or turnover of business of growing and manufacturing tea/coffee/rubber in India;
(ii) total sales or turnover of assessee’s business computed under the head “Profits and gains of business or profession” before making any deduction under section 33AB; and
(iii) The proportionate profit of the business of growing and manufacturing tea/coffee/rubber.
5. The amounts deposited before the expiry of six months from the end of the previous year or before furnishing of return of income, whichever is earlier, with the National Bank or in the Deposit Account in accordance with the scheme, out of the income chargeable to tax under the head “Profits and gains of business or profession” (Please indicate the account number, the branch of concerned National Bank or the bank where the Deposit Account is opened and the dates and the amount of deposits).
6. Withdrawals made from the account referred to in item 5 with dates and amounts of withdrawals.
7. Purposes for which the withdrawals referred to in item 7 were made [Please indicate whether it is for the purposes specified in the scheme or it is in the circumstances specified in sub-section (3) of section 33AB. In case of the latter, indicate the specified circumstance.]
8. The amounts utilised out of the withdrawals referred to in item 7 above with details regarding the purpose for which and the dates on which the amounts were utilised.
9. Please indicate whether any amount has been utilised for the purchase of any item referred to in sub-section (4) of section 33AB or has also been claimed as an allowance in computing the income chargeable to tax under the head “Profits and gains of business or profession”.
10. The amounts withdrawn from the National Bank or from the Deposit Account but not utilised during the previous year for the purposes specified in the scheme.
11. Whether any asset acquired in accordance with the provisions of 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 name(s) of person(s) to whom the asset was sold or transferred.
12. The amount of deduction permissible in accordance with the provisions of section 33AB.

Signature

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