FORM 3AD, Download Income Tax FORM 3AD in PDF Format

FORM 3AD for Audit Report under section 33ABA (2). FORM 3AD is relevant for assessee who is carrying on business consisting of the prospecting for, or extraction or production of, petroleum or natural gas under an agreement with a central government of India and who desired to claim deduction under section 33ABA(1). An assessee is carrying on business consisting of the prospecting for, or extraction or production of, petroleum or natural gas or both in India and in relation to which the Central Government has entered into an agreement with such assessee for such business, has before the end of the previous year—

(a)  deposited with the State Bank of India 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 Government of India in the Ministry of Petroleum and Natural Gas; or

(b)  deposited any amount in an account (hereafter in this section referred to as the Site Restoration Account) opened by the assessee in accordance with, and for the purposes specified in, a scheme framed by the Ministry referred to in clause (a) (hereafter in this section referred to as the deposit scheme),

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—

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

(ii)  a sum equal to twenty 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),

Whichever is less:

Provided that where such assessee is a firm, or any association of persons or any body 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 where any deduction, in respect of any amount deposited in the special account, or in the Site Restoration Account, has been allowed under this sub-section in any previous year, no deduction shall be allowed in respect of such amount in any other previous year:

Provided also that any amount credited in the special account or the Site Restoration Account by way of interest shall be deemed to be a deposit.

FORM 3AD

[See rule 5AD]

Audit Report under section 33ABA (2)

Part I

Audit report under section 33ABA (2) of the Income-tax Act, 1961, in a case where the accounts of the business 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 with 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 33ABA (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:                                                     Signature

Chartered Accountant

Part II

Audit report under section 33ABA (2) of the Income-tax Act, 1961, in a case where the accounts of the business 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 with 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 year ended on

The particulars required for verification of the claim for deduction under section 33ABA(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 33ABA

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 are maintained in respect of business consisting of the prospecting for, or extraction or production of, petroleum or natural gas or both in India

4

If the answer to item 3 above is in the affirmative please indicate the profits of such business, computed under the head “Profits and gains of business or profession” before making any deduction under section 33ABA

5

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

(i) total sales or turnover of business consisting of the prospecting for, or extraction or production of, petroleum or natural gas or both in India;

(ii) total sales or turnover of assessee’s business;

(iii) total profits of the assessee’s business computed under the head “Profits and gains of business or profession” before making any deduction under section 33ABA; and


(iv) the proportionate profit of the business consisting of the prospecting for, or extraction or production of petroleum or natural gas or both in India

 6

The amount deposited before the end of the previous year with the State Bank of India in accordance with the Scheme. (Please indicate the account number of the branch of the concerned State Bank of India and the dates and the amount of deposits).

 7

Amount of interest credited to the account under the scheme during the previous year.

 8

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

 9

Purposes for which withdrawals referred to in item 8 were made. [Please indicate whether it is for the purposes specified in the scheme.]

 10

The amounts utilised out of the withdrawals referred to in item 8 above with details regarding the purpose for which and the dates on which the amounts were utilised

 11

Please indicate whether any amount has been utilised for the purchase of any item referred to in section 33ABA(4) or has been claimed as an allowance in computing the income chargeable to tax under the head “Profits and gains of business or profession”.

 12

The amounts withdrawn from the State Bank of India but not utilised during the previous year for the purposes specified in the scheme

 13

Whether any assets acquired in accordance with the provisions of the Scheme are 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, cost of acquisition, date of sale or transfer, consideration for sale or transfer and the name(s) of the person(s) to whom the asset was sold or transferred.

 14

The amount of deduction permissible in accordance with the provisions of section 33ABA

 

 

Signature

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