Direct Tax
Consulting
ESG Advisory
Indirect Tax
Growth Advisory
Internal Audit
BFSI Audit
Industry Audit
Valuation
RBI Services
SEBI Services
IRDA Registration
AML Advisory
IBC Services
Recovery of Shares
NBFC Compliance
IRDA Compliance
Finance & Accounts
Payroll Compliance Services
HR Outsourcing
LPO
Fractional CFO
General Legal
Corporate Law
Debt Recovery
Select Your Location
The article entails the meaning of Form 3AC, its contents, need to file this form, and the procedure to file.
Form 3AC is an audit report of the accounts of business or profession of an assesse under sub-section (2) of section 33AB of the Act. It applies to the persons carrying the business of tea or coffee or rubber development. The audit reports consist of:
Form 3AC can only be filed online, and a DSC (Digital Signature Certificate) is mandatory for filing. Form No. 3AC is filed along with the ITR as per the due date mentioned under section 139 (1) of the Act.
Form 3AC is filed to claim the deductions under section 33AB (1) for the accounts of a business or profession of an assesse is furnished under Section 33AB (2) of the Act. The business talked about in this section is of tea or coffee or rubber development.
Contents of Form 3AC
It consists of 3 parts:
It contains the details of the business or profession of a person whose accounts have been audited under any other law.
It contains the details of the business or profession of a person whose accounts have not been audited under any other law.
It contains the statement of particulars to claim the deduction under section 33AB of the Act.
Form No. 3AC is a format according to Rule 5AC in which the accounts of a business or profession of an assesse is furnished under Section 33AB (2) of the Act.
Section 33AB (2)
To claim deductions under section 33AB (1), the accounts of business or profession of the assesse must be audited by an accountant of the previous year relevant to the assessment year.
The accountant is defined in the Explanation of sub-section (2) of section 288 as a chartered accountant as defined in clause (b) of sub-section (1) of section 2 of the Chartered Accountants Act, 1949 (38 of 1949), who holds a valid certificate of practice.
Rule 5AC
Rule 5AC talks about the report of audit of accounts under Section 33AB (2). It states that the audit report of the accounts of the business or profession of an assesse must be furnished under sub–section (2) of section 33AB in the Form No. 3AC.
The following steps are to be followed to file Form 3AC:
Form 3AC is an audit report of the accounts of business or profession of an assesse under sub-section (2) of section 33AB of the Act. It applies to the persons carrying the business of tea or coffee or rubber development.
Thus, it is essential to file Form 3AC to claim deductions under section 33AB (1) in relation to the business of tea or coffee, or rubber development.
Read our article:A Brief on Forensic Accounting and Investigation Standards
Did you or anybody in your family invest in Axis Bank Limited shares during the 1990s or early...
The Pharmaceutical industry is India's top gross domestic product (GDP) contributor. The market...
In the evolving international trade space, ensuring supply chain security and compliance with t...
Investment in shares of big public sector companies such as Coal India Limited (CIL) provides l...
The Securities and Exchange Board of India (SEBI) issued a circular on May 2, 2025, simplifying...
Are you human?: 8 + 3 =
Easy Payment Options Available No Spam. No Sharing. 100% Confidentiality
As per Section 44 AB of the Income Tax Act, an audit of the books of account and furnishing a report by the assesse...
06 Sep, 2022
What is HRA – House Rent Allowances? The HRA is claimed by the Salaried individuals who live in a rented house. T...
04 Sep, 2019