{"id":48485,"date":"2021-04-02T12:51:22","date_gmt":"2021-04-02T07:21:22","guid":{"rendered":"https:\/\/enterslice.com\/learning\/?p=48485"},"modified":"2021-04-02T16:42:49","modified_gmt":"2021-04-02T11:12:49","slug":"form-3ac","status":"publish","type":"post","link":"https:\/\/enterslice.com\/learning\/form-3ac\/","title":{"rendered":"All you need to know about Form 3AC under Income Tax Act, 1961"},"content":{"rendered":"<p class=\"has-drop-cap\">The article entails the meaning of Form 3AC, its contents, need to file this form, and the procedure to file.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What is Form 3AC?<\/h2>\n\n\n\n<p>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:<\/p>\n\n\n\n<ul><li><a href=\"https:\/\/enterslice.com\/tax-audit\">Audited accounts of business or profession<\/a><\/li><li>Non-audited accounts of business or profession<\/li><li>Statement of particulars<\/li><\/ul>\n\n\n\n<p>Form 3AC can only be filed online, and a DSC (<strong><a href=\"https:\/\/enterslice.com\/learning\/importance-of-digital-signature\/\">Digital Signature Certificate<\/a><\/strong>) 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.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What is the need to file Form 3AC?<\/h2>\n\n\n\n<p>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.<\/p>\n\n\n\n<p><strong>Contents of Form 3AC<\/strong><\/p>\n\n\n\n<p><em>It consists of 3 parts:<\/em><\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"959\" height=\"234\" src=\"https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2021\/04\/image001-3.png\" alt=\"Contents of Form 3AC\" class=\"wp-image-48489\" srcset=\"https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2021\/04\/image001-3.png 959w, https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2021\/04\/image001-3-300x73.png 300w, https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2021\/04\/image001-3-768x187.png 768w\" sizes=\"(max-width: 959px) 100vw, 959px\"\/><\/figure><\/div>\n\n\n\n<ul><li><strong>Part I<\/strong><\/li><\/ul>\n\n\n\n<p>It contains the details of the business or profession of a person whose accounts have been audited under any other law.<\/p>\n\n\n\n<ul><li><strong>Part II<\/strong><\/li><\/ul>\n\n\n\n<p>It contains the details of the business or profession of a person whose accounts have not been audited under any other law.<\/p>\n\n\n\n<ul><li><strong>Part III<\/strong><\/li><\/ul>\n\n\n\n<p>It contains the statement of particulars to claim the deduction under section 33AB of the Act.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">How does Section 33AB (2) &amp; Rule 5AC related to Form 3AC?<\/h2>\n\n\n\n<p>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.<\/p>\n\n\n\n<p><strong>Section 33AB (2)<\/strong><\/p>\n\n\n\n<p>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.<\/p>\n\n\n\n<p>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.<\/p>\n\n\n\n<p><strong>Rule 5AC<\/strong><\/p>\n\n\n\n<p>Rule 5AC talks about the report of audit of accounts under Section 33AB (2). It states that the <strong><a href=\"https:\/\/enterslice.com\/audit-services\">audit report<\/a><\/strong> of the accounts of the business or profession of an assesse must be furnished under sub&ndash;section (2) of section 33AB in the Form No. 3AC.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Section<\/strong><\/td><td><strong>Rule<\/strong><\/td><td><strong>Purpose<\/strong><\/td><td><strong>Form<\/strong><\/td><\/tr><tr><td>33AB (2)<\/td><td>5AC<\/td><td>Assesses growing and manufacturing tea or coffee or rubber, claiming deduction regarding special deposits made u\/s. 33AB (1).<\/td><td>3AC<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">What are the steps to file Form 3AC?<\/h2>\n\n\n\n<p><em>The following steps are to be followed to file Form 3AC:<\/em><\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"901\" height=\"304\" src=\"https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2021\/04\/image003.png\" alt=\"What are the steps to file Form 3AC?\" class=\"wp-image-48490\" srcset=\"https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2021\/04\/image003.png 901w, https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2021\/04\/image003-300x101.png 300w, https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2021\/04\/image003-768x259.png 768w\" sizes=\"(max-width: 901px) 100vw, 901px\"\/><\/figure><\/div>\n\n\n\n<ul><li>Visit the e-filing portal (<a href=\"http:\/\/www.incometaxindiaefiling.gov.in\">www.incometaxindiaefiling.gov.in<\/a>).<\/li><li>Login using the credentials.<\/li><li>Click on the e-File menu.<\/li><li>Select the form to be filed from the drop-down menu.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Conclusion<\/h2>\n\n\n\n<p>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.<\/p>\n\n\n\n<p>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.<\/p>\n\n\n\n<p class=\"text-left\"><b>Read our article<\/b>:<mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/enterslice.com\/learning\/forensic-accounting-and-investigation-standards-fais\/\">A Brief on Forensic <a class=\"glossaryLink\"  aria-describedby=\"tt\"  data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;Accounting&lt;\/div&gt;&lt;div class=glossaryItemBody&gt;Accounting is the language of business, serving as the backbone of financial management and decision-making. It involves the systematic recording, analysis, and reporting of financial(...)&lt;\/div&gt;\"  href=\"https:\/\/enterslice.com\/learning\/terms\/accounting\/\"  data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]'>Accounting<\/a> and Investigation Standards<\/a><\/mark><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The article entails the meaning of Form 3AC, its contents, need to file this form, and the procedure to file. What is 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 [&hellip;]<\/p>\n","protected":false},"author":55,"featured_media":48493,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[1473],"tags":[3848],"acf":{"service_id":"50"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v14.6.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Everything know about Form 3AC under Income Tax Act, 1961 - Enterslice<\/title>\n<meta name=\"description\" content=\"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.\" \/>\n<meta name=\"robots\" content=\"index, follow\" \/>\n<meta name=\"googlebot\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta name=\"bingbot\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterslice.com\/learning\/form-3ac\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Everything know about Form 3AC under Income Tax Act, 1961 - Enterslice\" \/>\n<meta property=\"og:description\" content=\"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.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterslice.com\/learning\/form-3ac\/\" \/>\n<meta property=\"og:site_name\" content=\"Enterslice\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/enterslice\" \/>\n<meta property=\"article:published_time\" content=\"2021-04-02T07:21:22+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-04-02T11:12:49+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2021\/04\/All-you-need-to-know-about-Form-3AC-under-Income-Tax-Act-1961.png\" \/>\n\t<meta property=\"og:image:width\" content=\"670\" \/>\n\t<meta property=\"og:image:height\" content=\"352\" \/>\n<meta name=\"twitter:card\" content=\"summary\" \/>\n<meta name=\"twitter:creator\" content=\"@enterslice\" \/>\n<meta name=\"twitter:site\" content=\"@enterslice\" \/>\n<!-- \/ Yoast SEO plugin. -->","authorName":"Navdisha Sehgal","authorImageUrl":"https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2021\/03\/Navdisha.jpeg","authorDescription":"Completed BA LLB from JEMTEC, School of Law, Greater Noida (Affiliated to GGSIP University, New Delhi). I have an experience of about 2 years in various fields of corporate laws, but I have a keen interest in researching on legal issues and to gain knowledge. I always strive to bring the best to work on what I do.","postViews":467,"readingTime":2,"nextPost":{"id":48530,"slug":"scope-of-reporting-of-auditors-in-audit-report"},"prevPost":{"id":48466,"slug":"file-itr-deceased-person"},"featuredMediaUrl":"https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2021\/04\/All-you-need-to-know-about-Form-3AC-under-Income-Tax-Act-1961.png","postTerms":"Income Tax","_links":{"self":[{"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/posts\/48485"}],"collection":[{"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/users\/55"}],"replies":[{"embeddable":true,"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/comments?post=48485"}],"version-history":[{"count":0,"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/posts\/48485\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/media\/48493"}],"wp:attachment":[{"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/media?parent=48485"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/categories?post=48485"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/tags?post=48485"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}