All you want to know about Income Tax Audit Forms 3CA and 3CB

The news article by Navasree A.M. explains the importance of Forms 3CA and 3CB in the context of tax audits under Section 44AB of the Income Tax Act, 1961. Businesses and professionals meeting specific criteria must undergo a tax audit, conducted by a Chartered Accountant, to ensure compliance. Form 3CA is used when accounts are audited under another law, while Form 3CB is for those not obligated by other laws. These forms must be filed by September 30th of the relevant assessment year to avoid penalties under Section 271B, which can range from 0.5% of total turnover to ₹1,50,000.\r