11/08/2014
Representation made by ICAI with respect to
new formats of Form No.3CA/3CB and 3CD. -
(11-08-2014)
The new formats of tax audit reports namely
Form No.3CA, 3CB and 3CD have been notified
through Notification no. 33/2014 on 25/7/2014
with immediate effect. With regard to the
same, certain genuine concerns were raised by
the members, which, ICAI has, through a
representation dated 07.08.2014, brought to
the notice of the Hon’ble Finance Minister,
Revenue Secretary, and Chairman CBDT for
appropriate action at their end. Also, certain
preliminary observations on the new forms
have been shared with them.
For the reasons mentioned in detail in the
representation and summarized below, ICAI
has suggested:
The new formats of tax audit reports be made
effective from the Assessment Year 2015-16
and not Assessment Year 2014-15.
Alternatively, the due date for furnishing tax
audit reports for the Assessment Year 2014-15
may be extended to 30th November, 2014
It has also been suggested that appropriate
clarification be issued with regard to the
position of the tax audit reports e-filed during
01.04.2014 to 24.07.2014 relating to
Assessment Year 2014-15.
Reasons given in brief:
a) The Internationally accepted Standard on
Auditing-700 has not been considered.
b) The audit of 50% of the taxpayers like listed
companies, PSUs, Banks, Insurance Companies
have already been completed and the financial
statements are published. Only, the audit
reports are pending for uploading in the e-
filing portal.
c) The notification has been issued just two
months before the last date of furnishing tax
audit report and the schema for the same is
not yet made available. This will cause undue
hardship to both the taxpayer and the
auditors.
DT Committee, ICAI
Kanika bajaj
