Format of audit report u/s 44AD of the Income Tax Act

[Common Issues]

Is there any format for audit report to be furnished where the assesse is required to get its accounts audited u/s 44AC, 44AD, 44AE or 44AF of the Income Tax Act, 1961.

[Venkata Ramana Dhara]

There is no audit under U/s. 44 AD, AE and AF. Once the assessee does not want to declare income as stated under these sections then he has to opt for filing his return by getting his accounts audited  U/s. 44AB. Obviously Form 3CB and 3CD are the only formats under this section. Any other opinion please ? 

AI Summary

Tax audit requirement: taxpayers foregoing presumptive taxation must obtain a general tax audit and use prescribed audit report forms. Where a taxpayer does not declare income under the presumptive schemes of 44AD, 44AE or 44AF, the taxpayer must obtain an audit under the general tax audit provision of 44AB and file the return on the basis of that audit; the only prescribed audit report formats in such cases are the statutory audit report and particulars (commonly filed as Form 3CB and Form 3CD).