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.

AI Summary

Clarification on Income Tax Act: No Audit Needed for Sections 44AD, 44AE, 44AF Unless Declaring Different Income A participant inquired about the format for an audit report required under sections 44AC, 44AD, 44AE, or 44AF of the Income Tax Act, 1961. A respondent clarified that there is no audit requirement under sections 44AD, 44AE, and 44AF. However, if the assessee chooses not to declare income as specified under these sections, they must file a return with audited accounts under section 44AB, using Form 3CB and 3CD. The respondent invited further opinions on the matter.