Form No. 3AC Template Free Download India PDF/Word

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FORM NO. 3AC Format

Are you a business owner or professional in India needing a compliant FORM NO. 3AC format for your tax audit under Section 44AB? Download our ready-to-use FORM NO. 3AC sample in PDF or Word format today and ensure seamless compliance with Income Tax requirements.

What is FORM NO. 3AC?

FORM NO. 3AC is a prescribed audit report format under Rule 6G(1)(a) of the Income Tax Rules, 1962. It is specifically used for assessees engaged in business or profession whose turnover exceeds the prescribed threshold (typically Rs. 1 crore for businesses or Rs. 50 lakhs for professionals) and whose accounts are already required to be audited under any other law, such as the Companies Act. This FORM NO. 3AC format certifies that the books of accounts have been audited and provides necessary particulars for tax computation. Filing this form electronically via the Income Tax portal is mandatory by September 30th of the assessment year, helping prevent penalties up to 0.5% of turnover.

Why is FORM NO. 3AC Important?

Compliance with FORM NO. 3AC is crucial for avoiding disallowances under Section 44AB, hefty penalties, or prosecution. It enables accurate computation of taxable income, claims deductions, and supports e-filing of ITR. In today's stringent tax regime, using a standardized FORM NO. 3AC format ensures your audit report meets all legal specifications, saving time and reducing errors. Whether you're a partnership firm, company, or individual professional, this legal template streamlines your tax audit process and builds credibility with tax authorities.

Key Elements of FORM NO. 3AC Format

A professional FORM NO. 3AC sample includes the following essential sections:

Assessee Details: PAN, name, address, assessment year, and business/profession details.
Auditor's Qualifications: Membership number, FRN, and scope of audit.
Opinion on Accounts: Confirmation on true and fair view, adherence to accounting standards.
Particulars Requiring Report: Detailed clauses on income computation, deductions claimed (e.g., under sections 80C to 80U), loans/advances, payments to related parties, transfer pricing, etc.
Observations and Qualifications: Any reservations or adverse remarks by the auditor.
Annexures: Typically accompanied by Form 3CD for detailed particulars.

Our customizable FORM NO. 3AC format covers all these elements, making it ready to use for Indian taxpayers.

Who Should Use FORM NO. 3AC?

This FORM NO. 3AC template is ideal for:

Companies and firms whose accounts are audited under Companies Act, 2013.
Professionals like doctors, lawyers, or engineers with gross receipts over Rs. 50 lakhs.
Businesses in trading, manufacturing, or services exceeding turnover limits.
Any assessee falling under the specific category where prior audit exists under other laws. Common use cases include year-end tax audits, ITR filing support, and compliance checks in civil/business disputes.

Download FORM NO. 3AC Sample for Free/Paid Options

Get instant access to our high-quality FORM NO. 3AC format in editable Word or printable PDF. Perfect for quick customization to fit your specific needs. Paid versions offer premium features like auto-fill clauses and legal vetting.

Ready to simplify your tax audit? Download FORM NO. 3AC format now and stay compliant effortlessly!

Note on Customization and Legal Advice

While our FORM NO. 3AC legal template is designed by experts and ready to use, it's recommended to consult a Chartered Accountant or tax lawyer for personalization. This ensures alignment with the latest amendments in Income Tax Act and Rules. Explore related templates like Form 3CA, 3CB, 3CD, tax audit reports, Section 44AB formats, and more for all your compliance needs in India.

FORM NO. 3AC

Non-Judicial

FORM NO. 3AC

[See rule 5AC]

Audit Report under section 33AB(2)

Part I

Audit report under section 33AB(2) of the Income-tar Act, 1961, in a case

where the accounts of the business or profession of a person have been

audited under any other law

*I/We have to report that the statutory audit of ?????..........................??????????

[name and address of the assessee]

..........................?................ was conducted by * me/us/M/s................................ in pursuance of the

[Permanent Account No.]

provisions of the........................Act. and * I/we annex hereto a copy of the audit report dated ......................

along with a copy of each of the audited * profit and loss account/income and expenditure statement for the

year ended on ????and a copy of the audited balance sheet as at ..........?? along with the documents

declared by the relevant Act to be part of, or annexed to, the profit and loss account/income and expenditure

statement and the balance sheet.

A further report as required under the proviso to section 33AB(2) is furnished in Part III of this Form.

In * my/our opinion and to the best of *my/our information and according to the explanations given to *me/

us, the particulars given in Part III of this Form are true and correct.

Place???????

????????..

Date:???????

Signature

** Accountant

Notes :

1. * Delete whichever is not applicable.

2. Where any of the matters stated in this report is answered in the negative or with a qualification, the

report shall state the reasons therefor.

3. **This report has to be given by-

(i) a chartered accountant within the meaning of the Chartered Accountants Act, 1949 (38 of

1949); or

(ii) any person who, in relation to any State, is, by virtue of the provisions of sub-section (2) of

section 226 of the Companies Act, 1956 (1 of 1956), entitled to be appointed to act as an

auditor of companies registered in that State; or

(iii) any person who is, by virtue of any other law, entitled to audit the accounts of the assessee for

the relevant previous year.

Part II

Audit report under section 33AB(2) of the Income-tax Act, 1961 in a case where the accounts of the

business or profession of a person have not been audited under any other law

*I/We have examined the balance sheet of ............................???????

[name and address of the assessee]

......????????? as at ......??????.. and the *profit and loss account/income and

[Permanmt Account No.]

expenditure statement for the year ended on that date which are in agreement with the books of ac-

count maintained at the head office at ........................... and branches at........................... *I/We have

obtained all the information and explanations which to the best of *my/our knowledge and belief were

necessary for the purposes of the audit. In *my/our opinion, proper books of account have been kept

by the head office and the branches of the assessee so far as appears from *my/our examination of

books, subject to the comments given below:

In * my/our opinion and to the best of * my/our information and according to the explanations given to

*me/us, the said accounts give a true and fair view?

(i) in the case of the balance sheet, of the state of the abovenamed assessee?s affairs as at

..........................; and

(ii) in the case of the *profit and loss account/income and expenditure statement, of the profit or

the income or loss of the abovenamed assessee for the accounting year ending on

...........................

The particulars required for verification of the claim for deduction under section 33AB(2) are given in

Part III of this Form. In *my/our opinion and to the best of *my/our information and according to the

explanations given to *me/us, the particulars given in Part III hereof are true and correct.

Place???????.

???????

Date:???????.

Signature

** Accountant

Notes:

1 *Delete whichever is not applicable.

2. Where any of the matters stated in this report is answered in the negative or with a qualification,

the report shall state the reasons therefor.

3. ** This report has to be given by-

(i) a chartered accountant within the meaning of the Chartered Accountants Act, 1949 (38

of 1949); or

(ii) any person who in relation to any State, is, by virtue of the provisions of sub-section (2)

of section 226 of the Companies Act, 1956 (1 of 1956), entitled to be appointed to act as

an auditor of companies registered in that State.

PART III

Statement of particulars relating to the claim for deduction under section 33AB

1. Books of account examined

2. Method of accounting employed [Please indicate whether

there is any change from the method of accounting

employed in the immediately preceding previous year].

3. Whether separate accounts are maintained in respect of

business of growing and manufacturing tea in India

4. If the answer to item 3 above is in the affirmative, please

indicate the profits of such business, computed under the

head ?Profits and gains of business or profession? before

making any deduction under section 33AB.

5. In case, separate accounts are not maintained or are not

available, please indicate -

(i) total sales or turnover of business of growing and

manufacturing tea;

(ii) total sales or turnover of assessee?s business com-

puted under the head ?Profits and gains of busi-

ness or profession? before making any deduction

under section 33AB; and

(iii) the proportionate profit of the business of grow-

ing and manufacturing tea.

6. The amount deposited before the expiry of six months from

the end of the previous year or before furnishing return of

income, whichever is earlier, with the National Bank in ac-

cordance with the Scheme, out of the income chargeable to

tax under the head ? Profits and gains of business or

profession?.[Please indicate the account number of the

branch of the concerned National Bank and the dates and

the amount of deposits.]

7. Withdrawals made from the account referred to in item 6

with the dates and amounts of withdrawals.

8. Purposes for which withdrawals referred to in item 7 were

made. [Please indicate whether it is for the purposes speci-

fied in the Scheme or it is in the circumstances specified in

section 33AB(3). In the case of the latter, indicate the spe-

cific circumstance.]

9. The amounts utilised out of the withdrawals referred to in

item 7 above with details regarding the purpose for which

and the dates on which the amounts were utilised.

10. Please indicate whether any amount has been utilised for

the purchase of any item referred to in section 33AB(4)

or has also been claimed as an allowance in computing

the income chargeable to tax under the head ?Profits and

gains of business or profession?.

11. The amounts withdrawn from the National Bank but not

utilised during the previous year for the purposes specified

in the Scheme.

12. Whether any assets acquired in accordance with the provi-

sions of the Scheme are sold or otherwise transferred dur-

ing the previous year. If the answer is in the affirmative,

please indicate separately in respect of each asset, the date

of acquisition, cost of acquisition date of sale or transfer,

consideration for sale or transfer and the name(s) of the

person(s) to whom the asset was sold or transferred.

13. The amount of deduction permissible in accordance with

the provisions of section 33AB.

?????????

*Signature

Notes :

1. ?National Bank? has the same meaning as that in clause (a) of the Explanation to section 33AB.

2 The ?Scheme? mentioned above refers to the Tea Development Account Scheme, 1990.

3. *This part of the report is to be signed by the person signing Part I or Part II of the report.

4. Please attach the profit and loss account/income and expenditure statement and the balance

sheet to this report. If separate accounts are maintained for business of growing and manufac-

turing tea, the profit and loss account/income and expenditure statement and balance sheet may

be attached separately for such business.

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Frequently asked questions

What is Form No. 3AC?→

Form No. 3AC is a legal document under the Income Tax Rules in India, serving as the audit report for claiming deductions under section 80HH for industrial undertakings in Free Trade Zones.

Is Form No. 3AC still valid for use in India?→

Form No. 3AC was prescribed under older provisions of the Income Tax Act; check the latest Income Tax Rules for current applicability in India before use.

Do I need to pay stamp duty or court fee for Form No. 3AC?→

No, stamp duty or court fees are not applicable to income tax forms like Form No. 3AC in India, as it is a statutory reporting document.

In what format can I download Form No. 3AC?→

Form No. 3AC is available for free download in editable Word (.docx) and print-ready PDF formats, suitable for use across India.

Can I customize or edit Form No. 3AC?→

Yes, the Word version of Form No. 3AC is fully customizable. Edit it to include your specific details while ensuring compliance with Indian tax laws.

Who should use Form No. 3AC and when?→

Assessees operating industrial undertakings in notified Free Trade Zones in India, to claim deduction u/s 80HH, must get this audit report from a chartered accountant before filing returns.

FORM NO. 3AC

Non-Judicial

FORM NO. 3AC

[See rule 5AC]

Audit Report under section 33AB(2)

Part I

Audit report under section 33AB(2) of the Income-tar Act, 1961, in a case

where the accounts of the business or profession of a person have been

audited under any other law

*I/We have to report that the statutory audit of ?????..........................??????????

[name and address of the assessee]

..........................?................ was conducted by * me/us/M/s................................ in pursuance of the

[Permanent Account No.]

provisions of the........................Act. and * I/we annex hereto a copy of the audit report dated ......................

along with a copy of each of the audited * profit and loss account/income and expenditure statement for the

year ended on ????and a copy of the audited balance sheet as at ..........?? along with the documents

declared by the relevant Act to be part of, or annexed to, the profit and loss account/income and expenditure

statement and the balance sheet.

A further report as required under the proviso to section 33AB(2) is furnished in Part III of this Form.

In * my/our opinion and to the best of *my/our information and according to the explanations given to *me/

us, the particulars given in Part III of this Form are true and correct.

Place???????

????????..

Date:???????

Signature

** Accountant

Notes :

1. * Delete whichever is not applicable.

2. Where any of the matters stated in this report is answered in the negative or with a qualification, the

report shall state the reasons therefor.

3. **This report has to be given by-

(i) a chartered accountant within the meaning of the Chartered Accountants Act, 1949 (38 of

1949); or

(ii) any person who, in relation to any State, is, by virtue of the provisions of sub-section (2) of

section 226 of the Companies Act, 1956 (1 of 1956), entitled to be appointed to act as an

auditor of companies registered in that State; or

(iii) any person who is, by virtue of any other law, entitled to audit the accounts of the assessee for

the relevant previous year.

Part II

Audit report under section 33AB(2) of the Income-tax Act, 1961 in a case where the accounts of the

business or profession of a person have not been audited under any other law

*I/We have examined the balance sheet of ............................???????

[name and address of the assessee]

......????????? as at ......??????.. and the *profit and loss account/income and

[Permanmt Account No.]

expenditure statement for the year ended on that date which are in agreement with the books of ac-

count maintained at the head office at ........................... and branches at........................... *I/We have

obtained all the information and explanations which to the best of *my/our knowledge and belief were

necessary for the purposes of the audit. In *my/our opinion, proper books of account have been kept

by the head office and the branches of the assessee so far as appears from *my/our examination of

books, subject to the comments given below:

In * my/our opinion and to the best of * my/our information and according to the explanations given to

*me/us, the said accounts give a true and fair view?

(i) in the case of the balance sheet, of the state of the abovenamed assessee?s affairs as at

..........................; and

(ii) in the case of the *profit and loss account/income and expenditure statement, of the profit or

the income or loss of the abovenamed assessee for the accounting year ending on

...........................

The particulars required for verification of the claim for deduction under section 33AB(2) are given in

Part III of this Form. In *my/our opinion and to the best of *my/our information and according to the

explanations given to *me/us, the particulars given in Part III hereof are true and correct.

Place???????.

???????

Date:???????.

Signature

** Accountant

Notes:

1 *Delete whichever is not applicable.

2. Where any of the matters stated in this report is answered in the negative or with a qualification,

the report shall state the reasons therefor.

3. ** This report has to be given by-

(i) a chartered accountant within the meaning of the Chartered Accountants Act, 1949 (38

of 1949); or

(ii) any person who in relation to any State, is, by virtue of the provisions of sub-section (2)

of section 226 of the Companies Act, 1956 (1 of 1956), entitled to be appointed to act as

an auditor of companies registered in that State.

PART III

Statement of particulars relating to the claim for deduction under section 33AB

1. Books of account examined

2. Method of accounting employed [Please indicate whether

there is any change from the method of accounting

employed in the immediately preceding previous year].

3. Whether separate accounts are maintained in respect of

business of growing and manufacturing tea in India

4. If the answer to item 3 above is in the affirmative, please

indicate the profits of such business, computed under the

head ?Profits and gains of business or profession? before

making any deduction under section 33AB.

5. In case, separate accounts are not maintained or are not

available, please indicate -

(i) total sales or turnover of business of growing and

manufacturing tea;

(ii) total sales or turnover of assessee?s business com-

puted under the head ?Profits and gains of busi-

ness or profession? before making any deduction

under section 33AB; and

(iii) the proportionate profit of the business of grow-

ing and manufacturing tea.

6. The amount deposited before the expiry of six months from

the end of the previous year or before furnishing return of

income, whichever is earlier, with the National Bank in ac-

cordance with the Scheme, out of the income chargeable to

tax under the head ? Profits and gains of business or

profession?.[Please indicate the account number of the

branch of the concerned National Bank and the dates and

the amount of deposits.]

7. Withdrawals made from the account referred to in item 6

with the dates and amounts of withdrawals.

8. Purposes for which withdrawals referred to in item 7 were

made. [Please indicate whether it is for the purposes speci-

fied in the Scheme or it is in the circumstances specified in

section 33AB(3). In the case of the latter, indicate the spe-

cific circumstance.]

9. The amounts utilised out of the withdrawals referred to in

item 7 above with details regarding the purpose for which

and the dates on which the amounts were utilised.

10. Please indicate whether any amount has been utilised for

the purchase of any item referred to in section 33AB(4)

or has also been claimed as an allowance in computing

the income chargeable to tax under the head ?Profits and

gains of business or profession?.

11. The amounts withdrawn from the National Bank but not

utilised during the previous year for the purposes specified

in the Scheme.

12. Whether any assets acquired in accordance with the provi-

sions of the Scheme are sold or otherwise transferred dur-

ing the previous year. If the answer is in the affirmative,

please indicate separately in respect of each asset, the date

of acquisition, cost of acquisition date of sale or transfer,

consideration for sale or transfer and the name(s) of the

person(s) to whom the asset was sold or transferred.

13. The amount of deduction permissible in accordance with

the provisions of section 33AB.

?????????

*Signature

Notes :

1. ?National Bank? has the same meaning as that in clause (a) of the Explanation to section 33AB.

2 The ?Scheme? mentioned above refers to the Tea Development Account Scheme, 1990.

3. *This part of the report is to be signed by the person signing Part I or Part II of the report.

4. Please attach the profit and loss account/income and expenditure statement and the balance

sheet to this report. If separate accounts are maintained for business of growing and manufac-

turing tea, the profit and loss account/income and expenditure statement and balance sheet may

be attached separately for such business.

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