General Note

A Chartered Accountancy Final Course Student should get the theoritical knowledge and practical knowlege of this Topic i.e. about Tax Audit Under Section 44AB of Income Tax Act, 1961. Student should take this concept as a project and should be complete on urgent basis so get the expert knowlege of every aspect of Tax Audit. This project will also help to complete the practical aspect of Tax Audit.

Institute of Chartered Accountants of India has also covered this concept in the Subject of Audit as well as Direct Taxation.

Self Study

 Tax Audit concept under Income Tax Act covered by main section 44AB of Income Tax Act. Tax Audit Report will be issued in the form no 3CA and Form No. 3CB and a statement of particulars should be furnished in the Form No. 3CD.

Form No. 3CD contain 41 cluase and to complete this form various section of Income Tax Act, 1961 should be comlied with or answer accordingly.

For example following important section of Income Tax Act, 1961 covered under this form. 

Section 44AB, 44AA, 44AD, 44AE, 40, 40A(3A), 43B, 32, 269SS, 269T and Chapter XVII-B AND XVII-BB. Hence student should get knowlege of all relevent section of Income Tax Act, 1961 so Project of Tax Audit can be completed.  Please visit on the following link of website of Income Tax Department and gain the knowlege of all section referred in form No. 3CD.

http://www.incometaxindia.gov.in/Pages/acts
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Group Study

To complete the assignment of tax audit under section, student should read and under stand the each section referred in tax  audit important from No. 3CD. For Example Section 44AB which contain the provision related to who is responsible to get the audit under section 44AB and who is competent  to conduct this type of Audit.

You can get the this type of knowledge to through group study. Your friends who wish to complete this project then you should start this project on same time and share the section who can read and share his knowlege among the your group.