Tax Audit Checklist | Clause 21(b) to 21(i) of Form 3CD Under the Income Tax Act, 1961
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- Last Updated on 22 September, 2024
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Tax audit plays a vital role in ensuring compliance with the provisions of the Income Tax Act, 1961, and reporting obligations. One of the essential components of the tax audit report is Form 3CD, which consists of various clauses to guide the auditor in their reporting duties. Among these, Clauses 21(b) to 21(i) of Form 3CD under the Income Tax Act, 1961 outlines the reporting of disallowed expenses under the Income Tax Act, focusing on non-compliant payments. This includes TDS non-deductions for payments to residents and non-residents, partner and member remuneration in firms and LLPs, and payments made through non-permissible modes. Auditors must report facts without opining on expense allowability, except where specified. The clause also addresses disallowed gratuity provisions, inadmissible employee welfare payments, and contingent liabilities, ensuring compliance and transparency in financial reporting.
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