Why do I need to file Form 3AC?

Thus, it is essential to file Form 3AC to claim deductions under section 33AB (1) in relation to the business of tea or coffee, or rubber development. Form 3AC is an audit report of the accounts of business or profession of an assesse under sub-section (2) of section 33AB of the Act.

What happened to 3AC?

The Luna collapse had reverberated through the market and 3AC had taken a lot of heat coming off this. This report focuses on the events that led to the eventual demise of one of crypto’s leading firms and the lessons it has left.

What is rule 5AC?

Rule 5AC talks about the report of audit of accounts under Section 33AB (2). It states that the audit report of the accounts of the business or profession of an assesse must be furnished under sub–section (2) of section 33AB in the Form No. 3AC.

What are current assets in accounting?

In accounting, some assets are referred to as current. Current assets are short-term economic resources that are expected to be converted into cash or consumed within one year. Current assets include cash and cash equivalents, accounts receivable, inventory, and various prepaid expenses.