Master Note for Non-Corporate Entities (Form 3CB Context)

Master Note for Non-Corporate Entities (Form 3CB Context)

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Master Note for Non-Corporate Entities (Form 3CB Context)

Description

This document is a master note prepared to accompany the financial statements and auditor’s report of a non-corporate assessee (such as a partnership firm or sole proprietorship) in India. It is specifically structured to align with Section 44AB of the Income-tax Act, 1961, and is presented under a Special Purpose Framework (SPF).

The document includes:

  1. A preparer’s note explaining the basis of accounting used.

  2. A note for the auditor’s report, highlighting key audit observations and limitations.

It serves both a declarative and compliance-focused function, ensuring that users of the financial statements understand the nature and limitations of the financial reporting framework adopted.