CBDT has revised in the mid of tax season format of Tax Audit Report to be submitted in Form 3CD vide its Notification No. 33/2014, Dated: July 25, 2014. The revised report has added some new clauses to increase disclosure requirement and as well amended few clauses to further increase/improve disclosure requirements. Revised Tax Audit Report has mainly added additional reporting requirement on TDS payment and defaults.   Some of the clauses in New 3CD report Format which are either new or are different from old 3CD report are as follows :- 

4.    Whether the assessee is liable to pay indirect tax like excise duty, service tax, sales tax, customs duty,etc. if yes, please furnish the registration number or any other identification number allotted for the same.

8. Indicate the relevant clause of section 44AB under which the audit has been conducted.

17.  Where any land or building or both is transferred during the previous year for a consideration less than value adopted or assessed or assessable by any authority of a State Government referred to in section 43CA or 50C, please furnish:

Details of property Consideration received or accrued Value adopted or assessed or assessable

21(b).   Details required to be inserted whether tds paid after due date specified in section 200.

28.    Whether during the previous year the assessee has received any property, being share of a company not being a company in which the public are substantially interested, without consideration or for inadequate consideration as referred to in section 56(2)(viia), if yes, please furnish the details of the same.

29.    Whether during the previous year the assessee received any consideration for issue of shares which exceeds the fair market value of the shares as referred to in section 56(2)(viib), if yes, please furnish the details of the same.

32(c ). Whether the assessee has incurred any speculation loss referred to in section 73 during the previous year, If yes, please furnish the details of the same.

32(d). whether the assessee has incurred any loss referred to in section 73A in respect of any specified business during the previous year, if yes, please furnish details of the same.

32(e).  In case of a company, please state that whether the company is deemed to be carrying on a speculation business as referred in explanation to section 73, if yes, please furnish the details of speculation loss if any incurred during the previous year.

34    Details of TDS deducted to be filled in full and also interest as per section 201(1a) and 206C(7).  Also details of TDS returns to be given if filed late

39.    Whether any audit was conducted under section 72A of the Finance Act,1994 in relation to valuation of taxable services, Finance Act,1994 in relation to valuation of taxable services, if yes, give the details, if any, of disqualification or disagreement on any matter/item/value/quantity as may be reported/identified by the auditor.

41.    Please furnish the details of demand raised or refund issued during the previous year under any tax laws other than Income Tax Act, 1961 and Wealth tax Act, 1957 alongwith details of relevant proceedings.

(Compiled by Taxguru Team)

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  1. vsnmurty says:

    Dear Professionals,
    Professional fees is case based.There cannot be any bench marking.Let there be no public discussion on this.

  2. dev kumar kothari says:

    More information to be provided by tax auditor, more responsibility is cast upon him, so there should be substantial increase in real fees (taking into account increased work, and inflation).
    Professional Chartered Accountants need to be more united for properly rewarded and recognized.
    In case of CA in service, employers compete by way of head hunting, so salary of successful and competent CA goes up. In case of practioners CA practioners compete so the fees do not keep pace with inflation, seniority, and increased work.
    Aoid competition, Let CA’s be more united, to unearth the real worth.
    CA’s should also be more united to press genuine demands and in case of make agitations (say by pen down strike) so that difference of CA and advocates in matter like service tax is withdrawn by government.

  3. CA Deepak Soni says:

    The Govt has been imposing more and more responsibilities upon the professional without rely upon them.CBDT has generated culture of providing the officers ready made so that they have more time to discriminately harass the assessees because they do not have to discover the facts in case of the assessees and merely negatively use the information in the tax audit report.The tax audit report should be mandatorily binding upon the assessing officer and in the event of any disagreement he has to record the reasons and obtain the prior approval of the CIT.

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