Nowadays on Social Media a Revised Format of Form 3D is circulating which is applicable from 01.04.2017 and few raised the query that when the same was released as there is no recent notification on the same. In this respect we would like to brought to your notice that the from 3D as applicable from 01.04.2017 is not been released recently. Its been released by CBDT vide Notification No. 88/2016-Income Tax dated 29th September, 2016 and vide this notification following additional disclosures were required to be made in respect of Income Tax Computation Disclosure Standards (ICDS)
In clause 13 of D Report, for sub-clause (d), the following shall be substituted ,namely, —
“(d) Whether any adjustment is required to be made to the profits or loss for complying with the provisions of income computation and disclosure standards notified under section 145(2)
(e) If answer to (d) above is in the affirmative, give details of such adjustments:
| effect | increase in profit (Rs.) | Decrease in profit(Rs.) | Net (Rs.) | |
| ICDS I | Accounting Policies | |||
| ICDS II | Valuation of Inventories | |||
| ICDS III | Construction Contracts | |||
| ICDS IV | Revenue Recognition | |||
| ICDS V | Tangible Fixed Assets | |||
| ICDS VI | Changes in Foreign Exchange Rates | |||
| ICDS VII | Governments Grants | |||
| ICDS VIII | Securities | |||
| ICDS IX | Borrowing Costs | |||
| ICDS X | Provisions, Contingent Liabilities and Contingent Assets | |||
| Total |
(f) Disclosure as per ICDS:
| (i) | ICDS I-Accounting Policies |
| (ii) | ICDS II-Valuation of Inventories |
| (iii) | ICDS III-Construction Contracts |
| (iv) | ICDS IV-Revenue Recognition |
| (v) | ICDS V-Tangible Fixed Assets |
| (vi) | ICDS VII-Governments Grants |
| (vii) | ICDS IX Borrowing Costs |
| (viii ) | ICDS X-Provisions, Contingent Liabilities and Contingent Assets”. |
Download Revised format of Tax Audit Report in Form No. 3CD as applicable from A.Y. 2017-18
Author Bio
Sir,
Do we need to disclose anything in the Clause 13(f) even if the answer to the Clause 13(d) is negative?