Manoj Sethia, FCA, ACS, ACMA
Vide notification no. 33/2014 dated 25.07.2014, CBDT has made amendments in Form 3CD and the same have been made effective for Tax Audit for assessment year 2014-15.
Broadly, the changes have been made making Tax Audit Report (TAR) more comprehensive, informative and analytical. These changes also signal linking of Direct taxes with Indirect taxes, which may lead to re-organisation of both direct and indirect taxes relating to business towards Common Audit Report for both direct taxes and indirect taxes .
Major changes :
Some of the major changes are as under :
10. Information as to amounts of personal expenses, capital expenses, advertisement expenditure debited to P &L A/c has to be tabulated.
11. Details of speculation loss, deemed speculation loss has to be given in assertive manner.
12. More detailed information u/s 40,40A, 40A(3) and 40a(3A) has to be given.
13. Deemed Income u/s 56(2)(viia)/(viib) has to be reported with details.
14. Detailed information regarding TDS /TCS , return thereof and interest if any in that aspect and violation in that and disallowance due to non-deduction/delahas to be given.
15. Detailed information regarding Dividend Distribution tax has to be given.
Apart from that proper and more particulars are required to be provided regarding the person signing this report.
(Author may be contacted on Email- firstname.lastname@example.org)