form 3cd

Analysis of Form 3CA, Form 3CB and Form 3CD – Part 1

Income Tax - Article is first part of series of articles in which Author will Analyse Form 3CA, Form 3CB and Form 3CD related to Tax Audit under Income Tax Act, 1961- 1. Form  3CA – Audit Report under Section 44AB in a case where the accounts of the business or profession of a person have been audited […]...

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Contradiction between Dates in Form 3CD & dates for submission of Audit Reports

Income Tax - Clauses of Form 3CD which can’t be answered while submitting it by 30th November 2020 The Income Tax Act has been amended by the Finance Act 2020 and further amended by The Taxation And Other Laws (Relaxation And Amendment Of Certain Provisions) Act, 2020 to provide certain restrictions and/or relaxations in the existing provisions and ...

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Section 143(1) Notice for Arithmetical error – but none found

Income Tax - In case you received a notice u/s 143(1) saying there exist an arithmetical error in you Return probably stating that ‘In Schedule BP, Sl. No. D. Income chargeable under the head PGBP(A38+B43+C49) and the sum of amounts entered in A38+B43+C49 are inconsistent‘, you must have tried adding those figures again to just to find tha...

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Tax Audit – New clauses inserted in form 3CD wef 01.10.2020

Income Tax - Tax Audit -New clauses inserted by Income Tax (22nd Amendment) Rules 2020 in form 3CD with effect from 01st October 2020 1. As per the Notification No. 82/2020/F. No. 370142/30/2020-TPL dated 1st October 2020 (Notification) issued by the Central Board of Direct Taxes (CBDT), the Income Tax (22nd Amendment) Rules 2020 have been notified ef...

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How to fill ITR 3 from Tax Audit Report – An Analysis

Income Tax - In case of assessee who has to obtained and upload Audit Report under section 44AB of the Income Tax Act, 1961 has to file income Tax Return for the same previous year. As there are some information or data which are same in Income Tax Return and in Tax Audit Report. So assessee has to […]...

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Revised Form 3CD Schema released after 21 days of Applicability

Income Tax - Form 3CD revised wef 01.10.2020 vide Notification No. 82/2020-Income Tax Dated: 1st October, 2020 but Schema for the same changed on 22.10.2020. Now the Question arises here is what is the status of Tax Audit Report Submitted on or after 01.10.2020 until the release of New Schema. Are they invalid Tax Audit Reports & Who […]...

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Guide to new Tax Audit Report Clauses WEF 20.08.2018

Income Tax -  Implementation Guide w.r.t. Notification No. 33/2018 dated 20.07.2018 effective from 20.08.2018 – (23-08-2018) The Central Board of Direct Taxes, vide Notification No. 33/2018/F No. 370142/9/2018-TPL dated 20th July 2018, notified amendments to Form No. 3CD enhancing substantially the reporting requirements and the role of tax aud...

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ICAI represents on Revised Form 3CD – Demands Deferment of Revised 3CD

Income Tax - ICAI vide its representation suggested CBDT to that changes made in Form No. 3CD be implemented from AY 2019-20 for smooth implementation and compliance. It is further suggested that the new clauses may be reconsidered and appropriately modified preferably after due consultation with the stakeholders....

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Tax Audit Date Extended?- Fake Order doing rounds

Income Tax - 10 Reasons, why you cannot rely on order dated 26.09.2015 which says that due date for Income Tax Return been extended to 15th October 2015.1. We confirmed with CBDT officials and they denied issue of any such Notifications. 2. We checked the official Websites of Income Tax, Government of India and Finance ministry and have not found any ...

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HC stays Levy of Interest U/s. 234A on I-T returns filed till extended due date of 30.11.2014

Income Tax - The Madras high court has granted an interim stay on imposing interest under section 234A of the Income Tax Act,1961 on taxpayers who are required to file their income tax (I-T) returns by the extended due date of November 30. The CBDT had issued the notification no. F.No.153/53/2014-TPL (Pt.I) dated 26.09.2014  extending the due date [&...

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Penalty cannot be levied for mere filing of Form No. 3CB instead of Form 3CA

M/s. PMC Rubber Chemicals India Pvt. Ltd. Vs ACIT (ITAT Kolkata) - M/s. PMC Rubber Chemicals India Pvt. Ltd. Vs ACIT (ITAT Kolkata) We note that the assessee has filed form no. 3CD and 3CB and the same has not been disputed therefore the tax audit report was on record and hence the penalty should not be levied. However the Assessing Officer disputed that instead of...

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Loss from a Business Activity cannot be disallowed for mere non mention of that Activity in Form 3CD

ACIT Vs Sh. Amarjeet Singh Sethi (ITAT Delhi) - We have heard rival submission and perused the material on record. It is not disputed that the assessee had started the business of trading in shares from A.Y. 2007-08. For A.Y. 2007-08, assessee had earned profit of Rs.7,73,143/- which has been declared as “business income”...

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Download Gujarat HC Judgment on Extension of ITR Due Date

All Gujarat Federation of Tax Consultants Vs CBDT (Gujarat High Court) - CBDT is directed to modify the notification dated 20th August, 2014 issued in exercise of powers under section 119 of the Act by extending the due date for furnishing the return of income to 30th November, 2014....

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CBDT amends Form 3CD, Form No 3CEB, ITR6, & Inserted New Forms & Rules

Notification No. 82/2020-Income Tax [G.S.R. 610(E)] - (01/10/2020) - Amendment of the Income-tax Rules, 1962 to prescribe manner relating to option under section 115BAC and 115BAD, and that of determination of depreciation under section 115BAA to 115BAD, of the Income-tax Act, 1961 CBDT vide Notification No. 82/2020-Income Tax notifies changes in Form 3CD, Form No 3C...

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CBDT defers furnishing of GST & GAAR details in Form 3D till 31.03.2020

Circular No. 09/2019-Income Tax - (14/05/2019) - Reporting requirements under clause 30C (pertaining to General Anti-Avoidance Rules (GAAR)) and clause 44 (pertaining to Goods and Services Tax (GST) compliance) of the Form No. 3CD is been kept in abeyance till 31st March, 2020. Circular No. 09/2019-Income Tax F. No. 370142/9/2018-TPL Government of...

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No need to report clause 30C (GAAR) & 44 (GST) of Revised 3CD Report till 31.03.2019

Circular No. 6/2018-Income Tax - (17/08/2018) - Representations have been received by the Board that the implementation of reporting requirements under the proposed clause 30C (pertaining to General Anti-Avoidance Rules (GAAR)) and proposed clause 44 (pertaining to Goods and Services Tax (GST) compliance) of the Form No. 3CD may be deferred....

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CBDT Amends Format of Form No. 3CD wef 20th August, 2018

Notification No. 33/2018-Income Tax [G.S.R. 666(E)] - (20/07/2018) - CBDT has vide Notification No. 33/2018, Dated: July 20, 2018 Amended Income Tax Audit Form No. 3CD with effect from 20th August, 2018 to incorporate further reporting requirement related to Goods and Service Tax (GST) , Transfer pricing, Statement of Financial Transactions, Section 32AD, Income from...

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CBDT relaxes PAN requirement for Section 269T reporting in 3CD

Notification No. 60/2017-Income Tax [G.S.R. 841(E)] - (06/07/2017) - G.S.R. 841(E).—In the notification of the Government of India, Ministry of Finance, Department of Revenue (Central Board of Direct Taxes), number 58/2017, dated the 3rd July, 2017, published vide number G.S.R. 821(E) dated the 3rd July, 2017, in the Gazette of India, Extraordinary, Part II, Sectio...

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Recent Posts in "form 3cd"

Analysis of Form 3CA, Form 3CB and Form 3CD – Part 1

Article is first part of series of articles in which Author will Analyse Form 3CA, Form 3CB and Form 3CD related to Tax Audit under Income Tax Act, 1961- 1. Form  3CA – Audit Report under Section 44AB in a case where the accounts of the business or profession of a person have been audited […]...

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Posted Under: Income Tax |

Contradiction between Dates in Form 3CD & dates for submission of Audit Reports

Clauses of Form 3CD which can’t be answered while submitting it by 30th November 2020 The Income Tax Act has been amended by the Finance Act 2020 and further amended by The Taxation And Other Laws (Relaxation And Amendment Of Certain Provisions) Act, 2020 to provide certain restrictions and/or relaxations in the existing provisions and ...

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Revised Form 3CD Schema released after 21 days of Applicability

Form 3CD revised wef 01.10.2020 vide Notification No. 82/2020-Income Tax Dated: 1st October, 2020 but Schema for the same changed on 22.10.2020. Now the Question arises here is what is the status of Tax Audit Report Submitted on or after 01.10.2020 until the release of New Schema. Are they invalid Tax Audit Reports & Who […]...

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Posted Under: Income Tax | ,

Section 143(1) Notice for Arithmetical error – but none found

In case you received a notice u/s 143(1) saying there exist an arithmetical error in you Return probably stating that ‘In Schedule BP, Sl. No. D. Income chargeable under the head PGBP(A38+B43+C49) and the sum of amounts entered in A38+B43+C49 are inconsistent‘, you must have tried adding those figures again to just to find tha...

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Posted Under: Income Tax |

Tax Audit – New clauses inserted in form 3CD wef 01.10.2020

Tax Audit -New clauses inserted by Income Tax (22nd Amendment) Rules 2020 in form 3CD with effect from 01st October 2020 1. As per the Notification No. 82/2020/F. No. 370142/30/2020-TPL dated 1st October 2020 (Notification) issued by the Central Board of Direct Taxes (CBDT), the Income Tax (22nd Amendment) Rules 2020 have been notified ef...

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Posted Under: Income Tax |

How to fill ITR 3 from Tax Audit Report – An Analysis

In case of assessee who has to obtained and upload Audit Report under section 44AB of the Income Tax Act, 1961 has to file income Tax Return for the same previous year. As there are some information or data which are same in Income Tax Return and in Tax Audit Report. So assessee has to […]...

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Posted Under: Income Tax |

Amended Form 3CD for Assessment Year 2020-21

Form No. 3D for Assessment Year 2020-21 i.e. Financial Year 2019-20 is amended by CBDT vide Notification No. 82/2020-Income Tax/G.S.R. 610(E) dated 01st October 2020. We have compiled the same based on changes made on 01.10.2020 and reproduced the same below- ”FORM NO. 3CD” [See rule 6G(2)] Statement of particulars required to be furn...

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Posted Under: Income Tax |

CBDT amends Form 3CD, Form No 3CEB, ITR6, & Inserted New Forms & Rules

Notification No. 82/2020-Income Tax [G.S.R. 610(E)] (01/10/2020)

Amendment of the Income-tax Rules, 1962 to prescribe manner relating to option under section 115BAC and 115BAD, and that of determination of depreciation under section 115BAA to 115BAD, of the Income-tax Act, 1961 CBDT vide Notification No. 82/2020-Income Tax notifies changes in Form 3CD, Form No 3CEB and ITR6. It amended Rule 5 of Income...

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Issues in Tax Audit – Difference in ITC in GSTR 2A & GSTR 3B

Certain persons are required to get his books of account audited as per Section 44AB of the Income Tax Act, 1961. The applicability of this audit is mentioned in this section. While conducting audit under section 44AB of the said Act, Auditor has to report certain facts which are required by said Act in Form […]...

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General Errors noticed in Reporting in Form 3CD

General Errors noticed in Reporting in Form 3CD -Section-44AB of Income Tax Act 1961 (TAX AUDIT U/S-44AB of Income Tax Act 1961) ♦ Legislation for A/Y 2020-21 U/s-44AB -Business:-Sales etc > Rs.1 Cr/5 Cr. -Profession:-Gross Receipt etc > Rs.50 Lacs -Business:- U/s-44AE/BB/BBB, Income<Deemed Profit -Profession:- U/s-44ADA, Incom...

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Posted Under: Income Tax |

Income Tax audit under section 44AB​: FAQs

​Articles deals with Income Tax Audit Provisions in India. It explains What is tax audit, objective of tax audit, who is compulsorily required to get his accounts audited, What are Form Nos. 3CA/3CB and 3CD, Due Date for Tax Audit, penalty for not getting the accounts audited as required by section 44AB....

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Consequences of Non Filing of ITR

CBDT has vide its order dated 20.08.2014 extended the due date for e-filing of Tax Audit Report to 30.11.2014 for A.Y. 2014-15. The order has nowhere mentioned about the due date for e-filing of Income tax Return (ITR). It seems due date for filing of ITR are been kept same. If the Assessee who are covered under tax audit provisions but n...

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Posted Under: Income Tax |

TDS Compliance In Tax Audit Report

Where profits & gains of person from business are taxable on estimated basis u/s. 44AD, 44AE, 44BB or 44BBB & such person claims his income to be lower than profits & gains so estimated. 44AD: option to be assessed on presumptive basis, so long as the sales, turnover or gross receipts from an eligible business do not exceed Rs. 2 Crores....

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Inconsistency between Section 44AB and Form 3CD Audit Report Utility

This article wishes to bring to the notice of the concerned authorities a major inconsistency that exist between the provisions of section 44 AB and the Audit Report Utility available in the Income Tax E filing website....

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Penalty cannot be levied for mere filing of Form No. 3CB instead of Form 3CA

M/s. PMC Rubber Chemicals India Pvt. Ltd. Vs ACIT (ITAT Kolkata)

M/s. PMC Rubber Chemicals India Pvt. Ltd. Vs ACIT (ITAT Kolkata) We note that the assessee has filed form no. 3CD and 3CB and the same has not been disputed therefore the tax audit report was on record and hence the penalty should not be levied. However the Assessing Officer disputed that instead of form […]...

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CBDT defers furnishing of GST & GAAR details in Form 3D till 31.03.2020

Circular No. 09/2019-Income Tax (14/05/2019)

Reporting requirements under clause 30C (pertaining to General Anti-Avoidance Rules (GAAR)) and clause 44 (pertaining to Goods and Services Tax (GST) compliance) of the Form No. 3CD is been kept in abeyance till 31st March, 2020. Circular No. 09/2019-Income Tax F. No. 370142/9/2018-TPL Government of India Ministry of Finance Department of...

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FAQs – E-Filing Audit Report

After writing few articles of the intricacies of the E-filing of Tax audit report we are receiving regular queries from various fellow professionals , out of which we have selected some of the common questions which are being answered here for the benefit of other readers and fellow professions....

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Revised Tax Audit Report Form 3CD | A.Y. 2018-19 | Excel format | Clause wise changes

Tax Audit Report Form 3CA & Form 3CD in Excel format, along with the clause wise changes mentioned against each clause number as amended by Income Tax Notification No. 33/2018-Income Tax dated 20/07/2018 and Circular No. 6/2018 dated 17/08/2018....

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Tax Audit- Clause 26, Section 43B Most Important

All about Clause 26 of Form 3cd. 1. What does Clause 26 says:- In respect of any sum referred to in clause (a), (b), (c), (d), (e) or (f) of section 43B, the liability for which:- (A) Pre-existed on the first day of the previous year but was not allowed in the assessment of any […]...

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Guide to new Tax Audit Report Clauses WEF 20.08.2018

 Implementation Guide w.r.t. Notification No. 33/2018 dated 20.07.2018 effective from 20.08.2018 – (23-08-2018) The Central Board of Direct Taxes, vide Notification No. 33/2018/F No. 370142/9/2018-TPL dated 20th July 2018, notified amendments to Form No. 3CD enhancing substantially the reporting requirements and the role of tax aud...

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Representation on Revised Tax Audit Report in Form 3CD for AY 2018-19

It is submitted that Since Form 3CD (an annexure to Form 3CA) is merely verified by the tax auditor, it cannot be continually amended so as to stretch the role of the tax audit professional to that of an investigator who passes value judgments on matters like impermissible avoidance arrangements and income chargeable to tax under section ...

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Discussion on Deferment of Clause 30C and 44 of Tax Audit Report

Discussion on Circular No. 6/2018 on Tax Audit Report for deferment of Clause 30C and 44 CBDT have issued a circular no. 6/2018 dated 17 August 2018 in relation to the Tax Audit Report to be furnished under section 44AB of the Income Tax Act, 1961 (‘the Act’) read with Rule 6G of the Income […]...

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No need to report clause 30C (GAAR) & 44 (GST) of Revised 3CD Report till 31.03.2019

Circular No. 6/2018-Income Tax (17/08/2018)

Representations have been received by the Board that the implementation of reporting requirements under the proposed clause 30C (pertaining to General Anti-Avoidance Rules (GAAR)) and proposed clause 44 (pertaining to Goods and Services Tax (GST) compliance) of the Form No. 3CD may be deferred....

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GST Clauses In The 3CD Form – Few Thoughts

Clause 4 deals with the factual information regarding the GSTIN, if the assessee is registered. Since Income Tax is PAN based (i.e. entity level) whereas GSTIN is at State level or business-vertical level, all the GSTIN’s which are obtained under a single PAN during FY 2017-18 are required to be mentioned in the report. As an example, e...

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Tax Audits and e-filing of Report

As per section 44AB of the Income tax act, certain persons are required to get their accounts audited till 30th September by the CA and furnish a report of such audit in the prescribed form duly verified and signed by the CA. ...

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ICAI represents on Revised Form 3CD – Demands Deferment of Revised 3CD

ICAI vide its representation suggested CBDT to that changes made in Form No. 3CD be implemented from AY 2019-20 for smooth implementation and compliance. It is further suggested that the new clauses may be reconsidered and appropriately modified preferably after due consultation with the stakeholders....

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Inapt amendments in Tax Audit Report for AY 2018-19

Chartered Accountants Association, Surat has made a representation on recent Inapt amendments in Income Tax Audit Report / From CD for AY 2018-19 vide CBDT Notification No. 33/2018 dated 20th July 2018 which are to come into effect from 20th August 2018. It highlighted following points- 1. Timely Availability of Forms and Utilities 2. Imp...

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Analysis of Amendments In Form 3CD Pertaining To GST

In this article we will discuss the clauses pertaining to the GST in the revised FORM 3CD as amended vide CBDT Notification No. 33/2018 dated 20.07.2018. ...

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Complete Analysis on Tax Audit for Financial Year 17-18 i.e. AY 18-19

As soon as  due date of filing tax audit is coming near, assessee and tax auditor are making effort to comply the tax audit provision....

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Form 3CB Reporting on GAAR

The Revised 3CD Form has introduced additional reporting in view of the applicability of the Special Provisions Relating To Avoidance Of Tax Chapter: X And General Anti-Avoidance Rule Chapter: X-A. The new reporting requirements are contained in Clauses...

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Revised Form 3CD in Excel fromat for A.Y. 2018-19

Form 3CD reflecting effect of changes/revision made by CBDT  by Income Tax (8th Amendment Rules, 2018 (Changes in Form 3CD): CBDT Notification No. 33/2018 Dt. 20th July, 2018 expanding scope of reporting/ verification requirements relating to GST, SFT, Cash Transactions, Transfer Pricing, etc., applicable w.e.f. 20 Aug. 2018, for FY 2017...

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Analysis of amendments in Form 3CD Tax Audit Report

Analysis of the amendments made in Form 3CD by Notification No. 33/2018-Income Tax dated 20 July 2018 w.e.f. 20th August 2018. As effective date of amended Tax Audit Report From 3CD is 20th August 2018. Hence, it appears that Tax Audit Reports in From 3CD furnished prior to 20 August 2018 need not include enhanced […]...

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Revised Form No. 3CD Tax Audit Report

Author has compiled Tax Audit Report form 3CD after considering the changes vide Notification No. 33/2018 for ready reference of our readers....

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Posted Under: Income Tax |

Key Amendments to Form no. 3CD effective from 20 August 2018

CBDT vide Notification No. 33/2018 amends Form no. 3CD in respect of tax audit under section 44AB. The new reporting requirements, especially with reference to secondary adjustment, limitation on interest deduction, GAAR, Country-by-country Report, etc. are onerous and obligatory on the taxpayers and chartered accountants. Introduction: T...

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Tax Audit Report Form 3CD- Amendments & Detailed Analysis

Tax Audit Report (Form 3CD) AY 2018-19 – Amendments and Detailed Analysis In order to get various amendments made to Income-tax Act, 1961 and other laws (indirect taxes) within the format of tax audit report (TAR), the Central Board of Direct Taxes (CBDT) issued notification No. 33/2018  on 20 July 2018 amending the report format [...

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Tax Audit Report Form 3CD- Recent Changes- Exhaustive Analysis

There are 6 amendments in existing clauses of form 3CD Income Tax Audit Report and 9 different new insertions/ additional clauses for disclosure purposes....

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Tax Audit – Section 44AB – Applicability, Due Date, Forms & Penalty

A person covered u/s 44AD is required to get his books of account compulsorily audited u/s 44AB if such person claims that the profits and gains from the business are lower than the profits and gains computed in accordance with the provisions of section 44AD(1) and if his income exceeds the maximum amount which is not changeable to tax(i....

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Form 3CD Revised – Tax Audit Report- Summary of Amendments

CBDT has revised Tax Audit Form 3CD Revised vide Notification 33/2018 dated 20.07.2018 (effective from 20.08.2018) by which it has made  6 Amendments and  9 Insertions  in Tax Audit Report Form 3CD. Read here at a glance…!! Summary of Amendments: 1. 4 – GSTIN to be mentioned. 2. 19 – Allowance under Section 32AD is [&...

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CBDT Amends Format of Form No. 3CD wef 20th August, 2018

Notification No. 33/2018-Income Tax [G.S.R. 666(E)] (20/07/2018)

CBDT has vide Notification No. 33/2018, Dated: July 20, 2018 Amended Income Tax Audit Form No. 3CD with effect from 20th August, 2018 to incorporate further reporting requirement related to Goods and Service Tax (GST) , Transfer pricing, Statement of Financial Transactions, Section 32AD, Income from other sources as referred to in clause ...

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A comprehensive analysis of ICDS u/s 145 & Reporting in Form 3CD

This Article contains a detailed analysis of ICDS notified u/s 145 of Income-tax Act, 1961 alongwith Suggested Reporting in Form 3CD. The Article is extremely relevant for Tax Audits....

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Adjustments as required under ICDS – Clause 13 (e) of Form 3CD

Adjustments under ICDS will mean additions to arrive at total income in beginning and in later years same additions will have to be deducted in computation of Total income. The adjustments thus are in the nature of only timing difference - advancing the revenue collection - But Tax neutral in the long run. Disclosure with respect to ICDS ...

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ICDS Master Disclosures – Clause 13 (f) of Form 3CD

a. Inventories are valued at lower of Cost and Net Realizable Value. The cost has been measured at FIFO / Weighted average basis and includes cost of purchase, cost of services, cost of conversation and other costs incurred in bringing them into their present location and condition. Also refer clause 14 (b) to Form 3CD...

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Revised Form 3CD for A.Y. 2017-18 in Excel format with Annexures

Are you worried about the recent changes in Tax Audit Report and disclosure requirements as per ICDS for Assessment Year 2017-18 in Form 3CD? No problem! I ve put together in this attached excel sheet all 41 clauses along with necessary enclosure of Form 3CD after considering...

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Download Revised Form 3CD in Excel Format for A.Y. 2017-18

Form 3CD reflecting effect of adjustments and disclosures on account of ICDS notified u/s 145(2) and more details of loan/deposits/advances u/s 269SS, 269T vide Notification No. 88/2016-Income Tax dated 29th September, 2016 and Notification No. 58/2017 dated 3rd July, 2017 and Notification No. 60/2017 dated 6th July, 2017....

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Changes in Tax Audit Report – Form 3CD (AY 2017-18)

I. Changes in Tax Audit Report – Form 3CD for AY 2017-18 relating to ICDS Reporting Adjustments CBDT Notification No.88/2016 dt. 29 Sept. 2016 – ICDS Rules 2016 The CBDT has amended/ revised Form 3CD, applicable from AY 2017-18 (i.e. corresponding to Financial/ Previous Year 2016-17) to facilitate changes relating to ICDS Reportin...

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Changes made in Form 3CD

As you may be kindly aware that the due date for filing the tax audit report in Form No 3CA/3CB/3CD is 30th September, 2017 for AY 2017-18. In this regard, we wish to inform the members that CBDT has made the following amendments in Form No. 3CD:...

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CBDT relaxes PAN requirement for Section 269T reporting in 3CD

Notification No. 60/2017-Income Tax [G.S.R. 841(E)] (06/07/2017)

G.S.R. 841(E).—In the notification of the Government of India, Ministry of Finance, Department of Revenue (Central Board of Direct Taxes), number 58/2017, dated the 3rd July, 2017, published vide number G.S.R. 821(E) dated the 3rd July, 2017, in the Gazette of India, Extraordinary, Part II, Section 3, Sub- section (i), at page 4...

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CBDT amends form 3CD to revise reporting U/s. 269SS & 269T

Notification No. 58/2017-Income Tax [G.S.R. 821(E)] (03/07/2017)

In the Income-tax Rules, 1962, in Appendix II, in Form No. 3CD, for serial number 31 and the entries relating thereto the following shall be substituted, namely: 31. (a) Particulars of each loan or deposit in an amount exceeding the limit specified in section 269SS taken or accepted during the previous year :‑...

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Revised Form No. 3CD Tax Audit Report as applicable from 01.04.2017

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 […]...

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CBDT amends format of 3CD Report wef 01.04.2017

Notification No. 88/2016-Income Tax (29/09/2016)

In the Income-tax Rules, 1962, in Appendix II , in Form No. 3CD, in Part-B, in clause 13, 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)...

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Tax Audit Date Extended?- Fake Order doing rounds

10 Reasons, why you cannot rely on order dated 26.09.2015 which says that due date for Income Tax Return been extended to 15th October 2015.1. We confirmed with CBDT officials and they denied issue of any such Notifications. 2. We checked the official Websites of Income Tax, Government of India and Finance ministry and have not found any ...

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Posted Under: Income Tax |

Non Extension of Date of Tax Audits & Company Audits – Adamant Views of FM & CBDT

1. DUE DATES OF FILING OF ITR AND TAX AUDIT REPORTS We all know that the due date of filing of the returns and audit reports are as follows- 31st July – filing of return of income for the people other than whom tax audit under income tax act applies and companies. 30th September – filing of tax audit report, Income tax return of the p...

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TAR Due Date- Request to FM to take note of CBDT wrong doing

I would like to attract your attention for seeking extension of the Tax Audit date of 30th September 2015 as it is totally unjustified to look towards the fraternity of Chartered Accountants to complete their job within 23 days against statutory availability of 180 days. ...

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Tax Audit Puzzles- Arbitrary Limit & CAG Report

The Comptroller and Auditor General Report no. 32 of 2014 has taken the list of Chartered Accountants who have signed tax Audit cases under Income tax Act of more than 400 during FY 2012-13 and there are 22 people in the list....

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HC stays Levy of Interest U/s. 234A on I-T returns filed till extended due date of 30.11.2014

The Madras high court has granted an interim stay on imposing interest under section 234A of the Income Tax Act,1961 on taxpayers who are required to file their income tax (I-T) returns by the extended due date of November 30. The CBDT had issued the notification no. F.No.153/53/2014-TPL (Pt.I) dated 26.09.2014  extending the due date [&...

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Posted Under: Income Tax |

Loss from a Business Activity cannot be disallowed for mere non mention of that Activity in Form 3CD

ACIT Vs Sh. Amarjeet Singh Sethi (ITAT Delhi)

We have heard rival submission and perused the material on record. It is not disputed that the assessee had started the business of trading in shares from A.Y. 2007-08. For A.Y. 2007-08, assessee had earned profit of Rs.7,73,143/- which has been declared as “business income”...

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Extension Of Due Date of ITR- A Talk with CA Rajni Shah – Gujarat HC Petitioner

The first base of the extension of due date as mentioned by CBDT is the verdict of Gujarat High court and today we have with us , the Gujarat petitioner CA RAJNI SHAH from Ahemdabad , Let us have a talk with him :-...

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Posted Under: Income Tax |

The Force behind ITR Date Extension – Interview of CA Shiv Khatry

The basis of the extension of date by CBDT was verdict of Gujarat High court and we have talked with the petitioner of Gujarat High court CA RAJNI SHAH and in his talk he mentioned the role of WhatsApp Group ‘MISSION TAR DEFERMENT 2014’....

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CBDT extends return of Income / ITR Due date to 30.11.2014

F.No.153/53/2014-TPL (Pt.I) (26/09/2014)

In compliance to the judgments of various High Courts and after considering the representations received for extension of the due date, the Board, in exercise of its power conferred by section 119 of the Act, has extended the 'due-date' for furnishing return of income from 30th September, 2014 to 30th November, 2014 for the Assessment Yea...

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Download Gujarat HC Judgment on Extension of ITR Due Date

All Gujarat Federation of Tax Consultants Vs CBDT (Gujarat High Court)

CBDT is directed to modify the notification dated 20th August, 2014 issued in exercise of powers under section 119 of the Act by extending the due date for furnishing the return of income to 30th November, 2014....

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Status of ITR Due Date extension cases Pending before Various HCs

CA Sandeep Kanoi Status Updated Till 26.09.2014 (7.00 AM) Chartered Accountants and Trade Associations around the country has filed Public Interest Litigation (PIL) before various high courts  for extension of Due date of ITR in line with Tax Audit Report Due date for A.Y. 2014-15. We are giving below the daily status PILs filed before ...

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Bombay HC ask CBDT to Consider Extension of ITR due Date to 30.11.2014

Following the Footsteps of other High Courts Bombay High Court today held in the case of ‘The Chamber of Tax Consultants & Others Vs. Union of India (Bombay High Court), WRIT PETITION (L) NO.2492 OF 2014’ that CBDT should consider the representation of the of the Chamber of Tax Consultants on or  before 30th Sept...

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Madras HC suggests CBDT to extend due date of ITR to 30.11.2014

CA Sandeep Kanoi After Gujarat and Andhra High Court, Madras High Court too directs CBDT to extend due date of Filing Income Tax Return for A.Y. 2014-15 in Tax Audit cases to 30.11.2014. in respect of writ application filed by All India Federation of Tax Practitioners, G Baskar, an advocate and CNGSN & Associates, a […]...

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7 Reason why Tax Audit Report needs revision

Seven reasons why extension of date of filing Tax Audit Report is not sufficient and the new format needs revision: 1. New clause 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 ...

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AP High Court to CBDT – Consider extension of Due date of ITR

 In the High Court at Hyderabad for the States of Telangana and Andhra Pradesh, AIFTP –South Zone represented by Vice President for the State of Telangana and Vice President –Andhra Pradesh have filed two Writ Petition Nos. 28159 & 28672 of 2014 questioning the notification issued by the Central Board for Direct  Taxes on 20-08-...

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Gujarat HC directs CBDT to extend due date of ITR Filing to 30.11.2014

CA Sandeep Kanoi CBDT has vide Notification No. 33/2014 dated 25/07/2014 Introduced mid year changes in Tax Audit Report format in form 3CD with lots of changes and additional reporting requirement. CBDT made the revised format applicable wef 25.07.2014 i.e. the date from which the new form been notified.  Utility for revised Tax Audit r...

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Bureaucracy – A Real Hurdle for Development of Country

To, Hon’ble Chief Justice of India Supreme Court of India Subject: Bureaucracy in India – A Real Hurdle for Development of Country Respected Sir, “Minimum government, maximum governance” – is it fact or fantasy? Government has merged key ministries in an apparent attempt to bring in more synergy in governance and make decision m...

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Non Extension of Income Tax Return due date by CBDT

The central Board of Direct taxes has extended the date of obtaining and furnishing the Tax audit report to 30/11/2014 though the Date of filing of Income tax returns is still 30/09/2014 and it is very unfortunate situation troubling the whole trade and Industry which is a very big part of the total tax paying fraternity. ...

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Non Extension of Due Date of ITR – Tax Terrorisam Continues

the FM may not have been able to appreciate the views of the tax payer who funds the country and listened only to the bureaucrats who continue to empower themselves with more weapons of extortion and threat. Hope that in the committee which would look at tax reforms, the professionals of ...

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ICAI – Extend due date of filing ITR along with date of furnishing audit report

Representation made by ICAI – seeking extension of due date of filing return of income along with the date of furnishing audit report. – (18-09-2014) ICAI has, through, a representation dated 15.09.2014 brought to the attention of Chairman, CBDT the concerns of the taxpayers on account of non extension of due date of filing re...

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Extend ITR due date ; Release Audit Forms & ITR before 1st April every year – ICAI to CBDT

In the interest of the nation as a whole we suggest and request that: a) the due date of filing return of income under section 139(1) for assessees mentioned under clause (a) of Explanation 2 to section 139 (1) be extended in line with the extension granted for submission of tax audit report under section 44AB of the Act. b) Sin...

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Presentation on Revised Tax Audit 3CD Forms

It contains the followings 1. Changes in Form 3CD as per the revised circular; 2. Details of the Notifications issued by the Department 3. Screen Shots of the Items required to be filled up in Form 3CD; and 4. Comparative Changes in respect of Form 3CD with earlier versions....

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ICAI releases Guidance Note on tax Audit – Edition 2014

Guidance Note on tax Audit u/s 44AB of the Income-Tax Act, 1961 – Edition 2014 Apex Body of Chartered Accountants in India i.e. Institute of Chartered Accountants of India (ICAI) has Finally released Guidance Note on tax Audit u/s 44AB of the Income-Tax Act, 1961 – Edition 2014 on its website http://icai.org/ ....

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Interview with Tax Audit Report Petitioners

CA Suhdir Halakhandi - The Mid-year introduction of New formats of Tax audit reports and further extension of date of Tax audit report without extending the date of filing of return has created a lot of controversy and in this respect two writ petitions have been filed in Hon. Delhi high court and Hon. Gujarat High Court by CA Mahesh Kuma...

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CA Community Files PIL against Revised Tax Audit report in Delhi & Other HCs

CBDT has vide notification no. 33/2014 dated 25.07.2014 revised the format of  Tax Audit Report to be furnished under section 44AB of the Income tax Act with effect from 25.07.2014 and vide  Order No.F.No.133/24/2014- Dated 20.08.2014  extended the due date of filing Tax Audit Report (TAR) to 30.11.2014 but kept the the due date of [&h...

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Completing Income Tax Return without Completing Tax Audit Report

The extension of date for obtaining and submitting the Tax Audit Report till 30th November 2014 for the Assessment Year 2014-15 without extending the due date to file the Return of Income has created many concerns in the minds of Chartered Accountants....

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क्या अब कर कानूनों के सरलीकरण का युग समाप्त हो चुका है

कर कानूनों में सरलीकरण का वादा कम से कम दो दशक पूर्व किया गया था जिसे प्रत्येक सरकार एवं वित्त मंत्री ने बार –बार दोहराया है और प्र...

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ICAI Happy with Tax Audit Report Due date extension without extension of ITR Due Date

 CA Sandeep Kanoi ICAI President CA. K. Raghu has shown Happiness over extension of Tax Audit Report Due Date  in his Messages to its member dated 22.08.2014.  In his Message Mr. CA. k. Raghu has failed to take into account the anguish of fellow members over extension of Tax Audit Report Due date without extension […]...

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Return Cannot Be Treated As Defective If Tax Audit Report Not Attached

We know that a good deal of discussion is going on as to whether the date of ITR is also extended, whether it is mandatory to attach the copy of the tax audit report with the return and whether the return will be defective if no tax audit report is attached to the ITR....

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Tax Audit Report due date – Things to keep in mind

टैक्स ऑडिट की अंतिम तिथी 30/11/2014 कर दी गई है लेकिन आयकर रिटर्न की अंतिम तिथी अभी भी 30/09/2014 ही है एवं यह एक दुर्भाग्यपूर्ण स्तिथी है . दिनां...

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Extension by CBDT of TAR – Are you satisfied with it?

C.P. Chugh Dear All True but of no use. What we got is a big BABA JI KA TULLU (in the words of Kapil Sharma, standup comedian) CBDT circulars/notifications are often over riding the basic of law.  Law makers have thoughtfully provided sufficient time to furnish return, obtain and furnish TAR and keeping in mind […]...

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Does the Date of Filing of ITR really Extended?

CA Rekha Dhamankar We all know that the CBDT unexpectedly changed the formats of the tax audit report U/S 44AB of Income-tax Act by its Notification No.33 dated 25/07/2014 and to everyone’s surprise these new formats were made applicable from Financial Year 2013-14, for which the date of filing tax audit reports is 30/09/2014. Few ques...

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Power of CBDT to Extend due date of Tax Audit Report, without ITR Due Date extension?

Whether CBDT have any power to extend due date Under section 44AB of the Income Tax Act,1961 without extending due date for filing return of income u/s 139(1)? ...

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Comparative analysis of Revised Tax Audit Report

We are attaching detailed comparative analysis of Revised Tax Audit Report in the excel format with updated table formats as per the schema of the Forms 3CA/3CB-3CD on the Income Tax website. The file also contains the Screenshots of the updated schema for the clauses where the changes in table formats took place....

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Tax Audit Report – CBDT – Please Extend Date of Filing of ITR

CA Sudhir Halakhandi The central Board of Direct taxes has extended the date of obtaining and furnishing the Tax Audit report u/s 44AB to 30/11/2014 through an order issued under section 119 of the Income Tax Act, 1961 on 20/08/2014 but the order is silent about the date of filing of Income tax returns u/s […]...

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Power point presentation on New Tax Audit forms

Practical Difficulties - Where audit is already completed but report is not uploaded, report will be required to be prepared under new format. E.g. Listed Companies, PSUs, Banks, Insurance companies etc....

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NEW Format of Audit Report U/s 44AB Changes

Form 3CA & 3CB 1. Period of P&L a/c / Income and Expenditure Account 2.  the particulars given in the said Form No. 3CD and the Annexure  thereto are   true and correct subject to the following observations/qualifications, if any: Form 3 CD 1.  Clause – 4 N Particulars Of Registration Excise , Service tax , Sales […...

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Tax Audit Report – New Formats Should Be Deferred, Extension Is Not A Solution

CA Sudhir Halakhandi The date of obtaining and furnishing of tax audit report u/s 44AB has been extended from 30th Sept. 2014 to 30th Nov. 2014 and while issuing the orders under section 119 the Central Board of Direct Taxes has created one more confusion which is related to the extension of date of ITR....

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Download Revised Utility for Tax Audit Report for AY 2014-15

CBDT on 20.08.2014 released Revised Form 3CA-3CD & Form 3CB-3CD filing utility along with updated Schema. Revised Utility is is now available for e-Filing. CBDT has revised the Format of Tax Audit report vide its  Notification No. 33/2014 dated 25/07/2014 and all Tax audit reports  submitted on or after 25.07.2014 are required to be...

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Tax Audit & Cost Audit – Correlation & Amendments

CMA Navneet Kumar Jain Any organization has to undergo many audits like Financial Audit, Tax Audit, VAT Audit, Excise Audit, Service Tax Audit & Cost Audit. Cost Audit was made applicable to most of the companies since the year 2011 and in the year 2014 again many of the industries  were apparently excluded from applicability [&helli...

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8 Reason to deffer New Tax Audit Report To A.Y. 2015-16 – Letter To CBDT

1 AUDIT ALREADY COMPLETED BUT NOT UPLOADED:-. The financial year preceding to the assessment year 2014-15 was ended on 31/03/2014 and audits for this year were started at any time after that date and completed before 25/07/2014 but the audit report are not uploaded on the IT site. Banks, Insurance Companies, PSUs and other assesses are i...

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Revised Form 3D requires ICAI Guidance & Should be deferred by one Year

The CBDT has vide notification No. 33/2014 dt. 27/07/2014 notified revised forms for tax audit report and details to be furnished. This is just two months prior to completion of tax audits by 30th September, 2014. Hopefully, the ICAI’s views would have been invited before making changes in the forms, as has been the case earlier when th...

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Extend applicability of revised Tax Audit report to A.Y. 2015-16

Representation for extension of the applicability of New Form No. 3CA, 3CB and 3CD for furnishing Tax Audit Report u/s 44AB of the Income Tax Act, 1961 for A.Y. 2015-2016 & onwards...

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Revised Tax Audit Report Form No. 3CA, 3CB & 3CD in Excel / Word Format

CBDT has revised format of Tax Report Format wef 25.07.2014 vide its notification no. 33/2014 and accordingly it has revised the format of Form No. 3CA, Form No. 3CB and Form No. 3CD. We have uploaded form No. 3CA, 3CD and 3Cd in Excel and word format for ready reference of our readers :- Download […]...

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Mid-year Changes in Tax Audit Report / Form 3CD Undesirable

There is no dispute about the right of our lawmakers (here the CBDT) to draft these formats and ask the information which in their opinion is required for the task in hand but the timing of introduction of these changes is not only crucial and sudden but irritating also....

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ICAI invites suggestions on revised formats of Form Nos. 3CA, 3CB and 3CD

The Central Board of Direct Taxes has through, Income-tax (7th Amendment) Rules, 2014, notified new Forms of tax audit reports namely Form No. 3CA, 3CB and 3CD.The said notification can be downloaded from the link below: https://taxguru.in/income-tax/cbdt-notifies-form-3ca-3cb-3cd-format-tax-audit-report-revised.html With regard to the sa...

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Recent Changes in Tax Audit Report (Form No. 3CD)

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 lin...

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Changes relating to TAX AUDIT REPORT

The amended forms shall come into force on the date of their publication in the Official Gazette of the Notification which is dated 25.07.2014. So it may be applicable to Tax Audit Report for Assessment Year 2014-15 also if the report is tendered after such date....

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Changes In Form 3CA,3CB & 3CD

CBDT via Notification No. 33 dated 25th July 2014, had made some changes in Form 3CA, 3CB and 3CD. Via these changes the compliances which a CA is required to ensure and disclosures which are required to be made by a Chartered Accountants has been increased. ...

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Posted Under: Income Tax |

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