form 3cd

Section 269SS & 269T (Clause 31 TAR Form 3CD) Info Collection Excel Sheet

Income Tax - The section 269SS and 269T of the Income Tax Act, 1961 prohibits acceptance / repayment of loan, deposit, specified sum etc. otherwise than by an account payee cheque, account payee bank draft, ECS through bank account etc. The violation of the above provisions may attract stringent penalty under section 271D and 271E respectively. The cl...

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Applicable TAR Clause – 44AB(a) Or 44AB(e) For Turnover Between Rs. 1cr – 2cr

Income Tax - Which Clause Of Tax Audit Is Applicable – 44AB(a) OR 44AB(e) – When Business Turnover, Sales, Gross Receipts Etc. Is Over Rs. 1 Cr. But Up to Rs. 2 Cr. INTRODUCTION :- The section 44AB of the Income Tax Act, 1961 (“Act”) imposes liability for mandatory tax audit when any of the condition mentioned in […]...

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Disclosure in Tax Audit Clause 44

Income Tax - In this article author has shared the matter for qualification regarding clause 44 of the Tax audit: In this clause heading of the table which starts with the words “Breakup of total expenditure” and hence the total expenditure including purchases as per the above format may be given. It could also be noted that if […]...

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FAQ’s on issues in filing of Tax Audit Report Form 3CA-CD/3CB-CD

Income Tax - Question 1: What are the prerequisites for filing of Form 3CA- Form 3CD/Form 3CB-Form 3CD? Resolution: The following are the prerequisites for filing of Form 3CA-3CD/3CB-3CD -Taxpayer and CA are registered on the e-Filing portal with valid user ID and password -Status of PAN of taxpayer and CA is active – Taxpayer has assigned CA [&...

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FAQs on Clause 44 of FORM 3CD

Income Tax - If an assessee is not registered in GST (exclusively engaged in making exempt supply) , does clause 44 of Form 3CD Report apply or not?...

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Income Tax Audit Clinic

Income Tax - Members may to raise any issues related to Tax Audit where elucidation, clarification or further elucidation is desired at email id taxauditclinic@icai.in...

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Guidance Note on Tax Audit under Section 44AB

Income Tax - ICAI Guidance Note on Tax Audit under Section 44AB of the Income-tax Act, 1961 AY 2022-23 (Effective for the AY 2022-23 and subject to amendments made by law, judiciary or administration, for the subsequent assessment years) Tax Audit is applicable since the year 1984. The provision of Section 44AB requires providing inputs useful for com...

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Representation to scrap Clause No. 44 of Tax Audit Report (Form 3CD)

Income Tax - Representation requesting to scrap  Clause No. 44 of  Tax Audit Report (Form 3CD) under the Income Tax Act, 1961...

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Draft Revised ‘Guidance Note on Tax Audit under section 44AB

Income Tax - Exposure Draft of Revised ‘Guidance Note on Tax Audit under section 44AB of Income-tax Act, 1961’ is issued by ICAI Direct Taxes Committee ...

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6.63 crore ITRs & 99.27 lakh forms filed on new e-Filing portal

Income Tax - More than 6.63 crore Income Tax Returns (ITRs) and 99.27 lakh statutory forms filed on the new e-filing portal of the Income Tax Department More than 6.63 crore Income Tax Returns (ITRs) were filed for AY 2021-22 on the new e-filing portal of the Income Tax Department as on 15th March, 2022, which was the […]...

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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 Defers GST & GAAR reporting till 31.03.2022

Circular No. 05/2021-Income Tax - (25/03/2021) - The Central Board of Direct Taxes (CBDT) deferred the Tax Audit Clause 30C and 44  till 31st Mar 2022 due to COVID-19. F.No. 370142/9/2018-TPL Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes TPL Division New Delhi **** Circular No. 05/2021, Dated 25th Mar...

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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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Recent Posts in "form 3cd"

Section 269SS & 269T (Clause 31 TAR Form 3CD) Info Collection Excel Sheet

The section 269SS and 269T of the Income Tax Act, 1961 prohibits acceptance / repayment of loan, deposit, specified sum etc. otherwise than by an account payee cheque, account payee bank draft, ECS through bank account etc. The violation of the above provisions may attract stringent penalty under section 271D and 271E respectively. The cl...

Read More
Posted Under: Income Tax |

Applicable TAR Clause – 44AB(a) Or 44AB(e) For Turnover Between Rs. 1cr – 2cr

Which Clause Of Tax Audit Is Applicable – 44AB(a) OR 44AB(e) – When Business Turnover, Sales, Gross Receipts Etc. Is Over Rs. 1 Cr. But Up to Rs. 2 Cr. INTRODUCTION :- The section 44AB of the Income Tax Act, 1961 (“Act”) imposes liability for mandatory tax audit when any of the condition mentioned in […]...

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Posted Under: Income Tax | ,

Disclosure in Tax Audit Clause 44

In this article author has shared the matter for qualification regarding clause 44 of the Tax audit: In this clause heading of the table which starts with the words “Breakup of total expenditure” and hence the total expenditure including purchases as per the above format may be given. It could also be noted that if […]...

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Posted Under: Income Tax |

FAQ’s on issues in filing of Tax Audit Report Form 3CA-CD/3CB-CD

Question 1: What are the prerequisites for filing of Form 3CA- Form 3CD/Form 3CB-Form 3CD? Resolution: The following are the prerequisites for filing of Form 3CA-3CD/3CB-3CD -Taxpayer and CA are registered on the e-Filing portal with valid user ID and password -Status of PAN of taxpayer and CA is active – Taxpayer has assigned CA [&...

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Posted Under: Income Tax | ,

Income Tax Audit Clinic

Members may to raise any issues related to Tax Audit where elucidation, clarification or further elucidation is desired at email id taxauditclinic@icai.in...

Read More
Posted Under: Income Tax |

FAQs on Clause 44 of FORM 3CD

If an assessee is not registered in GST (exclusively engaged in making exempt supply) , does clause 44 of Form 3CD Report apply or not?...

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Posted Under: Income Tax | ,

All about Clause 44 of FORM 3CD of Tax Audit Report

Now a days, Clause 44 of 3CD become ‘Buzz word’ for every professional. Everyone is doing its interpretation considering the aspect of reconciliation with indirect tax records. Form 3CD of Tax Audit Report (TAR) was amended in July 2018 by Notification No. 33/2018 dated 20.07.2018  to incorporate the Clause 44 on reporting o...

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Posted Under: Income Tax |

Analysis of Clause 44 of Tax Audit Report in Form 3CD

History of Clause 44 of Form 3CD (Tax Audit Report) Income Tax notification No. 33/2018 dated 20th July 2018 came into force on 20th August 2018 Any tax audit report which was required to be filed on or after 20.08.2018 requires reporting of total expenditure as per clause 44 of the Form 3CD. Deferred the […]...

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Clause 44 in Form 3CD under Section 44AB of Income Tax Act 1961 – FAQs

Clause 44 reporting viz. GST Details is applicable to taxpayers who are required to file tax audit reports in Form 3CA/3CB & 3CD u/s 44AB...

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Cluse 44 Break-up of total expenditure of entities registered or not registered under GST

Clause 44 of Tax Audit Report (Form 3CD) Under Income Tax Act, 1961 deals with Break-up of total expenditure of entities registered or not registered under GST. In respect of Expenditure in respect of Entities registered under GST Auditor needs to disclose expenditure Relating to goods & services exempt from GST, Expenditure Relatin...

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Posted Under: Income Tax |

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