form 3cd

Tax Audit- Clause 26, Section 43B Most Important

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

Income Tax - 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

Income Tax - 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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GST Clauses In The 3CD Form – Few Thoughts

Income Tax - 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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Inapt amendments in Tax Audit Report for AY 2018-19

Income Tax - 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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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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Status of ITR Due Date extension cases Pending before Various HCs

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

Circular No. 6/2018 - (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 - (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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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 previ...

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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...

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Recent Posts in "form 3cd"

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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Posted Under: Income Tax |

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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Posted Under: Income Tax |

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...

Read More
Posted Under: Income Tax |

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 ...

Read More
Posted Under: Income Tax |

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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Posted Under: Income Tax |

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

Circular No. 6/2018 (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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Posted Under: Income Tax |

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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Posted Under: Income Tax | ,

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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Posted Under: Income Tax | ,

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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Posted Under: Income Tax |

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