Income Tax : Understand the provisions of tax audit under Section 44AB of the Income Tax Act, including its objectives, applicability, prescrib...
Corporate Law : Background : Welcome to the blockbuster world of Tax Audit — where every figure has a backstory, every expense a mystery, and...
Income Tax : CBDT extended the Tax Audit due date to October 31, 2025 (AY 2025-26). Forms 3CA/3CB-3CD were updated with 71 changes, including m...
Income Tax : Learn about the five major changes to Income Tax Form 3CD for Assessment Year 2025-26, including new reporting requirements for MS...
Income Tax : A comprehensive guide to Form 3CD for tax audits under Section 44AB of the Income-tax Act. Learn about clause-by-clause reporting,...
CA, CS, CMA : Chartered Accountants Association, Ahmedabad requests extension of ITR and audit due dates for AY 2025-26 citing compressed timeli...
Income Tax : Explore the latest 2023 revision of the ICAI's Guidance Note on Tax Audit under Section 44AB of the Income-tax Act, 1961. Learn ab...
Income Tax : Exposure Draft of Revised ‘Guidance Note on Tax Audit under section 44AB of Income-tax Act, 1961’ is issued by ICAI Direct Tax...
Income Tax : Members may to raise any issues related to Tax Audit where elucidation, clarification or further elucidation is desired at email i...
Income Tax : Representation requesting to scrap Clause No. 44 of Tax Audit Report (Form 3CD) under the Income Tax Act, 1961...
Income Tax : The Court found that intimations under Sections 143(1) and 154(3) were not communicated due to technical reasons. The matter was r...
Income Tax : The ITAT ruled that the AO and CIT(A) erred by mechanically raising a default demand simply because commission was paid to a non-r...
Income Tax : Discover how Chennai ITAT's verdict affects assessments. Learn how a typographical error in Form 3CD impacts additions to an asses...
Income Tax : In Uttam Narayanmal Mehta S K Metal Vs ITO case, ITAT Mumbai directs AO to re-adjudicate mistake in ITR filing regarding double ta...
Income Tax : In the case of SVT Wholesale Pvt. Ltd. Vs JCIT, the ITAT Bangalore evaluates the penalty imposed under Section 271D for violating ...
Income Tax : CBDT amends Income Tax Rules, effective April 1, 2025, revising Form 3CD, MSME interest provisions, buyback reporting, and loan/de...
Income Tax : Understand the implications of the corrigendum to Income Tax Notification No. 27 of 2024. Get insights into the changes and their ...
Income Tax : Stay updated with CBDT's Form 3CD Tax Audit Report Format, Form 3CEB & Form No. 65 revision. Learn about changes in tax audit rep...
Income Tax : 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. 3701...
Income Tax : Amendment of the Income-tax Rules, 1962 to prescribe manner relating to option under section 115BAC and 115BAD, and that of determ...
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 […]
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 Revenue Central Board of […]
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.
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.
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 […]
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 auditor as various new clauses/sub clauses have been inserted, major […]
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 56(2)(x) of the Income-tax Act, 1961 (‘ITA’).
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 […]
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.
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, even ISD GSTIN is to be reported under the said Clause.
