Income Tax : The new Form 26 replaces multiple audit forms with a single structured framework. It enhances transparency and introduces system-d...
Income Tax : Explains how Draft Form 26 fundamentally reshapes tax audit reporting by expanding it beyond book-to-tax reconciliation. The key t...
Income Tax : Understand the provisions of tax audit under Section 44AB of the Income Tax Act, including its objectives, applicability, prescrib...
Income Tax : Author note I was working on tax audit’s of one of my client’s, after submitting the report management wanted to make changes ...
Income Tax : Form 3CD requires mandatory reporting on taxpayer identity, business status, accounting methods (ICDS), depreciation, inadmissible...
Income Tax : MPTCA urges the Finance Ministry and CBDT to reconsider the proposed late fee for delayed tax audit reports in the Finance Bill, 2...
Income Tax : Laghu Udyog Bharati seeks extension of due date for filing Tax Audit Reports and ITR for AY 2025-26, citing portal issues, delays,...
Income Tax : Taxpayers and CAs request an extension of the September 30 tax audit deadline and a waiver of advance tax interest, citing portal ...
Income Tax : ICAI requests CBDT to extend tax audit and ITR filing deadlines due to delayed ITR utilities and seeks auto-renewal of registratio...
Income Tax : The CA Association Jalandhar has requested extension of TAR and 12A renewal deadlines to 30 Nov 2025 citing ITR delays, portal iss...
Income Tax : ITAT Delhi allowed the appeal after noting the CIT(A) ignored a revised Tax Audit Report proving timely PF/ESI payments. Key takea...
Income Tax : ITAT Delhi allows Henna Industries' appeal, deleting a Rs. 9.30 lakh disallowance made by the CPC under Section 143(1), confirming...
Income Tax : Allahabad High Court in the case of CIT vs. U P Hotels Pvt. Ltd. has held that in case assessee has not claimed any deduction in r...
Income Tax : Karnataka High Court grants another opportunity to C.T. Raghu to submit documents after his Tax Audit Report was rejected for unsi...
Income Tax : Discover how Chennai ITAT's verdict affects assessments. Learn how a typographical error in Form 3CD impacts additions to an asses...
CA, CS, CMA : ICAI sets limit of 60 tax audit assignments per CA or partner annually, effective from 1 April 2026, replacing earlier 2008 guidel...
Income Tax : CBDT amends Income Tax Rules, effective April 1, 2025, revising Form 3CD, MSME interest provisions, buyback reporting, and loan/de...
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 : CBDT extends the due date for filing of various reports of audit for Assessment Year 2022-23 from 30th September, 2022 to 7th Octo...
Income Tax : The due date of furnishing of Return of Income for the Assessment Year 2021-22, which is 31st July 2021 under sub-section (1) of s...
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.
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.
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.
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. Impermissible […]
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.
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.
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
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 2017-18/ AY 2018-19.
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 […]
