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CBDT Released Latest Revised Form 3CD (Tax Audit Report)

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The Central Board of Direct Taxes (CBDT) have released schema for Revised Form 3CD schema (Tax Audit Report) version 1.14 on 7th September 2018.

A total of 13 changes have been effected in the revised schema version. This is Sixth revision in tax audit report schema this year.

CBDT have modified the Form 3 CD popularly knows as Tax Audit Report via Income–tax (8th Amendment) Rules, 2018. The Changes shall come into force from the 20th day of August, 2018 vide Notification no 33 dated 20th July 2018.

However CBDT have vide Circular Number 6 dated 17th August 2018 have kept reporting under the proposed clause 30C and proposed clause 44 of the Tax Audit Report in abeyance till 31st March, 2019.

Therefore, for Tax Audit Reports to be furnished on or after 20th August, 2018 but before 1st April, 2019, the tax auditors will not be required to furnish details called for under the said clause 30C and clause 44 of the Tax Audit Report.

The Central Board of Direct taxes have revised the Income Tax Return preparation utilities (Java based) for ITR Forms 3 wef 7th September 2018.

This is 5th revision in validation rules during this year.

Users are advised to download the new utilities and schema and those who use softwares, to update the same.

Changes in New Form 3CD (Tax Audit) | Revised Form 3CD FY 17-18 | AY 18-19

Taxpayer to give GSTN number along with details of other indirect Tax registrations like Sales Tax, Service Tax etc.

The New form 3CD seeks for information of Gifts that are chargeable to tax as per clause (x) of sub-section (2) of section 56 of Income Tax Act 1961.

The revised form 3CD seeks for particulars of payment in amount exceeding limit specified in Section 269ST of Income Tax Act 1961.

Assessee is required to provide details of expenditure in form 3CD whereby they need to provide Expenditure in respect of entities registered under GST  & entities not registered under GST.

The new form 3CD will incorporate further reporting requirement related to Transfer pricing as per Section 92 CE and 94 B of Income Tax Act inserted vide Finance Act 2017

Further the assessee is required to inform that whether he is required to furnish Statement of Financial Transactions i.e. Form No.61 or Form No. 61A or Form No. 61B as per Income Tax Act.

Also the assessee is now required to inform if he has received any deemed dividend as per sub-clause (e) of clause (22) of section 2 of Income Tax Act 1961

The form has further added a reporting requirement of Investment in new plant or machinery in notified backward areas in certain States as per Section 32AD of Income Tax Act 1961

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