Major Changes :
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.
5. 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
6. 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.
7. 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
8. 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
Summary :
6 Amendments + 9 Insertions = Total 15 Changes*
Summary of Amendments:
1. 4 – GSTIN to be mentioned.
2. 19 – Allowance under Section 32AD is to be reported.
3. 24 – Deemed gains under Section 32AD to be reported.
4. 26 – Clause (g) of Section 43B (sum payable to Indian Railways for use of assets) is to be reported.
5. 31 – Cash receipts more than INR 2,00,000 under Section 269ST is to be reported now.
6. 34 – Details with respect to transactions not disclosed in TDS Return/ TCS Return is to be mentioned.
Summary of Insertions:
1. 29A – Advance received on capital asset forfeited to be reported here {Section 56(2)(ix)}.
2. 29B – Income of gifts exceeding INR 50,000 to be reported here {Section 56(2)(x)}.
3. 30A – Details about “Primary Adjustments” in transfer pricing to be reported here as per Section 92CE.
4. 30B – Limitation of Interest deductions for borrowings from a AE upto 30% of EBITDA is to be furnished here.
5. 30C – Details of Impermissible Avoidance Agreement to be furnished as referred to in Section 96.
6. 36A – Dividend received under Section 2(22)(e) is required to be reported here.
7. 42 – Details w.r.t. Form 61 (details of no PAN Form 60 received), Form 61A (SFT) and Form 61B (SRA) is to be provided here.
8. 43 – Details w.r.t. CbC Reporting as referred to in Section 286 is required to be reported.
9. 44 – BREAK UP of total expenditure in respect of GST Registered and Unregistered Entities is required to be given.
Notification 33/2018 dated 20.07.2018 (effective from 20.08.2018).
Official Notification : Click Here