Tax and Law Advisor

MULTIPLE CHANGES IN TAX AUDIT REPORT (FORM 3CD)

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On 20th july 2018 Central Board of Direct Tax notify (notification No. 33/2018) multiple changes in Tax Audit Report (Form 3CD) which would come into force from 20th August 2018. In this article we will inform about change in form 3CD:-

  1. Furnish GST registration number along with registration number of other indirect taxes.
  2. Furnish the information of Gifts that are chargeable to tax as per clause (x) of sub-section (2) of section 56 of Income Tax Act 1961.
  3. Deemed gain under Sec 35AD is to be reported under clause 24.
  4.  Sum payable to Indian Railways for use of Railway assets’ has been inserted under clause 26.
  5.  Any advance taken on transfer of property which has been forfeited is to be reported in clause
  6.  Particulars regarding the ‘Primary Adjustments in Transfer Pricing’ as per Sec 92CE(1) are to be reported in clause 30A.
  7.  If the interest expenditure on borrowing exceeding one crore which is exceed 30% on Earning before interest, tax, depreciation and amortization (EBITDA), Taxpayer will have to report in clause 30B
  8.  In case the taxpayer has entered into an impermissible avoidance arrangement during the year, it shall report its details in clause 30C.
  9.  Receipts & Payment exceeding the limit specified in Section 269ST from non-banking channel is to be reported under clause 31.
  10.  Any transactions has not been reported in the TDS/TCS return, its details need to be specified under clause 34.
  11.  Deemed dividend as per Section 2(22)(e) received during the year is to be reported in clause 36A.
  12.  The taxpayer is required to inform that whether he is required to furnish Statement of Financial Transactions i.e. Form No.61 or Form No. 61A (Statement of reportable Account) or Form No. 61B (Statement of Financial Statement)as per Income Tax Act in clause 42.
  13.  the entity is required to furnish Country-by-country report in compliance of Sec 286 shall have to mention the required particulars in clause 43.
  14. Assessees have to report the expenditure under GST incurred during the year in clause 44.

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