Changes in Tax Audit form 3CD for A.Y. 2014-15 and onwards

Purview


This time, Assessment Year 2014-15 has really brought a excess grace period for the Tax Assessee who are liable to maintain their books of accounts as per Section 44AA of Income Tax Act, 1961 and who are required to audit their books under Section 44AB, 44AD and 44AE of the said Act.

It really could happen because of the grace period given to the assessee for whom TAX AUDIT is applicable and along with it the Income  tax return date for those assessee on whom tax audit is applicable has extended till 30th November, 2014.

This time the due date has been extended to a long period i.e. 2 months, due to several changes and requirements in the tax audit report i.e. 3CD form. From this Assessment Year and onward some more technical and additional information were demanded by the Income Tax Authority. One of the highlighted, additional information demanded this year onward is ” Clause 34” i.e. Details of TDS/ TCS including interest thereon, this is the key element due to which the date has extended. Along this Clause there are several additional information are demanded which were amended from previous Clause or added new to the Form 3CD

Things to do to fill the Form


This time what i want to enroll is the changes/requirements in the Form 3CD on from A.Y. 2014-15. I am going to endevour the changes in the form and how to fill the form. The form is not so critical to fill, but it needs some guidance while filling this form. The said form could be filled from the JAVA outlook downloading from the income tax site, and then review the Guide Book to fill the form.

The following steps could be followed:

1. Download FORM3CA3CD_2014 from https://incometaxindiaefiling.gov.in/

2. Download Guide Book >> Tax Audit,

3. Review the New Format carefully and then fill the Form Carefully,

4. Fill the Form 3CA first, then start to fill 3CD,

5. Each details required different annexure so add annexure to the same.

Comparison of New & Old Clause


Here, there is a little description of the changes/additions made in the TAX AUDIT form:

                                                                                          Comparison of new & old Clause
                                                                                12 new clauses including sub-clauses inserted
                                                                              Amendments made in 19 clauses (including sub-clauses)
New Clause NoOld Clause NoRemarksParticulars
11No ChangeName
22No ChangeAddress
33No ChangePAN
4Newly InsertedRegn no under different statutes
54No ChangeStatus
65AmendedPrevious year period
76No ChangeAY
8Newly InsertedRelevant clause u/s 44AB
97No ChangeName & PSR of partner
108No ChangeNature of business and change, if any
119Sub clause ‘a’- No changeDetails of books of account with address
Sub clause ‘b’- Amended
Sub clause ‘c’- Amended
1210AmendedPresumptive taxation
1311Sub clause ‘a’- No changeMethod of accounting and change, if any
Sub clause ‘b’- No change
Sub clause ‘c’- Format Provided
Sub clause ‘d’- Format Provided
1412Sub clause ‘a’- No changeValuation of closing stock and deviation, if any
Sub clause ‘b’- Format Provided
1512(A)No ChangeParticulars of capital asset converted into SIT
1613No ChangeAmount not credited to P&L account
17Newly InsertedSection 43CA or 50C
1814Sub clause ‘a-c’- No changeDepreciation chart
Sub clause ‘d’- Amended
Sub clause ‘e-f’- No change
1915AmendedAmount admissible u/s 32AC/33AB/33ABA/35
2016Sub clause ‘a’- No changeAmount paid to an employee as bonus or commission
Sub clause ‘b’- Amendedemployees contribution received u/s 36(1)(va)
211717(a-e) substituted by 21(a)- AmendedCapital/ personal/ advertisement for political party/ fine/ penalty/ club fees
17(f) substituted by 21(b)- AmendedAmount inadmissible u/s 40(a)(i)/(ia) and other violations
17(g) substituted by 21(c)- Amendedamount inadmissible u/s 40(b)/(ba)
17(h) substituted by 21(d)- AmendedDisallownace u/s 40A(3)
17(i-m) substituted by 21(e-i)- No ChangeDisallownace u/s 40A(7)/40A(9)/14A etc
2217ANo Changedisallownace for interest under MSME Act
2318No ChangeRelated party disclosure
2419Amendeddeemed profit u/s 32AC/33AB/33ABA/33AC
2520No ChangeProfit u/s 41
2621No Changedisclosure u/s 43B
2722AmendedCenvat credit and prior period details
28Newly InsertedDetails for transaction u/s 56(2)(viia)
29Newly InsertedDetails for transaction u/s 56(2)(viib)
3023No ChangeAmount borrowed on Hundi u/s 69D
3124Sub clause ‘a’- No changeDisclosure u/s 269SS/ 269T
Sub clause ‘b’- No change
Sub clause ‘c’- Amended
3225Sub clause ‘a’- No changeDetails of brought forward loss & depreciation
Sub clause ‘b’- No change
Sub clause ‘c-e’- Newly Inserted
3326AmendedDetails under chapter VIA
3427AmendedDetails of TDS/ TCS including interest thereon
3528AmendedDetails of traded goods/raw material/ finished goods
3629AmendedDetails of tax on distributed profits u/s 115-O
3730Amendedcost audit and disqulification if any
3831Amendedexcise audit and disqulification if any
39Newly InsertedService tax audit and disqulification if any
4032AmendedDetails of turnover/ gross profit etc
41Newly InsertedDetails of demand raised/refund issued under other laws

In this way, what i believe is that when you will follow the above steps, you will not feel so much of huddles.

Wishing you a good luck, and be careful while filling the same.

Thanks for reading!!

                Happy Reading!!!

 

Published by

Shushant ( ICAI Final )

Shushant is a Chartered Accountant student at Institute of Chartered Accountants of India. He is also a Student of Company Secretary at Institute Of Company Secretaries of India. He is a administrator of this site . In his spare time he hang out with his friends and discuss about the current issues in market. You can find his latest blog posts at www.enrollmyexperience.com and at his facebook profile.

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