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 No | Old Clause No | Remarks | Particulars |
1 | 1 | No Change | Name |
2 | 2 | No Change | Address |
3 | 3 | No Change | PAN |
4 | – | Newly Inserted | Regn no under different statutes |
5 | 4 | No Change | Status |
6 | 5 | Amended | Previous year period |
7 | 6 | No Change | AY |
8 | – | Newly Inserted | Relevant clause u/s 44AB |
9 | 7 | No Change | Name & PSR of partner |
10 | 8 | No Change | Nature of business and change, if any |
11 | 9 | Sub clause ‘a’- No change | Details of books of account with address |
Sub clause ‘b’- Amended | |||
Sub clause ‘c’- Amended | |||
12 | 10 | Amended | Presumptive taxation |
13 | 11 | Sub clause ‘a’- No change | Method of accounting and change, if any |
Sub clause ‘b’- No change | |||
Sub clause ‘c’- Format Provided | |||
Sub clause ‘d’- Format Provided | |||
14 | 12 | Sub clause ‘a’- No change | Valuation of closing stock and deviation, if any |
Sub clause ‘b’- Format Provided | |||
15 | 12(A) | No Change | Particulars of capital asset converted into SIT |
16 | 13 | No Change | Amount not credited to P&L account |
17 | – | Newly Inserted | Section 43CA or 50C |
18 | 14 | Sub clause ‘a-c’- No change | Depreciation chart |
Sub clause ‘d’- Amended | |||
Sub clause ‘e-f’- No change | |||
19 | 15 | Amended | Amount admissible u/s 32AC/33AB/33ABA/35 |
20 | 16 | Sub clause ‘a’- No change | Amount paid to an employee as bonus or commission |
Sub clause ‘b’- Amended | employees contribution received u/s 36(1)(va) | ||
21 | 17 | 17(a-e) substituted by 21(a)- Amended | Capital/ personal/ advertisement for political party/ fine/ penalty/ club fees |
17(f) substituted by 21(b)- Amended | Amount inadmissible u/s 40(a)(i)/(ia) and other violations | ||
17(g) substituted by 21(c)- Amended | amount inadmissible u/s 40(b)/(ba) | ||
17(h) substituted by 21(d)- Amended | Disallownace u/s 40A(3) | ||
17(i-m) substituted by 21(e-i)- No Change | Disallownace u/s 40A(7)/40A(9)/14A etc | ||
22 | 17A | No Change | disallownace for interest under MSME Act |
23 | 18 | No Change | Related party disclosure |
24 | 19 | Amended | deemed profit u/s 32AC/33AB/33ABA/33AC |
25 | 20 | No Change | Profit u/s 41 |
26 | 21 | No Change | disclosure u/s 43B |
27 | 22 | Amended | Cenvat credit and prior period details |
28 | – | Newly Inserted | Details for transaction u/s 56(2)(viia) |
29 | – | Newly Inserted | Details for transaction u/s 56(2)(viib) |
30 | 23 | No Change | Amount borrowed on Hundi u/s 69D |
31 | 24 | Sub clause ‘a’- No change | Disclosure u/s 269SS/ 269T |
Sub clause ‘b’- No change | |||
Sub clause ‘c’- Amended | |||
32 | 25 | Sub clause ‘a’- No change | Details of brought forward loss & depreciation |
Sub clause ‘b’- No change | |||
Sub clause ‘c-e’- Newly Inserted | |||
33 | 26 | Amended | Details under chapter VIA |
34 | 27 | Amended | Details of TDS/ TCS including interest thereon |
35 | 28 | Amended | Details of traded goods/raw material/ finished goods |
36 | 29 | Amended | Details of tax on distributed profits u/s 115-O |
37 | 30 | Amended | cost audit and disqulification if any |
38 | 31 | Amended | excise audit and disqulification if any |
39 | – | Newly Inserted | Service tax audit and disqulification if any |
40 | 32 | Amended | Details of turnover/ gross profit etc |
41 | – | Newly Inserted | Details 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!!!