New Format of Tax Audit Report for A.Y. 2014-15 and onwards

From the A.Y. 2014-15, Government has prescribed a New Format of Tax Audit i.e. Form 3CD. Hence, the additional details required for the New Format is duplicated below.

New format of tax audit 2014

Additional details required as per New Tax Audit form:


 

  1. Whether the assessee is liable to pay indirect tax like excise duty, service tax, sales tax, customs duty,etc. If Yes, please furnish the registration number or any other identification number allotted for the same. (Clause 4)
  2. Indicate the relevant clause of section 44AB under which the audit has been conducted. (Clause 8)
  3. (b) List of books of account maintained and the address at which the books of accounts are kept. (In case books of account are maintained in a computer system, mention the books of account generated by such computer system. If the books of accounts are not kept at one location, please furnish the addresses of locations along with the details of books of accounts maintained at each location.) (Clause 11 (b)) 
  1. Where any land or building or both is transferred during the previous year for a consideration less than value adopted or assessed or assessable by any authority of a State Government referred to in [section 43CA or 50C], please furnish! (Clause 17)
Details of propertyConsideration received or accruedValue adopted or assessed or assessable
  1. (b) Amounts inadmissible under [section 40(a)] (Clause 21 (b))
    1. as payment to non-resident referred to in sub-clause (i)
      1. Details of payment on which tax is not deducted:
        1. date of payment
        2. amount of payment
        3. nature of payment
        4. name and address of the payee
      2. Details of payment on which tax has been deducted but has not been paid during the previous year or in the subsequent year before the expiry of time prescribed under [section 200(1)]:
        1. date of payment
        2. amount of payment
        3. nature of payment
        4. name and address of the payee
        5. amount of tax deducted
    2. as payment referred to in sub-clause (i.a.)
      1. Details of payment on which tax is not deducted:
        1. date of payment
        2. amount of payment
        3. nature of payment
        4. name and address of the payee
      2. Details of payment on which tax has been deducted but has not been paid on or before the due date specified in sub- section (1) of [section139]:
        1. date of payment
        2. amount of payment
        3. nature of payment
        4. name and address of the payer
        5. amount of tax deducted
        6. amount out of (V) deposited, if any
    3. under sub-clause (ic) [Wherever applicable]
    4. under sub-clause (iia)
    5. under sub-clause (iib)
    6. under sub-clause (iii)
      1. date of payment
      2. amount of payment
      3. name and address of the payee
    7. under sub-clause (iv)
    8. under sub-clause (v)

(a) On the basis of the examination of books of account and other relevant documents/evidence, whether the expenditure covered under [section 40A(3)] read with rule 6DD were made by account payee cheque drawn on a bank or account payee bank draft. If not, please furnish the details: (Clause 21 (d) (A))

Serial numberDate of paymentNature of paymentAmountName and Permanent Account Number of the payee, if available

(b) On the basis of the examination of books of account and other relevant documents/evidence, whether the payment referred to in section 40A(3A) read with rule 6DD were made by account payee cheque drawn on a bank or account payee bank draft If not, please furnish the details of amount deemed to be the profits and gains of business or profession under section 40A(3A); (Clause 21 (d) (B))

Serial numberDate of paymentNature of paymentAmountName and Permanent Account Number of the payee, if available
  1. Whether during the previous year the assessee has received any property, being share of a company not being a company in which the public are substantially interested, without consideration or for inadequate consideration as referred to in section 56(2)(viia), if yes, please furnish the details of the same. (Clause 28)
  2. Whether during the previous year the assessee received any consideration for issue of shares which exceeds the fair market value of the shares as referred to in section 56(2)(viib), if yes, please furnish the details of the same. (Clause 29) 
  3. Whether the assessee has incurred any speculation loss referred to in [section 73] during the previous year, If yes, please furnish the details of the same. (Clause 32 (c)) 
  4. whether the assessee has incurred any loss referred to in [section 73A] in respect of any specified business during the previous year, if yes, please furnish details of the same. (Clause 32 (d)) 
  5. In case of a company, please state that whether the company is deemed to be carrying on a speculation business as referred in explanation to [section 73], if yes, please furnish the details of speculation loss if any incurred during the previous year. (Clause 32 (e)) 
  6. (a) Whether the assessee is required to deduct or collect tax as per the provisions of Chapter XVII-B or Chapter XVII-BB, if yes please furnish!(Clause 34 (a))
    Tax deduction and collection Account Number (TAN)SectionNature of paymentTotal amount of payment or receipt of the nature specified in column (3)Total amount on which tax was required to be deducted or collected out of (4)Total amount on which tax was deducted or collected at specified rate out of (5)Amount of tax deducted or collected out of (6)Total amount on which tax was deducted or collected at less than specified rate out of (7)Amount of tax deducted or collected on (8)Amount of tax deducted or collected not deposited to the credit of the Central Government out of (6) and (8)
    (1)(2)(3)(4)(5)(6)(7)(8)(9)(10)

    (b) whether the assessee has furnished the statement of tax deducted or tax collected within the prescribed time. If not,  please furnish the details: (Clause 34 (b))

    Tax deduction and collection Account Number (TAN)Type of FormDue date for furnishingDate of furnishing, if furnishedWhether the statement of tax deducted or collected contains information about all transactions which are required to be reported

    (c) whether the assessee is liable to pay interest under [section 201(1A)] or [section 206C(7)]. If yes, please furnish: (Clause 34 (c))

    Tax deduction and collection Account Number (TAN)Amount of interest under section 201(1A)/206C(7) is payableAmount paid out of column (2) along with date of payment.
  7. Whether any audit was conducted under the Central Excise Act, 1944, if yes, give the details, if any, of disqualification or disagreement on any matter/item/value/quantity as may be reported/identified by the auditor. (Clause 38)
  8. Whether any audit was conducted under section 72A of the Finance Act,1994 in relation to valuation of taxable services, Finance Act,1994 in relation to valuation of taxable services, if yes, give the details, if any, of disqualification or disagreement on any matter/item/value/quantity as may be reported/identified by the auditor. (Clause 39)
  9. Please furnish the details of demand raised or refund issued during the previous year under any tax laws other than Income Tax Act, 1961 and Wealth tax Act, 1957 along with details of relevant. (Clause 41)

 

Hope this will guide you to file a Tax Audit Detail in a new format.
Thank You,
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.

Leave a Reply