Substitution of Form No. 3CD

Transcription

1 Substitution of Fm No. 3CD An Article on Fm No. 3CD (statement of particulars required to be furnished u/s 44AB of the IT Act, 1961) substituted (Refer Notification No. 33/2014 dated ) Udyog Software (India) Ltd. 04/08/2014 This document contains an article on substitution of Fm No. 3CD

2 The CBDT has notified Income-tax (7 th Amendment) Rules, 2014 which substitutes the existing Fm No. 3CD with a new fm. The new Fm 3CD prescribes certain new repting clauses and substitutes some existing clauses with new ones. The new fm requires tax audit to furnish me and detailed infmation in the new fm f tax audit rept. With the substitution of Fm No. 3CD, repting in the new fm would be a time taking job f the Chartered Accountants. In pursuance of the said notification, the e-filing ptal of the IT department, vide news dated infms that the existing Fm No. 3CA, 3CB and 3CD have been substituted with immediate effect. Taxpayers and CAs are advised to await the release of new schema and utility to submit in the newly notified afementioned Fms. They are also advised that any upload using the old fms would not be valid even f previous A.Y.s. The new schema and updated utility f e- filing of the same will be deployed shtly. A tabular summary of new clauses inserted and existing clauses substituted in Fm 3CD are summarised below. New Clauses Inserted: Clause No. Particulars Whether the assessee is liable to pay indirect tax like excise duty, service tax, sales tax, customs 4 duty, etc. if yes, please furnish the registration number any other identification number allotted f the same 8 Indicate the relevant clause of section 44AB under which the audit has been conducted 17 Where any land building both is transferred during the previous year f a consideration less than value adopted assessed assessable by any authity of a State Government referred to in section 43CA 50C, please furnish: Details of property Consideration received accrued Value adopted assessed assessable (c) 32(d) 32(e) 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 f inadequate consideration as referred to in section 56(2)(viia), if yes, please furnish the details of the same. Whether during the previous year the assessee received any consideration f 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. 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. 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 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. Whether the assessee has furnished the statement of tax tax within the prescribed time. If not, please furnish the details: 34(b) TAN Type of Fm Due date f furnishing Date of furnishing, if furnished Whether the statement of tax contains infmation about all transactions which are required to be repted Whether the assessee is liable to pay interest u/s 201(1A) sec. 206C(7). If yes, please furnish: 34(c) TAN Amount of interest u/s 201(1A)/206C(7) payable Amount paid out of column (2) along with date of. All Rights Reserved USIL an Adaequare Company Page 1

3 39 41 Whether any audit was conducted u/s 72A of the Finance Act, 1994 in relation to valuation of taxable services, if yes, give the details, if any, of disqualification disagreement on any matter/item/value/quantity as may be repted/identified by the audit. Please furnish the details of demand raised refund issued during the previous year under any tax laws other than IT Act, 1961 and Wealth tax Act, 1957 along with details of relevant proceedings. Existing Clauses Substituted Clause No. Existing Substituted 5 Previous Year ended 31 st March Previous Year from.to.. List of books of account maintained and the address at which the books of accounts are kept. Books of account maintained 9(b) (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) 9(c) List of books of account examined List of books of account and nature of relevant documents examined. Whether the profit and loss account includes any profits and gains assessable on presumptive basis, if yes, indicate the amount and the relevant section (44AD, 44AE, 44AF, 44B, 44BB, 44BBA, 44BBB, Chapter XII-G, First Schedule any other relevant section) 10 11(c) Whether the profit and loss account includes any profits and gains assessable on presumptive basis, if yes, indicate the amount and the relevant section (44AD, 44AE, 44AF, 44B, 44BB, 44BBA, 44BBB any other relevant section) If there has been any change in the method of accounting employed visà-vis the method employed in the immediately preceding previous year, give details of such change, and the effect thereof on the profit loss Chapter XII-G is Special Provisions Relating To Income Of Shipping Companies First Schedule is Insurance Business. The details of changes and effect on P&L has to be given in the tabular fmat as under:- S.No. Particulars Increase in profit (Rs.) Decrease in profit (Rs.) 12(b) Details of deviation, if any, from the method of valuation prescribed u/s 145A, and the effect thereof on the profit loss In case of deviation from the method of valuation prescribed u/s 145A, and the effect thereof on the profit loss, please furnish: S.No. Particulars Increase in profit (Rs.) Decrease in profit (Rs.) All Rights Reserved USIL an Adaequare Company Page 2

4 Amount admissible under sections: 15 Amount admissible under sectionsa) 33AB b) 33ABA c) 33AC (wherever applicable) d) 35 e) 35ABB f) 35AC g) 35CCA h) 35CCB i) 35D j) 35DD k) 35DDA l) 35E a) debited to P&L a/c (showing the amount debited and deduction allowable under each section separately) b) not debited to the P&L a/c Section 32AC 33AB 33ABA 35(1)(i) 35(1)(ii) 35(1)(iia) 35(1)(iii) 35(1)(iv) 35(2AA) 35(2AB) 35ABB 35AC 35AD 35CCA 35CCB 35CCC 35CCD 35D 35DD 35DDA 35E Amt. debited to P&L a/c Amounts admissible as per provisions of IT Act, 1961 and also fulfils the conditions, if any specified under relevant provisions of IT Act, 1961 IT Rules, 1962 any other guidelines, circular, etc., issued in this behalf 16(b) Any sum received from employees towards contributions to any PF superannuation fund any other fund mentioned in sec. 2(24)(x); and due date f and the actual date of to the concerned authities u/s 36(1)(va) Details of contributions received from employees f various funds as referred to in section 36(1)(va): S.No. Nature of fund Sum received from employees Due date f Actual amt. paid Actual date of to concerned authities 17 Amounts debited to P&L a/c, being:- (a)expenditure of capital nature (b)expenditure of personal nature (c)expenditure on advertisement in any souvenir, brochure, tract, pamphlet the like, published by a apolitical party (d) expenditure incurred at clubs- (i) as entrance fees and subscriptions; Please furnish details of amounts debited to P&L a/c, being in nature of capital, personal, advertisement expenditure etc Nature Expenditure incurred at S.No. Particulars Amt. in Rs. All Rights Reserved USIL an Adaequare Company Page 3

5 (ii) as cost f club services and facilities used clubs being cost f club services and facilities used Amounts inadmissible u/s 40(a) 17(f) 17(h) Amounts inadmissible u/s 40(a) A. Whether a certificate has been obtained from the assessee regarding s relating to any expenditure covered u/s 40A(3) that the s were made by a/c payee cheques drawn on a bank a/c payee bank draft, as the case may be; [Yes/No] B. Amt. inadmissible u/s 40A(3), r.w.r. 6DD (with break-up of inadmissible amt.) (i) as to NR referred in sub-clause (i) A. Details of on which tax is not - date of - amt. of - nature of - name and address of payee B. Details of on which tax has been but has not been paid during the P.Y. in the subsequent year befe the expiry of time prescribed u/s 200(1) - date of - amt. of - nature of - name and address of payee - amt. of tax (ii) as referred in sub-clause (ia) A. Details of on which tax is not - date of - amt. of - nature of - name and address of payee B. Details of on which tax has been but has not been paid on befe the due date u/s 139(1) - date of - amt. of - nature of - name and address of payer - amt. of tax - amt. out of above deposited, if any (iii) under sub-clause (ic) [wherever applicable] (iv) under sub-clause (iia) (v) under sub-clause (iib) (vi) under sub-clause (iii) - date of - amt. of - nature of - name and address of payee (vii)under sub-clause (iv) (viii) under sub-clause (v) Disallowance/deemed income u/s 40A(3) A. On the basis of examination of books of account and other relevant documents/evidence, whether the expenditure covered u/s 40A(3) r.w.r. 6DD were made by account payee cheque drawn on a bank account payee bank draft. If not, please furnish the details: S.No. Date of Nature of Amt. Name and PAN of payee, if available B. On the basis of examination of books of account and other relevant documents/evidence, whether the referred to in sec. 40A(3A) r.w.r. 6DD were made by account payee All Rights Reserved USIL an Adaequare Company Page 4

6 cheque drawn on a bank account payee bank draft. If not, please furnish the details of amt. deemed to be the profits and gains of business profession u/s 40A(3A): S.No. Date of Nature of Amt. Name and PAN of payee, if available 19 24(c) Amt. deemed to be profits and gains u/s 33AB 33ABA 33AC Whether a certificate has been obtained from the assessee regarding taking accepting loan deposit, re of same through an account payee cheque an account payee bank draft [Yes/No] Amt. deemed to be profits and gains u/s 32AC 33AB 33ABA 33AC Whether the taking accepting loan deposit, re of the same were made by account payee cheque drawn on a bank account payee bank draft based on the examination of books of account and other relevant documents Section-wise details of deductions, if any, admissible under Chapter VIA Chapter III (Section 10A, Section 10AA) 26 Section-wise details of deduction, if any, admissible under Chapter VIA Section under which deduction is claimed Amounts admissible as per provisions of IT Act, 1961 and fulfils the conditions, if any specified under relevant provisions of IT Act, 1961 IT Rules, 1962 any other guidelines, circular, etc., issued in this behalf (a) Whether the assessee has complied with the provisions of Chapter XVII-B regarding deduction of tax at source and regarding thereof to the credit of CG [Yes/No] (b) If the provisions of Chapter XVII-B have not been complied with, plz. give the following details (to the extent available), namely:- (i) Tax deductible and not deductable at all (ii) Shtfall on account of lesser deduction than required to be (iii) Tax late (iv) Tax but not paid to the credit of CG In case of domestic company, details of tax on distributed profits u/s 115O in the following fm:- (a) total amt. of distributed profits (b) total tax paid thereon (c) dates of with amounts Whether any cost audit was carried out, if yes, enclose a copy of the rept of such audit Whether any audit was conducted under the central Excise Act, 1944, if yes, enclose a copy of the rept of Whether the assessee is required to deduct collect tax as per the provisions of Chapter XVII-B Chapter XVII-BB, if yes please furnish: (Refer table at the end) In case of domestic company, details of tax on distributed profits u/s 115O in the following fm:- (a) total amt. of distributed profits (b) amt. of reduction as referred in section 115-O(1A)(i); (c) amt. of reduction as referred to in section 115-O(1A)(ii) (d) total tax paid thereon (e) dates of with amounts Whether any cost audit was carried out, if yes, give the details, if any, of disqualification disagreement on any matter/item/value/quantity as may be repted/identified by the cost audit. Whether any audit was conducted under the Central Excise Act, 1944, if yes, give the details, if any, of disqualification disagreement on any matter/item/value/quantity as may be All Rights Reserved USIL an Adaequare Company Page 5

7 32 such audit Accounting ratios with calculation as follows:- (a) Gross profit/turnover (b) Net profit/turnover (c) Stock-in-trade/Turnover (d) Material Consumed/Finished goods produced repted/identified by the audit. Details regarding turnover, gross profit, etc., f the previous year and preceding previous year: (The details required to be furnished f principal items of goods traded manufactured services rendered) Table f Substitution in Existing Clause 27 TAN Sec. Nature of Total amt. of receipt of the nature specified in column (3) Total amt. on which tax was required to be out of (4) Total amt. on which tax was at specified rate out of (5) Amt. of tax out of (6) Total amount on which tax was at less than specified rate out of (7) Amt. of tax on (8) Amt. of tax not deposited to the credit of CG out of (6) and (8) (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) All Rights Reserved USIL an Adaequare Company Page 6

8 Content provided by: CA Sneha Parwal Consultants to Udyog Software (India) Ltd. CA P C Parwal Consultants to Udyog Software (India) Ltd. pparwal@kalanico.com Please connect with us at: Web: Call: +91 (0) teammarketing@udyogsoftware.com All Rights Reserved USIL an Adaequare Company Page 7