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Budget for 2021: The ‘Tax Audit’ ceiling under Section 44AB has been enhanced from Rs.10 crores to Rs.5 crores in cases where % of business transactions are done digitally.
The reporting under clauses 30C and 44 of the Tax audit report (form 3CD) has been suspended until March 31, 2021.
Changes to Form 3CD, Tax Audit Report
(i) Necessary amendments are made to Form No. 3CD, and a new serial 8a. is introduced to indicate whether the assessee has elected taxes under Sections 115BA/115BAA/115BAB.
(ii) For the adjustment made to the written down value under section 115BAA (for the assessment year 2020-21 only) and the Adjusted written down value, more information is necessary. Serial 18(ca) and 18(CB) are included in Part-B of Form No. 3CD for this purpose.
(iii) In serial no. 32(a) of Part-B of Form No. 3CD, the details of bringing forward loss or depreciation allowance are updated to include the adjustments for losses and allowances under section 115BAA.
(i) amendments in Schedule-DPM of Income-tax return -ITR-6 have been made to make the adjustments of depreciation amount under section 115BAA.
(ii) amendments in Schedule-CFL of Income-tax return -ITR-6 have been made to made adjustments for losses and allowances under section 115BAA.
(iii) amendments in Schedule-UD of Income-tax return -ITR-6 have been made to made adjustments for depreciation allowances for opting section 115BAA.
1. Location(s) (address(s)) of keeping books of accounts to be given
2. Particulars of sale of Land/Building less than Stamp value to be given
3. Comparison of amount debited vis a vis amount admissible on account of various deductions to be given
4. Detailed information to be given on amount debited to P & L a/c of Capital Exp, Personal Exp. ADVERTISEMENT
5. Details on TDS deducted not deposited or not deducted u/s 40(a) Nonresident
6. Name of payee whose TDS not deposited, deducted to be given u/s 40(a)(ia)
7. Amount to be profit u/s 40A(3A) to be given
8. Modvat=Cenvat
9. (28) Whether receiving shares below fair value u/s 56(2)(viia)- How it is possible for CA
10. Whether assessee receives security premium taxable u/s 56(2)(viib)
11. Detailed info on TDS/TCS deducted section-wise to be given
12. Late filing of TDS/TCS return
13. Interest Payable u/s 201(1A) and 206C(7)
14. Audit under Service tax to be reported
15. Demand/Refund raised under any other law during the PY to be reported
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