{"id":27,"date":"2014-09-01T08:57:05","date_gmt":"2014-09-01T08:57:05","guid":{"rendered":"http:\/\/carajput.com\/blog\/?p=27"},"modified":"2023-10-01T21:54:00","modified_gmt":"2023-10-01T16:24:00","slug":"other-major-changes-in-new-3cd","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/other-major-changes-in-new-3cd\/","title":{"rendered":"Major Changes in New 3CD- Tax Audit Forms"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_58 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Page Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69e4f737a54f0\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #000000;color:#000000\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #000000;color:#000000\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69e4f737a54f0\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/carajput.com\/blog\/other-major-changes-in-new-3cd\/#Revision_of_TAR_and_New_reporting_requirements_in_Form_3CD-_Notification_No_282021\" title=\"Revision of TAR and New reporting requirements in Form 3CD- Notification No. 28\/2021\">Revision of TAR and New reporting requirements in Form 3CD- Notification No. 28\/2021<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/carajput.com\/blog\/other-major-changes-in-new-3cd\/#The_six_changes_in_the_tax_audit_form_in_Form_3CD\" title=\"The six changes in the tax audit form in Form 3CD\">The six changes in the tax audit form in Form 3CD<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/carajput.com\/blog\/other-major-changes-in-new-3cd\/#The_Department_of_Revenue_established_2_types_of_tax_audit_forms\" title=\"The Department of Revenue established 2 types of tax audit forms:\">The Department of Revenue established 2 types of tax audit forms:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/carajput.com\/blog\/other-major-changes-in-new-3cd\/#Tax_audit_Report_has_to_be_filed_in_either_of_the_below_forms\" title=\"Tax audit Report has to be filed in either of the below forms:\">Tax audit Report has to be filed in either of the below forms:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/carajput.com\/blog\/other-major-changes-in-new-3cd\/#Major_changes_in_new_3CD\" title=\"Major changes in new 3CD\">Major changes in new 3CD<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/carajput.com\/blog\/other-major-changes-in-new-3cd\/#Necessary_amendments_in_ITR-6\" title=\"Necessary amendments in ITR-6\">Necessary amendments in ITR-6<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/carajput.com\/blog\/other-major-changes-in-new-3cd\/#Timeline_for_obtaining_the_audit_report\" title=\"Timeline for obtaining the audit report\u00a0\">Timeline for obtaining the audit report\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/carajput.com\/blog\/other-major-changes-in-new-3cd\/#Penalty_for_failing_to_file_Tax_audit_report\" title=\"Penalty for failing to file Tax audit report\">Penalty for failing to file Tax audit report<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/carajput.com\/blog\/other-major-changes-in-new-3cd\/#Income_tax_Tax_Audit_Utility_for_Form_3CA-CD_3CB-CD_enabled_by_CBDT_Common_Offline_Utilities_for_filing_Statutory_Income-tax_forms_Enabled_for_Form_3CA-CD_3CB-CD\" title=\"Income tax Tax Audit Utility for Form 3CA-CD &amp; 3CB-CD enabled by CBDT \n(Common Offline Utilities for filing Statutory Income-tax forms (Enabled for Form 3CA-CD &amp; 3CB-CD )\">Income tax Tax Audit Utility for Form 3CA-CD &amp; 3CB-CD enabled by CBDT \n(Common Offline Utilities for filing Statutory Income-tax forms (Enabled for Form 3CA-CD &amp; 3CB-CD )<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-16886\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2014\/09\/Major-Changes-in-New-3CD-Tax-Audit-Forms.-300x169.jpg\" alt=\"Changes in New 3CD- Tax Audit Forms.\" width=\"838\" height=\"472\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2014\/09\/Major-Changes-in-New-3CD-Tax-Audit-Forms.-300x169.jpg 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2014\/09\/Major-Changes-in-New-3CD-Tax-Audit-Forms.-1024x576.jpg 1024w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2014\/09\/Major-Changes-in-New-3CD-Tax-Audit-Forms.-768x432.jpg 768w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2014\/09\/Major-Changes-in-New-3CD-Tax-Audit-Forms.-1536x864.jpg 1536w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2014\/09\/Major-Changes-in-New-3CD-Tax-Audit-Forms.-800x450.jpg 800w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2014\/09\/Major-Changes-in-New-3CD-Tax-Audit-Forms..jpg 1920w\" sizes=\"(max-width: 838px) 100vw, 838px\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Revision_of_TAR_and_New_reporting_requirements_in_Form_3CD-_Notification_No_282021\"><\/span><a href=\"https:\/\/carajput.com\/press-releases\/revision-of-tar-and-new-reporting-requirements-in-form-3cd.pdf\"><strong>Revision of TAR and New reporting requirements in Form 3CD- Notification No. 28\/2021<\/strong><\/a><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h2><span class=\"ez-toc-section\" id=\"The_six_changes_in_the_tax_audit_form_in_Form_3CD\"><\/span>The six changes in the tax audit form in Form 3CD<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>Budget for 2021:<\/strong> The \u2018Tax Audit&#8217; ceiling under Section 44AB has been enhanced from Rs.10 crores to Rs.5 crores in cases where % of business transactions are done digitally.<\/p>\n<p>The reporting under clauses 30C and 44 of the Tax audit report (form 3CD) has been suspended until March 31, 2021.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"The_Department_of_Revenue_established_2_types_of_tax_audit_forms\"><\/span><strong>The Department of Revenue established 2 types of tax audit forms:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>The audit report would be in either Form 3CA or Form 3CB format.<\/li>\n<li>Form 3CA is for people whose accounts have been audited under legislation other than the Internal Revenue Code. Form 3CB is for people who haven&#8217;t had their accounts audited under any other law. As a result, we can claim that this is for those who are being audited under the Income Tax Act.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Tax_audit_Report_has_to_be_filed_in_either_of_the_below_forms\"><\/span><strong><a href=\"https:\/\/carajput.com\/publications\/draft-observation-for-tax-auditor-in-case-of-tax-audit-and-draft-of.pdf\">Tax audit Report<\/a> has to be filed in either of the below forms:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Form 3CA &#8211; For a taxpayer who is already required to have his accounts audited under another law and is carrying on a business or profession (i.e. law other than income tax law). The Companies Act of 2013 makes it mandatory for a firm to have its accounts audited. As a result, it will provide Form 3CA.<\/li>\n<li>Form 3CB \u2014 For a taxpayer who owns a business or practices a profession but is not obligated by law to have his accounts audited. A proprietorship entity or partnership firm with a revenue of less than one crore and no preference for the presumptive income scheme is not required to have its books audited under any other law than income tax. As a result, it will submit Form 3CB.<\/li>\n<li>3CD Form \u2013 Form 3CD would be used for the statement of particulars. This form contains a number of provisions that require the auditor to report on a variety of topics. These clauses are split into two sections &#8211; Part A offers basic factual information on the assessee, whereas Part B comprises information about different income tax compliances that must be provided.<\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><span class=\"ez-toc-section\" id=\"Major_changes_in_new_3CD\"><\/span><span style=\"color: #000080;\"><a href=\"https:\/\/www.caindelhiindia.com\/blog\/faqs-on-tax-audit-under-income-tax-act\/\">Major changes in new 3CD<\/a><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Changes to Form 3CD, Tax Audit Report<\/strong><\/p>\n<p>(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.<\/p>\n<p>(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.<\/p>\n<p>(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.<\/p>\n<h3 dir=\"ltr\"><span class=\"ez-toc-section\" id=\"Necessary_amendments_in_ITR-6\"><\/span><span style=\"color: #000080;\"><strong>Necessary amendments in ITR-6<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p dir=\"ltr\">(i) <strong>amendments <\/strong>in Schedule-DPM of Income-tax return -ITR-6 have been made to make the adjustments of depreciation amount under section 115BAA.<\/p>\n<p dir=\"ltr\">(ii) <strong>amendments <\/strong>in Schedule-CFL of Income-tax return -ITR-6 have been made to made adjustments for losses and allowances under section 115BAA.<\/p>\n<p dir=\"ltr\">(iii) <strong>amendments <\/strong>in Schedule-UD of Income-tax return -ITR-6 have been made to made adjustments for depreciation allowances for opting section 115BAA.<\/p>\n<p dir=\"ltr\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone  wp-image-25460\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/08\/Tax-Audit-.jpg\" alt=\"Tax Audit Rule\" width=\"1071\" height=\"1399\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/08\/Tax-Audit-.jpg 817w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/08\/Tax-Audit--230x300.jpg 230w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/08\/Tax-Audit--784x1024.jpg 784w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/08\/Tax-Audit--768x1003.jpg 768w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/08\/Tax-Audit--800x1045.jpg 800w\" sizes=\"(max-width: 1071px) 100vw, 1071px\" \/><\/p>\n<p style=\"padding-left: 40px;\">1. Location(s) (address(s)) of keeping books\u00a0of accounts to be given<br \/>\n2. Particulars of sale of Land\/Building less than Stamp value to be given<br \/>\n3. Comparison of amount debited vis a vis amount admissible on account of various deductions to be given<br \/>\n4. Detailed information to be given on amount debited to P &amp; L a\/c of Capital Exp, Personal Exp. ADVERTISEMENT<br \/>\n5. Details on <a href=\"https:\/\/carajput.com\/tds.php\">TDS<\/a> deducted not deposited or not deducted u\/s 40(a) Nonresident<br \/>\n6. Name of payee whose TDS not deposited, deducted to be given u\/s 40(a)(ia)<br \/>\n7. Amount to be profit u\/s 40A(3A) to be given<br \/>\n8. Modvat=Cenvat<br \/>\n9. (28) Whether receiving shares below fair value u\/s 56(2)(viia)- How it is possible for CA<br \/>\n10. Whether assessee receives security premium taxable u\/s 56(2)(viib)<br \/>\n11. Detailed info on TDS\/TCS deducted section-wise to be given<br \/>\n12. Late filing of <a href=\"https:\/\/carajput.com\/services\/tds-return-filing.php\">TDS\/TCS return<\/a><br \/>\n13. Interest Payable u\/s 201(1A) and 206C(7)<br \/>\n14. Audit under Service tax to be reported<br \/>\n15. Demand\/Refund raised under any other law during the PY to be reported<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Timeline_for_obtaining_the_audit_report\"><\/span><span style=\"color: #000080;\"><strong>Timeline for obtaining the audit report\u00a0<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Unless otherwise extended, a taxpayer must acquire the audit report by September 30th of the relevant assessment year.<\/li>\n<li>However, because of the pandemic scenario, the deadline for submitting the audit report for AY 2021-22 has been extended to January 15, 2022.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Penalty_for_failing_to_file_Tax_audit_report\"><\/span><span style=\"color: #000080;\"><strong>Penalty for failing to file Tax audit report<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>If the taxpayer fails to have his accounts audited or file the audit report, the Assessing Officer may levy a penalty under section 271B. A minimum penalty of 0.5 percent of total sales, turnover, or gross revenues can be imposed, with a maximum penalty of Rs. 1,50,000. No penalty will be assessed if the taxpayer provides acceptable reasons for noncompliance.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Income_tax_Tax_Audit_Utility_for_Form_3CA-CD_3CB-CD_enabled_by_CBDT_Common_Offline_Utilities_for_filing_Statutory_Income-tax_forms_Enabled_for_Form_3CA-CD_3CB-CD\"><\/span><strong>Income tax Tax Audit Utility for Form 3CA-CD &amp; 3CB-CD enabled by CBDT<\/strong><br \/>\n(Common Offline Utilities for filing Statutory Income-tax forms (Enabled for Form 3CA-CD &amp; 3CB-CD )<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Submission of Form 3CA-3CD,3CB-3CD for AY 2021-22, AY 2020-21 is enabled on e-Filing portal\u00a0<a href=\"https:\/\/www.incometax.gov.in\/\" target=\"_blank\" rel=\"noopener\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/www.incometax.gov.in&amp;source=gmail&amp;ust=1635404250123000&amp;usg=AFQjCNFHxxDuaMlv0qlT8ILWdcFG6Wt-QA\">www.incometax.gov.in<\/a>.<br \/>\nDownload and use only the latest Offline Utility available in the &#8220;Download&#8221; section under the &#8220;Income-tax Forms&#8221; page on the portal.<\/li>\n<li>This version of the offline utility can be used for Tax Audits in cases not involving a large number of records.<\/li>\n<li>The next version will have CSV import\/upload to accommodate a large number of records in various schedules of the Form.<\/li>\n<li>The JSON generated from the new utility has to be uploaded on the efiling portal.<\/li>\n<\/ul>\n<p>Please ensure that the taxpayer has authorized you to submit the form before uploading the form.<\/p>\n<p style=\"text-align: justify;\">Call at 011-435 201 94 or mail at singh@carajput.com where a team of proficient and highly skilled attorneys will revert back while resolving your trademark query with the best solution.<\/p>\n<p>Popular blog:-<\/p>\n<ul>\n<li><a href=\"https:\/\/carajput.com\/services-LLP-consultancy.aspx\">Tax consultants in Delhi<\/a><\/li>\n<li><strong><a href=\"https:\/\/carajput.com\/learn\/deductions-under-section-80ccd-of-income-tax-act.html\">Deduction u\/s 80CCD of Income Tax Act, 1961<\/a><\/strong><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Revision of TAR and New reporting requirements in Form 3CD- Notification No. 28\/2021 The six changes in the tax audit form in Form 3CD Budget for 2021: The \u2018Tax Audit&#8217; 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 &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[117],"tags":[2567,2565,2569,2566,2568],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/27"}],"collection":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/comments?post=27"}],"version-history":[{"count":5,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/27\/revisions"}],"predecessor-version":[{"id":25463,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/27\/revisions\/25463"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=27"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=27"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=27"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}