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CBDT releases revised Form 3CD for FY 2017-18| AY 18-19

CBDT has revised Tax Audit Form 3CD Revised vide Notification 33/2018 dated 20.07.2018 (effective from 20.08.2018) by which it has made  6 Amendments and  9 Insertions  in Tax Audit Report Form 3CD.

The major changes are as follows:-

  1. Taxpayer to give GSTN number along with details of other indirect Tax registrations like Sales Tax, Service Tax etc.
  2. The New form 3CD seeks for information of Gifts that are chargeable to tax as per clause (x) of sub-section (2) of section 56 of Income Tax Act 1961.
  3. The revised form 3CD seeks for particulars of payment in amount exceeding limit specified in Section 269ST of Income Tax Act 1961.
  4. Assessee is required to provide details of expenditure in form 3CD whereby they need to provide Expenditure in respect of entities registered under GST  & entities not registered under GST.

Summary of Insertions is as follows:-

1. 29A – Advance received on capital asset forfeited to be reported here {Section 56(2)(ix)}.

2. 29B – Income of gifts exceeding INR 50,000 to be reported here {Section 56(2)(x)}.

3. 30A – Details about “Primary Adjustments” in transfer pricing to be reported here as per Section 92CE.

4. 30B – Limitation of Interest deductions for borrowings from a AE upto 30% of EBITDA is to be furnished here.

5. 30C – Details of Impermissible Avoidance Agreement to be furnished as referred to in Section 96.

6. 36A – Dividend received under Section 2(22)(e) is required to be reported here.

7. 42 – Details w.r.t. Form 61 (details of no PAN Form 60 received), Form No. 61A(SFT) and Form No. 61B (SRA) is to be provided here.

8. 43 – Details w.r.t. CbC Reporting as referred to in Section 286 is required to be reported.

9. 44 – BREAK UP of total expenditure in respect of GST Registered and Unregistered Entities is required to be given. 

Sources:taxguru.in/income-tax/form-3cd-revised-tax-audit-report-summary-amendments.html & studycafe.in/2018/07/major-changes-in-revised-form-3cd-for-fy-17-18-ay-18-19.html



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