What is the meaning of 3CD?

What is the meaning of 3CD?

Form 3CD. Form 3CD is prepared by a Chartered Accountant on behalf of the assessees who get their accounts audited. The objective of the form is to specify the particulars of the audit report under any of the forms specified under Section 44AB.

Is 3CD compulsory?

Form 3CA-3CD is applicable in case of person who is required by or under any law to get its accounts audited. Form 3CB-3CD is applicable in case of a person not being a person referred above i.e. where accounts are not required to be audited under any other law.

How many clauses are there in 3CD?

Form 3CD is a statement of particulars required to be furnished in accordance with Rule 6G and Section 44AB along with Form3CA/3B as applicable. There are total 41 clauses in Form 3CD (divided in Part A and Part B) containing disclosures related to loans, deductions, TDS paid etc.

What is 3CD in TDS?

TDS Compliance In Tax Audit Report. Clause 21(b) of Form 3CD – Amount Inadmissible under section 40(a) (i) As payment to non- resident referred to in sub clause (i) (ii) As payment referred to in sub clause (ia) (iii) As payment referred to in sub clause (ib)

What is Clause 16 of Form 3cd?

Sir, Clause 16 is about “Amounts not credited to Profit and Loss Account” and Sub Clause (d) “any other item of income”. Does this clause cover to include such incomes which are not Credited to Profit and Loss Account.

Can tax audit report be revised after due date?

There is no limit to revise the Tax audit reports. After going through the Guidance Note of Tax Audit u/s 44AB of Income Tax Act-1961, it is very clear that Tax Audit report should not be normally revised.

Can 3CD be revised?

What is 44AB A?

Clause 44AB (a) – Every person carrying on business shall get accounts audited if receipts of business exceeding specified limits – The limit provided in the clause is Rs. 1 crore, which is converted to Rs. 10 Crs.

What is Clause 34 of Form 3CD?

34 of Form 3CD. The Auditor need to report section-wise details of TDS/TCS deducted/collected and paid. 2. Section under which Assessee is covered.

How do I use 3CB 3CD on a new portal?

1. PREREQUISITES.
2. Steps for uploading 3CA / 3CB – 3CD.
3. STEP 1:- Client’s Login- ADD CA +ASSIGN FORM 3CB 3CD + ATTACH DSC –
4. STEP 2:- make 3CA/3CB-3CD JSON.
5. STEP 3:- CA’s login– FOR UPLOADING the form.
6. STEP 4:- Client’s Login- ..FOR ACCEPT THE form.
7. STEP 5:- DOWNLOAD , SAVE AND PRINT.
8. __________________

What is Section 44AB?

Section 44AB of the Income Tax Act is applicable for individuals who meet certain requirements and have to get their accounts audited by a Chartered Accountant. This practice is done solely to help the Assessing Officer with the calculation and computation of the total taxable income of the individual in question.

What is 3CA?

Form 3CA. One of the significant forms utilised in the procedure of filing Income Tax returns in India is the Form 3CA. It is an Audit Report indenture. An Audit Report is a statement that is controlled and managed in accordance with Section 44AB of the Income Tax Act, 1961.

What is to be stated in Form 3CD?

The amount of depreciation debited in the books of accounts is to be stated. The Tax auditor is not required to comment here as to whether the same has been correctly or aptly determined. The net profit computed for working out the NP ratio as per cl 32 [b] of form 3CD must be stated here.

When to add change of address on Form 3CD?

Incase of change in address after the end of the financial year and before the date of tax audit, the fact may be brought on form 3CD.4. Incase of a company, the address of the registered office be stated alongwith the principle place of business, if any.

Is the date of conversion of stock in trade mentioned in 3CD?

However, the date of transfer of conversion is not to be stated. It is pertinent to mention that the Act and Form 3CD are both silent as to conversion of stock in trade into capital assets, qua taxability and qua reporting. However the said issue has been examined in ITA 6374/ MUM/2004, ACIT v Bright Star Inv P Ltd by Mumbai ITAT.

What are clauses 1 to 6 of Form 3CD?

Clauses 1 to 6 – These are just the same as of part A of form 3CD and have already been deliberated upon in earlier part of the discussion paper. The nature of business or profession must be same as in form 3CD [refer cl. 8 (a)]. The code must correspond to the relevant code as per the list.