CA Rajesh Mehta 30-08-14 - Indore

Report
DISCUSSION ON
RECENT CHANGES IN
TAX AUDIT REPORT
& TDS ISSUES
Speaker:
CA. Rajesh Mehta
CBDT via Notification No. 33/2014; Dated 25th July
2014, had made changes in Form 3CA, 3CB and 3CD.
~via these changes, the compliances and disclosures
which a CA is required to ensure have been increased.
FORM 3CA
 In point 1(a) “date of beginning and ending” :-
“the audited *profit and loss account/income
and expenditure account for the period
beginning from …………………..to ending on
…………………..”
 In point 1(b)
“the audited balance sheet as at …………..”

In Point 3 “information and according to
examination of books of account including other
relevant documents and explanations given to me/us”
and also inserted phrase “subject to the following
observations/ qualifications, if any :(a).….,
(b).…,
(c)....
Name and seal of signatory
AUDITOR’S
INFORMATION
FORM NO. 3CB
In point 1 “…..balance sheet as on, ____, and the
*profit and loss account / income and expenditure
account for the period beginning from ---------------------to ending on -----------------.”
Point No. “3(C) (i)/(ii)” of 3CB
Qualifications:
In point 5; In *my/our opinion…………
subject to following observations/qualifications, if any:
a.
b.
c.
5. Suggested Qualification Type
FORM NO. 3CD
41 clauses as against 32 clauses
in the old form.
PART A : It includes Clauses from 1 to 8.
PART B : It includes Clauses from 9 to 41.
FORM NO. 3CD
PART – A
Clauses
1. Name of the asseessee
2. Address
3. Permanent Account Number
PART – A
Clauses
4. Registration/Identification Number for payment
of Indirect Taxes
5. Status
6. Previous Year
7. Assessment Year
8.Relevant Clause of Sec. 44AB; under which
audit has been conducted.
PART - B
Clauses
9. If Firm or AOP, indicate name of
partners/members and their profit
sharing ratios
10. Nature of business or profession
11. (a)Whether books of account are prescribed under
section44 AA, if yes list of books so prescribed.
(b) List of books of account maintained and the
address of each location at which books of accounts
are kept.
(c) List of books of accounts & nature of relevant
documents examined.
12. Whether the profit and loss account
includes profits and gains U/s 44AD, 44AE,
44AF, 44B, 44BB, 44BBA, 44BBB, Chapter
XII-G, First Schedule or any other relevant
section
13. Change in method of accounting and its effect on profit
or loss. [Section 145]
14. Change in Method of valuation of closing stock and the
effect thereof on the profit or loss. [Section 145A]
Serial number
Particulars
Increase in
profit (Rs.)
Decrease in
profit (Rs.)
15. Details of capital asset converted into
stock-in-trade.
17. Transfer of land/building for less than
stamp duty value.
Details of
property
Consideration
received or
accrued
Value adopted or
assessed or
assessable
19. Amounts admissible under sections:
Section Amount
Amounts admissible as per the provisions of the Income Tax
debited to
Act, 1961 and also fulfils the conditions, if any specified under the
profit and
the conditions, if any specified under the relevant 14 provisions
loss account of Income Tax Act, 1961 or Income Tax Rules,1962 or any other
guidelines, circular, etc., issued in this behalf.
Amounts are
admissible under
following Sections:
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
20.(a) Any sum paid to an employee as bonus
or commission for services rendered [Section 36(1)(ii)]
(b) Details of contributions received from employees for
various funds as referred to in section 36(1)(va)
Serial
Nature of Sum
number fund
received
from
employees
Due date
for
payment
The actual The actual date
amount
of payment to
paid
the concerned
authorities
21. (a) Amounts debited to the profit and loss account, being
in the nature of capital, personal, advertisement expenditure,
etc…….
Etc. covers following
Expenditure incurred at clubs being
cost for club services and facilities
used.
Expenditure by way of penalty or fine
for violation of any law for the time
being force
Expenditure by way of any other
penalty or fine not covered above
Expenditure incurred for any purpose
which is an offence or which is
prohibited by law
21.(b) Amounts inadmissible under
section 40 (a)
21. (d) Disallowance/deemed income under
section 40A(3):
Serial
number
Date of
payment
Nature of
Amount
payment
Name and
Permanent Account
Number of the
payee, if available
22. Amount of interest inadmissible under
section 23 of the Micro Small and Medium
Enterprises Development Act, 2006.
23. Particulars of payments made to persons
specified under section 40 A(2)(b)
24. Deemed income under Section 32AC
or 33AB or 33ABA or 33AC.
25. Any amount of profit chargeable to tax
under section 41 and computation thereof.
26. In respect of any sum referred
to in section 43B, the liability for which;
(A) pre-existed on the first day of the previous
year
(B) incurred in the previous year and was
paid/not paid on or before the aforesaid date
27. (a) Amount of Central Value
Added Tax credits availed or
utilized.
(b) Income or Exp. of prior period
credited or debited to P. & L. A/c
28. If a firm or a company received shares
without consideration or for inadequate
consideration. Section 56(2)(viia)
29. If an assessee received any consideration
for issue of shares above fair market value.
30. Details of amount borrowed on hundi
or any amount due (including interest)
repaid, through an account payee
cheque . [Section 69D]
31. Particulars of each loan or deposit
section 269SS & 269T by an account
payee cheque or an account payee bank
draft based on examination of books of
account and other relevant
documents.
32. Losses from speculation business
(Section 73) & details of brought
forward loss or depreciation allowance.
Serial
Number
Nature of
loss /
Assessment Year
allowance
(in rupees)
Amount as
returned
(in rupees)
Amounts as
assessed (give
Remarks
reference to
relevant order)
33. Reporting of deductions claimed
under Chapter III (Section 10A, Section
10AA) or admissible under Chapter VI A .
Section under
which deduction
is claimed
Amounts admissible as per the
provision of the Income Tax Act,
1961 and fulfils the conditions, if
any, specified under the relevant
provisions of Income Tax Act, 1961
or Income Tax Rules,1962 or any
other guidelines, circular, etc,
issued in this behalf.
34. (a) Compliance with TDS/TCS provisions: Whether the
assessee has complied with the provisions of Chapter XVII-B
and Chapter XVII-BB regarding TDS & furnishing of TDS /
TCS statement within prescribed time limit.
Tax
Section
deduction
and
collection
Account
Number
(TAN)
Nature of
payment
Total
amount of
payment or
receipt of
the nature
specified in
column (3)
Total
amount
on which
tax was
required
to be
deducted
or
collected
out of (4)
Total
amount on
which tax
was
deducted or
collected at
specified
rate out of
(5)
Amount
of tax
deducte
d or
collected
out of (6)
Total
amou
nt on
which
tax
was
deduc
ted or
collec
ted at
less
than
specif
ied
rate
out of
(7)
Amount
of tax
deducted
or
collected
on (8)
Amount
of tax
deducted
or
collected
not
deposited
to the
credit of
the
Central
Governm
ent out of
(6) and
(8)
(1)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
(2)
Details of TDS/TCS statement filed:-Clause 34 (b)
• TDS on payment to transporter
• TCS on Bullion & Jewellery
• TCS on Scrap
• Due date of depositing TCS
• Interest in case of Deemed date of payment of Tax
• Due date of deposit of TDS U/s 194IA
35. (a) In case of a trading concern, give quantitative
details of principal items of goods traded.
(b) In the case of a manufacturing concern, give
quantitative details of the principal items of raw
materials, finished products and by-products
A. Raw Materials
B. Finished products/by- products
36. Tax on distributed profits under
section 115-O, in case of a
domestic company.
40. Details of principal items of goods
traded/manufactured or services
rendered; as follows :Serial number
Particulars
1.
Total turnover of
the assessee
2.
Gross
profit/turnover
3.
Net profit/turnover
4.
Stock-intrade/turnover
5.
Material
consumed/finished
goods produced
Previous
year
Preceding
previous year

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