DISCUSSION ON RECENT CHANGES IN TAX AUDIT REPORT & TDS
ISSUES Speaker: CA. Rajesh Mehta
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CBDT via Notification No. 33/2014; Dated 25 th 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.Notification No. 33/2014; Dated 25 th July
2014,
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FORM 3 CA 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 ..
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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)....
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Name and seal of signatory
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AUDITORS INFORMATION
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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
-----------------.
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Point No. 3(C) (i)/(ii) of 3CB
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Qualifications: In point 5; In *my/our opinion subject to
following observations/qualifications, if any: a. b. c.
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5. Suggested Qualification Type
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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 4 1.
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FORM NO. 3CD PART A Clauses 1. Name of the asseessee 2. Address
3. Permanent Account Number
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PART A Clauses 4. Registration/Identification Number for
payment of Indirect Taxes
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5. Status 6. Previous Year 7. Assessment Year
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8.Relevant Clause of Sec. 44AB; under which audit has been
conducted.
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PART - B Clauses 9. If Firm or AOP, indicate name of
partners/members and their profit sharing ratios
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10. Nature of business or profession
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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.
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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
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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]
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15. Details of capital asset converted into
stock-in-trade.
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17. Transfer of land/building for less than stamp duty
value.
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19. Amounts admissible under sections: Amounts are admissible
under following Sections:
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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)
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21. (a) Amounts debited to the profit and loss account, being
in the nature of capital, personal, advertisement expenditure, etc.
Etc. covers following
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21.(b) Amounts inadmissible under section 40 (a)
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21. (d) Disallowance/deemed income under section 40A(3):
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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.
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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
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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
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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.
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30. Details of amount borrowed on hundi or any amount due
(including interest) repaid, through an account payee cheque.
[Section 69D]
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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.
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32. Losses from speculation business (Section 73) & details
of brought forward loss or depreciation allowance.
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33. Reporting of deductions claimed under Chapter III (Section
10A, Section 10AA) or admissible under Chapter VI A.
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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.
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Details of TDS/TCS statement filed:-Clause 34 (b) TDS on
payment to transporter TCS on Bullion & Jewellery TCS on
Scrap
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Due date of depositing TCS Interest in case of Deemed date of
payment of Tax Due date of deposit of TDS U/s 194IA
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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
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36. Tax on distributed profits under section 115 -O, in case of
a domestic company.
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40. Details of principal items of goods traded/manufactured or
services rendered; as follows :-