Taxmann's Analysis | CBDT Updates the Tax Audit Report in Form No. 3CD – Effective from 05-03-2024

Download or read book Taxmann's Analysis | CBDT Updates the Tax Audit Report in Form No. 3CD – Effective from 05-03-2024 written by Taxmann and published by Taxmann Publications Private Limited. This book was released on 2024-03-08 with total page 19 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Central Board of Direct Taxes (CBDT) has issued a Notification dated 05-03-2024 announcing amendments to Form 3CD. These changes shall apply to all tax audit reports signed or after 05-03-2024, irrespective of the assessment year to which the tax audit report relates. The analysis of changes in the clauses has been discussed in this article, including: ‣ Clause 8a (Whether the company has opted for the special tax regime with lower tax rates) ‣ Clause 12 (Reporting of profits assessable under presumptive tax schemes credited to P&L) ‣ Clause 18 (Depreciation admissible) ‣ Clause 19 (Amount admissible as deduction under Sections 35, 35D, etc.) ‣ Clause 21(a) [Amounts debited to P&L covered by Explanation 3 to section 37(1)] ‣ Clause 21(b) [Amounts inadmissible under Section 40(a)(ia)] ‣ Clause 26 (Amounts covered Section 43B) ‣ Clause 32 (Brought forward loss or depreciation)