Chapter-heads
Tax Audit Reckoner for Audit of cash transactions
Audit Reckoner for Audit of sale of immovable property
Audit Reckoner for Audit of share capital
Tax Audit Reckoner for Audit of loans, deposits and Borrowings liabilities
Reckoner of clauses of Form No. 3CD not relevant/applicable to tax Audit for assessment year 2022-23
Tax Audit Reckoner of clauses of Form No. 3CD relevant/applicable to individuals/HUFs who are liable for tax audit u/s 44AB
Tax Audit Reckoner of clauses of Form No. 3CD relevant/applicable to Firms/LLPs/AOPs/BOIs who are liable for tax audit u/s 44AB I-49
Tax Audit Reckoner of clauses of Form No. 3CD relevant/applicable to companies who are liable for tax audit u/s 44AB I-51
Tax Audit Reckoner of clauses of Form No. 3CD not applicable to assessees following cash basis of accounting I-53
Tax Audit Reckoner of Form No. 3CD - Clause-wise applicability reckoner of income computation and disclosure standards I-54
Tax Audit Reckoner of statutory provisions relevant to various clauses of Form No. 3CD I-60
Reckoner of Management Representation Letters (MRLs) to be obtained by Tax Auditor for each clause of Form No.3CD I-67
Reckoner of Notes/Disclosures/Disclaimers to be given by Tax Auditor in clause (3) Form No. 3CA/Clause (5) of Form No. 3CB with respect to each clause of Form No. 3CD I-77
SECTION 44AB: AUDIT OF ACCOUNTS OF CERTAIN PERSONS CARRYING ON BUSINESS OR PROFESSION 1
PERSONS CARRYING ON BUSINESS WHO ARE OBLIGED TO COMPLY WITH PROVISIONS OF SECTION 44AB AS REGARDS
COMPULSORY AUDIT OF ACCOUNTS 17
TURNOVER-LINKED COMPULSORY AUDIT OBLIGATIONS
U/S 44AB(a) ON CERTAIN PERSONS CARRYING ON BUSINESS 21
I-9
I-41
I-43
I-44
I-45
I-5 Contents
Tax
Tax
I-46
I-47
COMPULSORY AUDIT OBLIGATIONS U/S 44AB(c)/(e) ON CERTAIN PERSONS CARRYING ON BUSINESS REGARDLESS OF THEIR TURNOVER/GROSS RECEIPTS/SALES (NON-TURNOVER-LINKED AUDIT OBLIGATIONS) 27 PERSONS CARRYING ON BUSINESS WHO ARE EXEMPT FROM TAX AUDIT (COMPULSORY AUDIT OBLIGATIONS U/S 44AB) 28 PRESUMPTIVE TAX REGIME UNDER SECTION 44AD FOR ELIGIBLE BUSINESSES CARRIED ON BY RESIDENT INDIVIDUALS, HUFs & FIRMS 31 PRESUMPTIVE TAX REGIME U/S 44AE FOR ASSESSEES OWNING GOODS CARRIAGES AND PLYING, HIRING OR LEASING THEM 63 WHEN PERSON CARRYING ON PROFESSION IS REQUIRED TO GET HIS ACCOUNTS AUDITED U/S 44AB(b) & U/S 44AB(d) 75 PRESUMPTIVE TAX REGIME AVAILABLE UNDER THE ACT TO PERSONS CARRYING ON SPECIFIED PROFESSIONS 83 TURNOVER OR GROSS RECEIPTS 98 OBLIGATIONS CAST BY SECTION 44AB 116 PREPARATION OF FINANCIAL STATEMENTS 137 FORM NO. 3CA 139 FORM NO. 3CB 148 FORM NO. 3CD 164 NAME OF THE ASSESSEE 169 ADDRESS OF THE ASSESSEE 170 PAN OR AADHAAR NUMBER 172 REGISTRATIONS UNDER INDIRECT TAX LAWS (CLAUSE 4) 174 STATUS (CLAUSE 5) 179 PREVIOUS YEAR (CLAUSE 6) 186 ASSESSMENT YEAR (CLAUSE 7) 187 CLAUSE 8 OF FORM NO. 3CD RELEVANT CLAUSE OF SECTION 44AB UNDER WHICH TAX AUDIT IS APPLICABLE 188 CLAUSE 8A OF FORM NO. 3CD : WHETHER THE ASSESSEE HAS OPTED FOR TAXATION UNDER SECTION 115BA/ 115BAA/115BAB/115BAC/115BAD? 191 CLAUSE 9 OF FORM NO. 3CD : DETAILS REGARDING FIRMS/ AOPs/LLPs 209 CLAUSE 10 OF FORM NO. 3CD : NATURE OF BUSINESS/ PROFESSION 216 CLAUSE 11 OF FORM NO. 3CD : BOOKS OF ACCOUNT 220 CLAUSE 12 OF FORM NO. 3CD : PRESUMPTIVE INCOME 231 I-6
PROPERTY (LAND OR BUILDING OR BOTH) TRANSFERRED AT LESS THAN STAMP DUTY VALUE - CLAUSE 17 OF FORM NO. 3CD
19 OF FORM NO. 3CD : AMOUNTS DEDUCTIBLE UNDER SECTIONS 33AB, 33ABA, ETC.
22 OF FORM NO. 3CD : AMOUNT OF INTEREST IN ADMISSIBLE UNDER SECTION 23 OF MSMED ACT, 2006
23 OF FORM NO. 3CD : PAYMENTS TO PERSONS SPECIFIED UNDER SECTION 40A(2)(b)
24 OF FORM NO. 3CD : AMOUNTS DEEMED TO BE PROFITS AND GAINS UNDER SECTION 32AC/32AD/33AB/ 33ABA/33AC
CLAUSE 25 OF FORM NO. 3CD : AMOUNTS DEEMED TO BE PROFITS AND GAINS UNDER SECTION 41
CLAUSE 26 OF FORM NO. 3CD : SUMS COVERED BY SECTION 43B
CLAUSE 27 OF FORM NO. 3CD : CENVAT CREDIT/ INPUT TAX CREDIT (ITC)/PRIOR PERIOD ITEMS
‘GIFTS’ OF UNLISTED SHARES RECEIVED BY LLPs/ FIRMS/ COMPANIES ON OR BEFORE 31-3-2017 - CLAUSE 28 OF FORM NO. 3CD 665
SHARE PREMIUM RECEIVED BY CLOSELY HELD COMPANIES IN EXCESS OF FMV TAXABLE - SECTION 56(2)(viib) - CLAUSE 29 OF FORM NO. 3CD 666
AMOUNT CHARGEABLE UNDER SECTION 56(2)(ix) - CLAUSE 29A
GIFTS/DEEMED GIFTS CHARGEABLE UNDER SECTION 56(2)(x) - CLAUSE 29B 684
HUNDI TRANSACTIONS - CLAUSE 30 OF FORM NO. 3CD 717
CLAUSE 30A OF FORM NO. 3CD : SECONDARY TRANSFER PRICING ADJUSTMENTS
CLAUSE
& COMPLIANCES 238 CLAUSE
: METHOD
TION 329 CLAUSE
363 CLAUSE
372
384 CLAUSE
395 CLAUSE
462 CLAUSE
485
499
609 CLAUSE
623
13 OF FORM NO. 3CD : METHOD OF ACCOUNTING
14 OF FORM NO. 3CD
OF STOCK VALUA-
15 OF FORM NO. 3CD : CAPITAL ASSET CONVERTED INTO STOCK-IN-TRADE
16 OF FORM NO. 3CD : AMOUNTS NOT CREDITED TO PROFIT AND LOSS ACCOUNT
18 OF FORM NO. 3CD : DEPRECIATION
20 OF FORM NO. 3CD : BONUS/EMPLOYEES CONTRIBUTION TO PF
CLAUSE 21 OF FORM NO. 3CD : AMOUNTS DEBITED TO PROFIT AND LOSS ACCOUNT
CLAUSE
CLAUSE
630
633
647
661
681
I-7
724
CLAUSE 30B OF FORM NO. 3CD : THIN CAP ADJUSTMENTS 732 GAAR (GENERAL ANTI AVOIDANCE RULES) 740 CLAUSE 31 OF FORM NO. 3CD : ACCEPTANCE/REPAYMENT OF LOAN/DEPOSIT/SPECIFIED SUM 835 CLAUSE 32 OF FORM NO. 3CD : UNABSORBED LOSS/ DEPRECIATION 876 CLAUSE 33 OF FORM NO. 3CD : CHAPTER VI-A DEDUCTIONS 889 CLAUSE 34 OF FORM NO. 3CD : AUDIT OF COMPLIANCE WITH TDS PROVISIONS 894 CLAUSE 35 OF FORM NO. 3CD : QUANTITATIVE DETAILS 906 CLAUSE 36 OF FORM NO. 3CD : DIVIDEND DISTRIBUTION TAX 912 CLAUSE 36A OF FORM NO. 3CD : DEEMED DIVIDEND U/S 2(22)(e) 913 CLAUSE 37 OF FORM NO. 3CD : COST AUDIT REPORT 926 CLAUSE 38 OF FORM NO. 3CD : CENTRAL EXCISE AUDIT REPORT 928 CLAUSE 39 OF FORM NO. 3CD : SERVICE TAX AUDIT FOR VALUATION FOR SERVICES 929 CLAUSE 40 OF FORM NO. 3CD : ACCOUNTING RATIOS 930 DETAILS OF DEMANDS RAISED OR REFUNDS ISSUED UNDER TAX LAWS : CLAUSE 41 OF FORM NO. 3CD 935 CLAUSE 42 OF FORM NO. 3CD : FURNISHING OF FORM NOS. 61, 61A AND 61B 938 CLAUSE 43 OF FORM NO. 3CD : FURNISHING OF COUNTRY BY COUNTRY REPORT (CbCR) U/S 286 949 CLAUSE 44 OF FORM NO. 3CD : BREAK-UP OF TOTAL EXPENDITURE OF ENTITIES REGISTERED OR NOT REGISTERED UNDER GST 953 FINANCE ACT, 2023 AMENDMENTS TO KEY PROVISIONS OF THE ACT AFFECTING TAX AUDIT WITH EFFECT FROM AY 2024-25 960 RELEVANT RULE OF INCOME-TAX RULES, 1962 1021 I-8
Tax Audit Reckoner for Audit of loans, deposits and Borrowings liabilities
Reckoner of clauses of Form No. 3CD not relevant/applicable to tax Audit for assessment year 2022-23
Tax Audit Reckoner of clauses of Form No. 3CD relevant/applicable to individuals/HUFs who are liable for tax audit u/s 44AB I-47
Tax Audit Reckoner of clauses of Form No. 3CD relevant/applicable to Firms/LLPs/AOPs/BOIs who are liable for tax audit u/s 44AB I-49
Tax Audit Reckoner of clauses of Form No. 3CD relevant/applicable to companies who are liable for tax audit u/s 44AB I-51
Tax Audit Reckoner of clauses of Form No. 3CD not applicable to assessees following cash basis of accounting I-53
Tax Audit Reckoner of Form No. 3CD - Clause wise applicability reckoner of income computation and disclosure standards I-54
Tax Audit Reckoner of statutory provisions relevant to various clauses of Form No. 3CD I-60
Reckoner of Management Representation Letters (MRLs) to be obtained by Tax Auditor for each clause of Form No.3CD I-67
Reckoner of Notes/Disclosures/Disclaimers to be given by Tax Auditor in clause (3) Form No. 3CA/Clause (5) of Form No. 3CB with respect to each clause of Form No. 3CD I-77
SECTION 44AB: AUDIT OF ACCOUNTS OF CERTAIN PERSONS CARRYING ON BUSINESS OR PROFESSION
I-9 Chapter-heads I-5 Tax
I-41 Tax
I-43 Tax
I-44
I-45
Audit Reckoner for Audit of cash transactions
Audit Reckoner for Audit of sale of immovable property
Audit Reckoner for Audit of share capital
I-46
0.1 1 0.2 2 Contents
I-10 0.3 8 0.4 8 0.5 9 0.6 10 0.7 10 0.8 14 0.9 15 0.10 15 0.11 15 1 PERSONS CARRYING ON BUSINESS WHO ARE OBLIGED TO COMPLY WITH PROVISIONS OF SECTION 44AB AS REGARDS COMPULSORY AUDIT OF ACCOUNTS 1.1 17 1.1A 17 1.2 18 1.3 19 1.4 19 1.5 - 19 2 TURNOVER-LINKED COMPULSORY AUDIT OBLIGATIONS U/S 44AB(a) ON CERTAIN PERSONS CARRYING ON BUSINESS 2.1 21 2.2 23
COMPULSORY AUDIT OBLIGATIONS U/S 44AB(c)/(e) ON CERTAIN PERSONS CARRYING ON BUSINESS REGARDLESS OF THEIR TURNOVER/GROSS RECEIPTS/SALES (NON-TURNOVERLINKED AUDIT OBLIGATIONS) 3.1
PERSONS CARRYING ON BUSINESS WHO ARE EXEMPT FROM TAX AUDIT (COMPULSORY AUDIT OBLIGATIONS U/S 44AB)
PRESUMPTIVE TAX REGIME UNDER SECTION 44AD FOR ELIGIBLE BUSINESSES CARRIED ON BY RESIDENT INDIVIDUALS, HUFs & FIRMS
I-11 2.3 ` ` 23 2.4 25
3
27 4
4.1 28 4.2 28 5
5.1 31 5.2 34 5.3 35 5.4 38 5.5 39 5.6 39 5.7 40 5.8 44 5.9 - 49
I-12 5.10 49 5.11 50 5.12 50 5.13 50 5.14 55 5.15 55 5.16 55 5.17 56 5.18 57 5.19 58 5.20 59 5.21 59 5.22 59 5.23 59 5.24 60 5.25 61 6
6.1 63
PRESUMPTIVE TAX REGIME U/S 44AE FOR ASSESSEES OWNING GOODS CARRIAGES AND PLYING, HIRING OR LEASING THEM
I-13 6.2 - 65 6.3 66 6.4 66 6.5 67 6.6 67 6.7 68 6.8 70 6.9 70 6.10 70 6.11 70 6.12 71 6.13 72 6.14b 72 6.15 73 7
7.1 75 7.1A 76 7.2 76 7.3 77 7.4 78
WHEN PERSON CARRYING ON PROFESSION IS REQUIRED TO GET HIS ACCOUNTS AUDITED U/S 44AB(b) & U/S 44AB(d)
I-14 7.580 7.6 81 7.7 81 7.8 81 7.9 81 7.10 81 7.11 81 7.12 82 8
8.1 - 83 8.2 84 8.3 87 8.4 88 8.5 88 8.6 - 90 8.7 90 8.8 90 8.9 90 8.10 91 8.11 91 8.12 91 8.13 91
PRESUMPTIVE TAX REGIME AVAILABLE UNDER THE ACT TO PERSONS CARRYING ON SPECIFIED PROFESSIONS
I-15 8.14 92 8.15 92 8.16 93 8.17 94 8.18 94 8.19 95 8.20 b 95 8.21 96 8.22 97 9 TURNOVER OR GROSS RECEIPTS 9.1 98 9.2 100 9.3 100 9.4 104 9.5 104 9.6 105 9.7 105 9.8 106 9.9 107 9.10 107 9.11 ` 108
I-16 9.12 112 9.13 112 9.14 ` 113 9.15 114 10 OBLIGATIONS CAST BY SECTION 44AB 10.1 116 10.2 117 10.3 118 10.4 119 10.5 120 10.6 130 10.7 130 10.8 131 10.9 132 10.10 132 10.11 133 10.12 133 10.13 133 10.14 134 11 PREPARATION OF FINANCIAL STATEMENTS 11.1 137 12 FORM NO. 3CA 12.1 139 12.2 140 12.3 140 12.4 141
I-17 12.5 145 12.6 146 12.6A 146 12.7 147 12.8 147 13 FORM NO. 3CB 13.1 148 13.2 148 13.3 149 13.4 a 149 13.5 b A 150 13.6 b B 150 13.7 b C 152 13.8 157 13.9 157 13.10 161 13.11 162 13.11A 162 13.12 162 13.13 162 14 FORM NO. 3CD 14.1 164 14.2 165 14.3 a 166 14.4 167
I-18 15 NAME OF THE ASSESSEE 15.1 169 15.2 169 16 ADDRESS OF THE ASSESSEE 16.1 170 16.2 170 16.3 170 17 PAN OR AADHAAR NUMBER 17.1 172 17.2 172 17.3 172 17.4 172 18 REGISTRATIONS UNDER INDIRECT TAX LAWS (CLAUSE 4) 18.1 174 18.2 174 18.3 175 18.4 176 18.5 176 18.6 177 18.7 178 18.8 178
I-19 19 STATUS (CLAUSE 5) 19.1 179 19.2 31 179 19.3 179 19.4 180 19.5 182 19.6 182 19.7 184 20 PREVIOUS YEAR (CLAUSE 6) 20.1 186 20.2 186 21 ASSESSMENT YEAR (CLAUSE 7) 21.1 187 21.2 187 22 CLAUSE 8 OF FORM NO. 3CD RELEVANT CLAUSE OF SECTION 44AB UNDER WHICH TAX AUDIT IS APPLICABLE 22.1 188 22.2 188 22.3 190 23 CLAUSE 8A
FORM
HAS OPTED FOR TAXATION
SECTION 115BA/115BAA/115BAB/115BAC/115BAD? 23.1 191
OF
NO. 3CD : WHETHER THE ASSESSEE
UNDER
I-20 23.2 191 23.3 192 23.4 193 23.5 199 23.6 202 23.7 203 23.8 204 23.9 205 23.10 207 23.11 208 24 CLAUSE 9 OF FORM NO. 3CD : DETAILS REGARDING FIRMS/AOPs/LLPs 24.1 209 24.2 209 24.3 211 24.4 ii 211 24.5 212 24.6 213 24.7 b 215 25 CLAUSE 10 OF FORM NO. 3CD : NATURE OF BUSINESS/PROFESSION 25.1 216 25.2 216 25.3 217 25.4 b 219
I-21 25.5 219 26 CLAUSE 11 OF FORM NO. 3CD : BOOKS OF ACCOUNT 26.1 a 220 26.2 b c 220 26.3 220 26.4 a b e 223 26.5 a 223 26.6 b 225 26.7 c c 228 26.8 230 27 CLAUSE 12 OF FORM NO. 3CD : PRESUMPTIVE INCOME 27.1 231 27.2 232 27.3 234 27.4 235 27.5 235 28 CLAUSE 13 OF FORM NO. 3CD : METHOD OF ACCOUNTING & COMPLIANCES 28.1 a c 239 28.2 d f 239 28.3 240 28.4 242 28.5 245 28.6 a 246 28.7 246
CLAUSE 15 OF FORM NO. 3CD : CAPITAL ASSET CONVERTED INTO STOCK-IN-TRADE
CLAUSE 16 OF FORM NO. 3CD : AMOUNTS NOT CREDITED TO PROFIT AND LOSS ACCOUNT
I-22 28.8 - 246 28.9 - 247 28.10 b 248 28.11 c 249 28.12 d 250 28.13 e 322 28.14 f 323 28.15 d e f 328 29 CLAUSE 14 OF FORM NO. 3CD :
OF
VALUATION 29.1 a 330 29.2 a 333 29.3 b 335 29.4 b 360 29.5 362 30
METHOD
STOCK
30.1 363 30.2 364 30.3 367 30.4 369 31
31.1 373 31.2 373 31.3 373
PROPERTY (LAND OR BUILDING OR BOTH) TRANSFERRED AT LESS THAN STAMP DUTY VALUE - CLAUSE 17 OF FORM NO. 3CD
I-23 31.4 a 374 31.5 a 376 31.6 b 378 31.7 b 379 31.8 c 379 31.9 c 379 31.10 d 380 31.11 d 380 31.12 e 381 31.13 e 383 32
32.0 385 32.1 385 32.2 385 32.3 386 32.4 386 32.5 386 32.6 x 387 32.7 391 32.8 393 32.9 394 33
33.1 395 33.2 399 33.3 399 33.4 400 33.5 401
CLAUSE 18 OF FORM NO. 3CD : DEPRECIATION
I-24 33.6 401 33.7 403 33.8 405 33.9 408 33.10 408 33.11 411 33.12 iia 417 33.13 445 33.14 a 447 33.15 b 448 33.16 c 448 33.16A ca 452 33.16B cb - 452 33.16C cc 453 33.17 d 453 33.18 e 456 33.19 f 458 33.20 461 34
34.1 463 34.2 464 34.3 464 34.4 466 34.5 468 34.6 i 471 34.7 ii 471
CLAUSE 19 OF FORM NO. 3CD : AMOUNTS DEDUCTIBLE UNDER SECTIONS 33AB, 33ABA, ETC.
I-25 34.8 iia 472 34.9 iii 473 34.10 iv 473 34.11 474 34.12 474 34.13 475 34.14 475 34.15 476 34.16 - 476 34.17 477 34.18 477 34.19 478 34.20 - 482 34.21 483 34.22 483 34.23 484
35
35.1 485 35.2 487
CLAUSE 20 OF FORM NO. 3CD : BONUS/EMPLOYEES CONTRIBUTION TO PF
CLAUSE
I-26 35.3 a 487 35.4 a 490 35.5 b 491 35.6 b 496 35.7 b 497 35.8 498 36
36.1 a 502 36.1A 503 36.2 a 504 36.3 504 36.4 a 505 36.5 a 507 36.6 a 509 36.7 a 510 36.8 a 512 36.9 a 513 36.9A a 515 36.10 a 515 36.10A a 517 36.11 a 517 36.11A a 517
21 OF FORM NO. 3CD : AMOUNTS DEBITED TO PROFIT AND LOSS ACCOUNT
36.12 a 518 36.13 a 534 36.14 b 534 36.15 a b 535 36.16 b 551 36.16A b 554 36.17 c 554 36.18 b c 555 36.18A ba 557 36.19 b 557 36.20 c 562 36.21 c 564 36.22 d A 565 36.23 d A 566 36.24 d A 575 36.25 d B 577 36.26 d B 577 36.27 d B 578 36.27A d 579 36.28 e 580 36.29 e 580 36.30 e 580 36.31 f 581 36.32 f 581 36.33 f 583 36.34 g 583 36.35 584 36.35A 585 36.36 g 586 36.36A g 588 I-27
CLAUSE 23 OF FORM NO. 3CD : PAYMENTS TO PERSONS SPECIFIED UNDER SECTION 40A(2)(b)
36.37 h 588 36.38 h 588 36.39 h 605 36.40 i 606 36.41 i 606 36.42 606 36.43 i 607 37
37.1 609 37.2 609 37.3 614 37.4 614 37.5 616 37.6 616 37.7 619 37.8 620 37.9 622 38
CLAUSE 22 OF FORM NO. 3CD : AMOUNT OF INTEREST INADMISSIBLE UNDER SECTION 23 OF MSMED ACT, 2006
38.1 623 38.2 623 38.3 b 623 38.4 627 38.5 627 38.6 629 I-28
CLAUSE 24 OF FORM NO. 3CD : AMOUNTS DEEMED TO BE PROFITS AND GAINS UNDER SECTION 32AC/32AD/33AB/33ABA/33AC
CLAUSE 25 OF FORM NO. 3CD : AMOUNTS DEEMED TO BE PROFITS AND GAINS UNDER SECTION 41
CLAUSE 26 OF FORM NO. 3CD : SUMS COVERED BY SECTION 43B
CLAUSE 27 OF FORM NO. 3CD : CENVAT CREDIT/ INPUT TAX CREDIT (ITC)/PRIOR PERIOD ITEMS
39
39.1 630 39.2 632 40
40.1 633 40.1A 634 40.2 634 40.3 644 40.4 646 41
41.1 647 41.2 649 41.3 650 41.4 654 41.5 655 41.6 a 660 41.7 660 42
42.1 a 661 42.2 a 662 I-29
‘GIFTS’ OF UNLISTED SHARES RECEIVED BY LLPs/ FIRMS/COMPANIES ON OR BEFORE 31-3-2017CLAUSE 28 OF FORM NO. 3CD
SHARE PREMIUM RECEIVED BY CLOSELY HELD COMPANIES IN EXCESS OF FMV TAXABLESECTION 56(2)(viib) - CLAUSE 29 OF FORM NO. 3CD
42.3 b 662 42.4 b 662 42.5 662 42.6 b 663 43
43.1 665 44
44.1 666 44.2 667 44.3 668 44.4 668 44.5 668 44.6 668 44.7 668 44.8 668 44.9 669 44.10 670 44.11 671 44.12 viib 671 44.13 674 44.14 674 44.15 675 44.16 677 I-30
44.17 678 44.18 678 45 AMOUNT CHARGEABLE UNDER SECTION 56(2)(ix)CLAUSE 29A 45.1 681 45.2 682 46 GIFTS/DEEMED GIFTS CHARGEABLE UNDER SECTION 56(2)(x) - CLAUSE 29B 46.1 684 46.2 x 685 46.3 687 46.4 iv 696 46.5 x a 707 46.6 x a 708 46.7 709 46.8 x a 711 46.9 x a 713 46.10 x a 714 46.11 715 47 HUNDI TRANSACTIONS - CLAUSE 30 OF FORM NO. 3CD 47.1 717 47.2 717 47.3 717 47.4 719 47.5 722 I-31
48 CLAUSE 30A OF FORM NO. 3CD : SECONDARY TRANSFER PRICING ADJUSTMENTS 48.1 724 48.2 725 48.3 725 48.4 725 48.5 728 48.6 729 49 CLAUSE 30B OF FORM NO. 3CD : THIN CAP ADJUSTMENTS 49.1 733 49.2 733 49.3 734 49.4 734 49.5 737 50 GAAR (GENERAL ANTI AVOIDANCE RULES) 50.1 740 50.2 740 50.3 741 50.4 742 50.5 743 50.6 745 50.7 748 50.8 748 50.8A 748 50.9 749 50.10 754 I-32
50.11 Explanation 754 50.12 755 50.13 757 50.14 769 50.15 a 771 50.16 b 776 50.17 c 778 50.18 bona fide 782 50.19 783 50.20 786 50.21 799 50.22 833 51
SUM 51.1 a 838 51.2 a 839 51.3 839 51.4 840 51.5 840 51.6 845 51.7 845 51.8 846 51.9 ` 846 51.10 846 51.11 847 51.12 847 51.13 - 848 51.14 849 51.15 849 I-33
CLAUSE 31 OF FORM NO. 3CD : ACCEPTANCE/ REPAYMENT OF LOAN/DEPOSIT/SPECIFIED
51.16 849 51.17 849 51.18 850 51.19 850 51.20 850 51.21 b 852 51.22 b i.e. 853 51.22A b 853 51.23 c d e 853 51.24 853 51.25 c 855 51.26 c 855 51.27 d e ` 856 51.27A d 858 51.27B e 858 51.28 ba 859 51.29 bb 860 51.30 bc 860 51.31 bd 860 51.32 861 51.33 862 51.34 863 51.34A 864 51.35 865 51.36 865 51.37 865 51.38 865 I-34
52
51.39 866 51.40 866 51.41 866 51.42 866 51.43 866 51.44 866 51.45 867 51.46 869 51.47 ba bd 871 51.48 874 51.49 a - 874 51.50 c - 875
52.1 a 877 52.2 a 880 52.3 b 880 52.4 880 52.5 881 52.6 c 882 52.7 d 883 52.8 Explanation 883 52.9 a e 884 52.10 a 888 I-35
CLAUSE 32 OF FORM NO. 3CD : UNABSORBED LOSS/ DEPRECIATION
53 CLAUSE 33 OF FORM NO. 3CD : CHAPTER VI-A DEDUCTIONS 53.1 889 53.2 890 53.3 890 53.4 891 54 CLAUSE 34 OF FORM NO. 3CD : AUDIT OF COMPLIANCE WITH TDS PROVISIONS 54.1 895 54.2 897 54.3 897 54.4 897 54.5 c - 901 Annex 54.1 902 Annex 54.2 904 55 CLAUSE 35 OF FORM NO. 3CD : QUANTITATIVE DETAILS 55.1 907 55.2 908 55.3 908 55.4 a - 910 55.5 b 911 56 CLAUSE 36 OF FORM NO. 3CD : DIVIDEND DISTRIBUTION TAX 56.1 912 I-36
57 CLAUSE 36A OF FORM NO. 3CD : DEEMED DIVIDEND U/S 2(22)(e) 57.1 913 57.2 22 e 914 57.3 923 58 CLAUSE 37 OF FORM NO. 3CD : COST AUDIT REPORT 58.1 926 58.2 926 58.3 926 58.4 927 59 CLAUSE 38 OF FORM NO. 3CD : CENTRAL EXCISE AUDIT REPORT 59.1 928 59.2 928 60 CLAUSE 39 OF FORM NO. 3CD : SERVICE TAX AUDIT FOR VALUATION FOR SERVICES 60.1 929 60.2 929 61 CLAUSE 40 OF FORM NO. 3CD : ACCOUNTING RATIOS 61.1 930 61.2 931 61.3 931 61.4 934 I-37
DETAILS OF DEMANDS RAISED OR REFUNDS ISSUED UNDER TAX LAWS : CLAUSE 41 OF FORM NO. 3CD
CLAUSE 42 OF FORM NO. 3CD : FURNISHING OF FORM NOS. 61, 61A AND 61B
CLAUSE 43 OF FORM NO. 3CD : FURNISHING OF COUNTRY BY COUNTRY REPORT (CbCR) U/S 286
CLAUSE 44 OF FORM NO. 3CD : BREAK-UP OF TOTAL EXPENDITURE OF ENTITIES REGISTERED OR NOT REGISTERED UNDER GST
62
62.1 935 62.2 936 63
63.1 938 63.2 939 Annex 63.1 : 943 64
64.1 949 64.2 950 64.3 951 64.4 951 65
65.1 953 65.2 i ii 954 65.3 954 65.4 954 65.5 956 65.6 956 I-38
FINANCE ACT, 2023 AMENDMENTS TO KEY PROVISIONS OF THE ACT AFFECTING TAX AUDIT WITH EFFECT FROM AY 2024-25
65.7 - 957 65.8 958 65.9 958 65.10 958 65.11 959 65.12 959 65.13 959
66
66.1 viii 960 66.2 iv 964 66.2A 992 66.3 992 66.4 h 992 66.5 da 1003 66.6 1003 66.7 1008 66.8 1009 66.9 - 1010 66.10 viib 1011 66.11 1012 66.12 1012 I-39
66.13 1016 66.14 ` ` 1016 66.15 ` ` - 1017 APPENDIX 1021 I-40
CHAPTER 5
PRESUMPTIVE
What
RESIDENT INDIVIDUALS, HUFs & FIRMS
TAX REGIME UNDER SECTION 44AD FOR ELIGIBLE BUSINESSES CARRIED ON BY
is the presumptive taxation regime of section 44AD of the Act? 5.1 See Para 5.2 Para 5.3 engaged in See Para 5.6 See Para 5.7 See Para 5.8-1 Para 5.8-2 see Para 66.6 31
Oopal Diamond ACIT [ See “ ”Para 5.1 32
APPLICABILITY OF SECTION 44AD SCHEME
Para 5.3-2 Para 5.2 i.e.33 Para 5.1
Which assessees are eligible to opt for the scheme under section
Not claimed any deduction under Part C of Chapter VIA-A of the Act or under section 10A, 10AA, 10B or 10BA 5.2-3
44AD? 5.2 a Explanation a Para 5.2-1 Para 5.2-2 “C-Deductions in
Para 5.2-3 See Para 5.3 Para 5.1 v Anandkumar v. ACIT 23a Explanation a n 44AD 5.2-2
respect of certain incomes”.
Para 5.2 34
“C-Deductions in respect of certain incomes”
Which assessees are barred from availing section 44AD scheme? 5.3
Which are the professions referred to in section 44AA(1) [Section 44AD(6)(i)] 5.3-1 by him
i
ii See
iii i.e.
See Para 5.3-1
Para 5.3-2
35 Para 5.3
Even if a doctor carries out his activities on a large scale by hiring other doctors in his nursing home, his activity will be ‘profession’ and not ‘business’ unless he becomes a passive entrepreneur in relation to services.
i-i.e.,e.g.
Sunil Chandak ITO
Para 5.3 36
i.e., i.e.,(i) 37 Para 5.3
APPLICABILITY OF PRESUMPTIVE INCOME SCHEME UNDER SECTIONS 44AD/44ADA TO RESIDENT ASSESSEE ENGAGED IN PROFESSION REFERRED TO IN SECTION 44AA(1)
e.g.
See Sunil Chandak ITO
Whether a person earning commission or brokerage income [Section 44AD(6) (ii)] can avail section 44AD scheme for his other business activities? 5.3-2 -
availing it for 6 consecutive previous years
-
5.4i.e. Para 5.4 38
TAX AUDIT
AUTHOR : SRINIVASAN ANAND G
PUBLISHER : TAXMANN
DATE OF PUBLICATION : APRIL 2023
EDITION : 15th Edition
ISBN NO : 9789356227231
NO. OF PAGES : 1108
BINDING TYPE : PAPERBACK
DESCRIPTION
This book comprehensively provides the following:
Rs. 2295 USD 64
• [Commentary on Tax Audit u/s 44AB] with reference to its applicability to various assessees and appointment of the tax auditor
• [Clause-wise Detailed Commentary] on the following:
o Form 3CA
o Form 3CB
o Form 3CD
o Clause 30C of Form 3CD pertaining to GAAR explained with foreign case laws
• [Detailed Discussion on Presumptive Tax Provisions with Pros & Cons] of the following sections:
o Section 44AD
o Section 44ADA
o Section 44AE
• [Income Computation and Disclosure Standards (ICDS)] explained with the following:
o Application Guide for each ICDS
o Difference between Ind AS/AC & ICDS
o Statements showing adjustments for variations between Ind AS/AS & ICDS
• [Tax Audit Ready Reckoner] on the following topics:
o Management Representation Letters which are to be obtained by the tax auditor for each Clause of Form No. 3CD
o Notes/Comments/Disclaimers to be given regarding each Clause of Form No. 3CD in Clause (3) of Form No. 3CA & Clause (5) of Form No. 3CB
o Audit of Cash Transactions
o Audit of Share Capital
o Audit of Loans, Borrowings and Deposits
o Sale of Immovable Property
o Applicability of various clauses to different assessees
o Clause of Form 3CD not applicable to assessees following cash basis of accounting
o Form 3CD – Clause-wise applicability reckoner of ICDS
o Statutory provisions relevant to various clauses of Form 3CD
The Present Publication is the 15th Edition and has been amended by the Finance Act 2023. This book is authored by CA Srinivasan Anand G.
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