Form 3CD for AY 2018-19 in Excel Format

Revised Form 3CD for AY 2018-19 in Excel Format

Form 3CD is issue by CBDT in accordance with Section 44AB of the Indian Income Tax Act 1961. According to Section 44AB, a person requires to file tax audit report if turnover from business is more than 1 Crore or from Professional is more than 50 Lacs. At the end of article, you can download Form 3CD for AY 2018-19 in Excel Format.

Following type of persons is required to get account audited by a Chartered Accountant: –

  1. The person who is doing business and his/her sale/Turnover from Business is exceeds Rs 1 Crore.
  2. The person who is in profession and gross receipts from Profession is Exceeds Rs 50 Lakhs.
  3. The person who is doing business or is in profession and is covered under the Income Tax Provisions of Section 44AD, 44ADA, 44AE, 44AF, 44BBB and claimed that his income from the said business or profession is lower than the deemed profit and gains.

On 20th July 2018, CDBT has done several changes in Tax Audit Report vide Income tax 8th Amendment Rule 2018 which are applicable for F.Y. 2017-18. These changes will be applicable from 20th August 2018. Before 20th August 2018 one can file their Tax Audit Report in old format.

Download here Revised Form 3CD for AY 2018-19 in excel Format after giving effect of Change done by Income tax vide Notification No 33/2018 dated 20th July 2018.

Revised Form 3CD for AY 2018-19 In Excel Format

See below the content of Notification No 33/2018 dated 20th July 2018 issue for changes done in Form 3CD: –

G.S.R. 666(E). – In exercise of the powers conferred by section 44AB read with section 295 of the Income-tax Act, 1961 (43 of 1961) (hereinafter referred to as the Income-tax Act), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely: —

  1. (1) These rules may be called the Income–tax (8th Amendment) Rules, 2018.

(2) They shall come into force from the 20th day of August, 2018.

  1. In the Income-tax Rules, 1962, in Appendix II, in Form No. 3CD, –

(i) in serial number 4, –

(a) after the words “sales tax,”, the words “goods and services tax,” shall be inserted;

(b) after the words “registration number or”, the words “GST number or” shall be inserted;

(ii) in serial number 19, in the table, after the row with entry “32AC”, the row with entry “32AD” shall be inserted;

(iii) in serial number 24, after the words “32AC or”, the words “32AD or” shall be inserted;

(iv) in serial number 26, for the words “or (f)”, the words “, (f) or (g)” shall be substituted;

(v) after serial number 29 and the entries relating thereto, the following shall be inserted, namely:

29A. (a) Whether any amount is to be included as income chargeable under the head ‘income from other sources’ as referred to in clause (ix) of sub-section (2) of section 56? (Yes/No)

(b) If yes, please furnish the following details:

S.NoParticular
(i)Nature of Income
(ii)Amount thereof

 

29B. (a) Whether any amount is to be included as income chargeable under the head ‘income from other sources’ as referred to in clause (x) of sub-section (2) of section 56? (Yes/No)

(b) If yes, please furnish the following details:

S.NoParticular
(i)Nature of Income
(ii)Amount thereof

 

(vi) after serial number 30 and the entries relating thereto, the following shall be inserted, namely:

30A. (a) Whether primary adjustment to transfer price, as referred to in sub-section (1) of section 92CE, has been made during the previous year? (Yes/No)

(b) If yes, please furnish the following details: –

S.NoParticular
(i)Under which clause of sub-section (1) of section 92CE primary adjustment is made?
(ii)Amount (in Rs.) of primary adjustment:
(iii)Whether the excess money available with the associated enterprise is required to be repatriated to India as per the provisions of sub-section (2) of section 92CE? (Yes/No)
(iv)If yes, whether the excess money has been repatriated within the prescribed time (Yes/No)
(v)If no, the amount (in Rs.) of imputed interest income on such excess money which has not been repatriated within the prescribed time:

 

30B. (a) Whether the assessee has incurred expenditure during the previous year by way of interest or of similar nature exceeding one crore rupees as referred to in sub-section (1) of section 94B? (Yes/No)

(b) If yes, please furnish the following details: –

S.NoParticular
(i)Amount (in Rs.) of expenditure by way of interest or of similar nature incurred:
(ii)Earnings before interest, tax, depreciation and amortization (EBITDA) during the previous year (in Rs.):
(iii)Amount (in Rs.) of expenditure by way of interest or of similar nature as per (i) above which exceeds 30% of EBITDA as per (ii) above:
(iv)Details of interest expenditure brought forward as per sub-section (4) of section 94B:

–       A.Y.

–       Amount in Rs

(v)Details of interest expenditure carried forward as per sub-section (4) of section 94B:

–       A.Y.

–       Amount in Rs

 

30C. (a) Whether the assessee has entered into an impermissible avoidance arrangement, as referred to in section 96, during the previous year? (Yes/No)

(b) If yes, please specify: –

S.NoParticular
(i)Nature of the impermissible avoidance arrangement:
(ii)Amount (in Rs.) of tax benefit in the previous year arising, in aggregate, to all the parties to the arrangement:”;

 

(vii) in serial number 31, –

(A) after clause (b), the following clauses and entries relating thereto shall be inserted, namely: –

(ba) Particulars of each receipt in an amount exceeding the limit specified in section 269ST, in aggregate from a person in a day or in respect of a single transaction or in respect of transactions relating to one event or occasion from a person, during the previous year, where such receipt is otherwise than by a cheque or bank draft or use of electronic clearing system through a bank account: –

S.NoParticular
(i)Name, address and Permanent Account Number (if available with the assessee) of the payer;
(ii)Nature of transaction;
(iii)Amount of receipt (in Rs.);
(iv)Date of receipt;

 

(bb) Particulars of each receipt in an amount exceeding the limit specified in section 269ST, in aggregate from a person in a day or in respect of a single transaction or in respect of transactions relating to one event or occasion from a person, received by a cheque or bank draft, not being an account payee cheque or an account payee bank draft, during the previous year: —

S.NoParticular
(i)Name, address and Permanent Account Number (if available with the assessee) of the payer;
(ii)Amount of receipt (in Rs.);

 

(bc) Particulars of each payment made in an amount exceeding the limit specified in section 269ST, in aggregate to a person in a day or in respect of a single transaction or in respect of transactions relating to one event or occasion to a person, otherwise than by a cheque or bank draft or use of electronic clearing system through a bank account during the previous year: –

S.NoParticular
(i)Name, address and Permanent Account Number (if available with the assessee) of the payee;
(ii)Nature of transaction;
(iii)Amount of Payment (in Rs.);
(iv)Date of Payment;

 

(bd) Particulars of each payment in an amount exceeding the limit specified in section 269ST, in aggregate to a person in a day or in respect of a single transaction or in respect of transactions relating to one event or occasion to a person, made by a cheque or bank draft, not being an account payee cheque or an account payee bank draft, during the previous year:—

S.NoParticular
(i)Name, address and Permanent Account Number (if available with the assessee) of the payee;
(ii)Amount of Payment;

 

(Particulars at (ba), (bb), (bc) and (bd) need not be given in the case of receipt by or payment to a Government company, a banking Company, a post office savings bank, a cooperative bank or in the case of transactions referred to in section 269SS or in the case of persons referred to in Notification No. S.O. 2065(E) dated 3rd July, 2017)”;

(B) in item (c), in sub-item (v), for the words “taken or accepted”, the word “repaid” shall be substituted;

(C) in item (d), in sub-item (ii), after the words “amount of”, the words “repayment of” shall be inserted;

(D) in item (e), in sub-item (ii), after the words, “amount of”, the words “repayment of” shall be inserted;

(viii) in serial number 34, for item (b), the following item shall be substituted, namely: –

(b) whether the assessee is required to furnish the statement of tax deducted or tax collected. If yes, please furnish the details:

  • Tax deduction and collection Account Number (TAN)
  • Type of Form
  • Due date for furnishing
  • Date of furnishing,
  • if furnished Whether the statement of tax deducted or collected contains information about all details/transactions which are required to be reported. If not, please furnish list of details/transactions which are not reported.”;

(ix) after serial number 36 and the entries relating thereto, the following shall be inserted, namely:

36A. (a) Whether the assessee has received any amount in the nature of dividend as referred to in sub-clause (e) of clause (22) of section 2? (Yes/No)

(b) If yes, please furnish the following details: –

S.NoParticular
(i)Amount received (in Rs)
(ii)Date of receipt:”;

 

(x) after serial number 41 and the entries relating thereto, the following shall be inserted, namely: –

  1. (a) Whether the assessee is required to furnish statement in Form No.61 or Form No. 61A or Form No. 61B? (Yes/No)

(b) If yes, please furnish:

  • Income-tax Department Reporting Entity Identification Number

  • Type of Form

  • Due date for furnishing

  • Date of furnishing, if furnished

  • Whether the Form contains information about all details/ transactions which are required to be reported. If not, please furnish list of the details/transactions which are not reported.

  1. (a) Whether the assessee or its parent entity or alternate reporting entity is liable to furnish the report as referred to in sub-section (2) of section 286 (Yes/No) (b) if yes, please furnish the following details:
  • Whether report has been furnished by the assessee or its parent entity or an alternate reporting entity

  • Name of parent entity

  • Name of alternate reporting entity (if applicable)

  • Date of furnishing of report

  1. Break-up of total expenditure of entities registered or not registered under the GST:

(i) Sl. No.

(ii) Total amount of Expenditure incurred during the year

(iii) Expenditure in respect of entities registered under GST

  • Relating to goods or services exempt from GST
  • Relating to entities falling under composition scheme
  • Relating to other registered entities
  • Total payment to registered entities

(iv) Expenditure relating to entities not registered under GST

After the introduction of various changes in Tax Audit Report, the auditor’s Responsibilities to report detailed information under the new / Amended clauses has increase significantly.

However, CBDT has issued a circular 6/2018 dated 17th August 2018 in relation to Tax Audit for defers of clause 30C and clause 44 of the Revised Tax Audit Report Form 3CD up to 31st March 2019. This partial deferment of amendments will not affect the other changes made in Form 3CD applicable from 20th August 2018.

Download here, Circular 6/2018 dated 17th August 2018

Download here Revised Form 3CD for AY 2018-19 in excel Format after giving effect of Change done by Income tax vide Notification No 33/2018 dated 20th July 2018.

Revised Form 3CD for AY 2018-19 In Excel Format

Due Date for Filing Tax Audit Report: – Due date for filing the Tax Audit Report under section 44AB for Financial year 2017-18 is 30th September 2018.

Penalty for Non Filing of Tax Audit Report: -Under Section 271B, if a person who is required to get his account audit by chartered accountant and does not get his accounts audited or file the audit report then assessing officer may impose a penalty of .05% of the total sales, gross receipt or turnover which can go up to Rs 1,50,000.

For any query you can write at taxhouseindia@gmail.com. Before making any decisions do consult with your professional or tax advisor.

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