Change in method accounting
This query is : Resolved
16 January 2018
Assessee has changed the method of accounting in the previous year, what are the compliance shall be made.
if same is not mentioned in Form 3CD and what are the consequences.
if same is not mentioned in Form 3CD and what are the consequences.
17 January 2018
1. In notes on account
* to mention both methods and the reason for the change.
* quantify the amount of change
* mention effect of the change in the profit and reserves
2, In form 3CD
* clause 13 (a) to (c) to filled up.( matters therein are self explanatory)
3. consequences of failure
* Form 3CA ( clause 2) certification will go wrong.
* ITO can seek best judgement assessment since accounts are not true and correct.
* may go beyond the above, if referred to ICAI.
* to mention both methods and the reason for the change.
* quantify the amount of change
* mention effect of the change in the profit and reserves
2, In form 3CD
* clause 13 (a) to (c) to filled up.( matters therein are self explanatory)
3. consequences of failure
* Form 3CA ( clause 2) certification will go wrong.
* ITO can seek best judgement assessment since accounts are not true and correct.
* may go beyond the above, if referred to ICAI.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is Aadhar PAN linking required for opening bank account?
- Applicability
- CPC Processing IT Return for AY 2023-24 without recognizing the Taxation Option under New Regime
- Where to show the RCM on Rent paid to unregistered landlord
- RCM - commercial rent paid to URP under GST
- TDS NUMBER SURRENDER
- GSTR-3B - Do I file nil when there is no sale but I've bought raw materials
- Legal heir raised refund , but refund issued to the closed account of deceased.
- Gst Sales of FY 2023-24
- Offsetting interest income against derivative trading losses
- My Last working day in current org is in novemebr 2024 but they are asking me to submit IT proof
- Indexation benefit applicability
- SEC 54 OF IT ACT
- Passed group 2 exams under wrong gender
- REQUIREMENT OF 15CB
- QUERY FOR RCM ON RENT
- APPEAL-CIT
- Payable outstanding for years disallowance
- Whether still royalty
- Issue of gst e invoice
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
