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Form 3CD

CA Kishan Kabra (CA) (173 Points)

24 May 2011

Frends...

Plz give me instructions, How to fill Income Tax audit form No. 3CD Colum No 24(a) and (b)..

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6 Replies

GEETA MISTRY (ca final Student) (171 Points)
Replied 24 May 2011

if clause 24-a&b is applicable i.e. sec.269SS & T then make the table with following column

1-name of party

2-amount of loan borrowed or repaid

3-max. amt outstading

4-whether account squared up

5-mode of taking loan

try in this manner still u have doubt then msg. me.

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CA Kishan Kabra (CA) (173 Points)
Replied 25 May 2011

Thanx........

I have one more que. about that,closing balances of last year loans / opening balances for current year loans shall also be shown in the form 3CD or not...

GEETA MISTRY (ca final Student) (171 Points)
Replied 25 May 2011

opening balances of loans are not shown in 3cd report but it should be consider for calculating max. balance outstading during the year.

CA Kishan Kabra (CA) (173 Points)
Replied 26 May 2011

Originally posted by : GEETA MISTRY
	opening balances of loans are not shown in 3cd report but it should be consider for calculating max. balance outstading during the year.

It means last year's closing balances of loan are not shown in form 3CD,only current year loans...suppose last year loans cleared during the current year than what to do...

CA NITUL MEHTA (KPMG-Senior Consultant-International Tax ) (236 Points)
Replied 26 May 2011

BOTH OPNG AND CLOSING BALANCES ARE TO BE SHOWN AND DONT FORGET TO MENTION PAN OF EACH PARTY

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vipul patel (Ahmedabad) (320 Points)
Replied 03 June 2011

In the current year no need to specified in report b'cas in last year report it shown in colum 24(b) . so in current year only name of the party is deleted