mahendra sahoo (Gst Practicion) (700 Points)
22 October 2017
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(170114 Points)
Replied 23 October 2017
CBDT vide Notification No. 88/2016-Income Tax dated 29th September, 2016 has modified the Tax audit report. Further amendments have been made vide Notification No. 88/2017 dated 3rd July, 2017.
FORM NO. 3CD
[See rule 6 G(2)]
Statement of particulars required to be furnished under section 44AB of the Income-tax Act, 1961
PART – A
Revised clause 13(a) of the revised Form 3CD related to ICDS disclosures are as under:
13. (a) Method of accounting employed in the previous year
(b) Whether there had been any change in the method of accounting employed vis-a-vis the method employed in the immediately preceding previous year.
(c) If answer to (b) above is in the affirmative, give details of such change, and the effect thereof on the profit or loss
| Serial number | Particulars | Increase in profit (Rs.) | Decrease in profit (Rs.) |
(d) whether any adjustment is required to be made to the profits or loss for complying with the provisions of income computation and disclosure standards notified under section 145(2)
(e) if answer to (d) above is in affirmative give details of such adjustments:
Increase Decrease Net Effect
in profit (Rs.) in profit (Rs.) (Rs.)
ICDS I Accounting Policies
ICDS II Valuation of Inventories
ICDS III Construction Contracts
ICDS IV Revenue Recognition
ICDS V Tangible Fixed Assets
ICDS VI Changes in Foreign Exchange Rates
ICDS VII Governments Grants
ICDS VIII Securities
ICDS IX Borrowing Costs
ICDS X Provisions, Contingent Liabilities and Contingent Assets Total
(f) Disclosure as per ICDS :
(i) ICDS I – Accounting Policies
(ii) ICDS II – Valuation of Inventories
(iii) ICDS III – Construction Contracts
(iv) ICDS IV – Revenue Recognition
(v) ICDS V – Tangible Fixed Assets
(vi) ICDS VII – Governments Grants
(vii) ICDS IX – Borrowing Costs
(viii) ICDS X – Provisions, Contingent Liabilities and Contingent Assets.
Download Revised Tax Audit Report Form 3CD in MS Excel Format (applicable for reports issued before 19th July, 2017) Click Here >>
Courtesy: https://abcaus.in
RAJA P M
("Do the Right Thing...!!!")
(127984 Points)
Replied 23 October 2017
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(170114 Points)
Replied 23 October 2017
Date of tax audit report filed on e-filing site......
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(170114 Points)
Replied 23 October 2017
In case of revision, the audit report should be given in the manner suggested by the Institute in SA-560 (Revised) “Subsequent Events”. It may be pointed out that report under section 44AB should not normally be revised. However, sometimes a member may be required to revise his tax audit report on grounds such as:
In case, where a member is called upon to report on the revised accounts, then he must mention in the revised report that the said report is a revised report and a reference should be made to the earlier report also. In the revised report, reasons for revising the report should also be mentioned.
The e-filing portal allows uploading such Revised Audit Report by the CA for the same PAN and Assessment Year.
Refer: 1. revision-of-tax-audit-report
2. guidance-note-on-revision-of-audit-report
3.https://tax guru.in/income-tax/tax-audit-report-revised.htm l
mahendra sahoo
(Gst Practicion)
(700 Points)
Replied 10 November 2017
Analysis of 20 GST Notices (including 2 Appeals) and Practise on Drafting(with recording)
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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