Important changes in new 3CD Format

CBDT has revised format of Tax Audit Report to be submitted in Form 3CD vide its Notification No. 33/2014, Dated: July 25, 2014. The revised report has added some new clauses to increase disclosure requirement and as well  as amended few existing clauses to further increase/improve disclosure requirements. Revised Tax Audit Report has mainly added additional reporting requirement on TDS payment and defaults. Now 3CD has made more informative w.r.t TDS deduction with complete details of Filing of returns and deduction including reporting of Lower or no deductions with figures Some of the changes in new Format of 3CDare as follows :-

4. Whether the assessee is liable to pay indirect tax like excise duty, service tax, sales tax, customs duty,etc. if yes, please furnish the registration number or any other identification number allotted for the same.

8. Indicate the relevant clause of section 44AB under which the audit has been conducted.

17. Where any land or building or both is transferred during the previous year for a consideration less than value adopted or assessed or assessable by any authority of a State Government referred to in section 43CA or 50C, details to furnish.

21(b). Details required to be inserted whether tds paid after due date specified in section 200.

28. Whether during the previous year the assessee has received any property, being share of a company not being a company in which the public are substantially interested, without consideration or for inadequate consideration as referred to in section 56(2)(viia), if yes, please furnish the details of the same.

29. Whether during the previous year the assessee received any consideration for issue of shares which exceeds the fair market value of the shares as referred to in section 56(2)(viib), if yes, please furnish the details of the same.

32(c ). Whether the assessee has incurred any speculation loss referred to in section 73 during the previous year, If yes, please furnish the details of the same.

32(d). whether the assessee has incurred any loss referred to in section 73A in respect of any specified business during the previous year, if yes, please furnish details of the same.

32(e). In case of a company, please state that whether the company is deemed to be carrying on a speculation business as referred in explanation to section 73, if yes, please furnish the details of speculation loss if any incurred during the previous year.

34 Details of TDS deducted to be filled in full and also interest as per section 201(1a) and 206C(7). Also details of TDS returns to be given if filed late

39. Whether any audit was conducted under section 72A of the Finance Act,1994 in relation to valuation of taxable services, Finance Act,1994 in relation to valuation of taxable services, if yes, give the details, if any, of disqualification or disagreement on any matter/item/value/quantity as may be reported/identified by the auditor.

41. Please furnish the details of demand raised or refund issued during the previous year under any tax laws other than Income Tax Act, 1961 and Wealth tax Act, 1957 alongwith details of relevant proceedings.