I-T FORM ALTERED TO SEEK MORE INFO

The Income Tax department has made changes to Form No. 3CD to seek more information regarding expenses incurred in relation to exempt income and instances where tax has not been deducted, deducted late or short deducted. The main changes are as follows:

•  A new item 12A inserted to seek information regarding a capital asset converted into stock in trade.
•  A new sub-item 17(l) inserted to capture information regarding expenses incurred in relation to exempt income which is dis allowable under section 14A of the Income Tax Act, 1961.
•  Item 27 substituted to elicit information regarding instances where tax has not been deducted, deducted late or short deducted.
•  A separate Annexure - II has been added to Form No. 3CD to incorporate "data-field" regarding Fringe Benefit Tax.