Tuesday, November 15, 2016

Revision of Form No 3CD w.e.f. 01.04.2017

In exercise of the powers conferred by section 295 read with Section 44AB of the Income-tax Act, 1961, the CBDT has through, Incometax (23rd Amendment) Rules, 2016 amended the Income-tax Rules, 1962 to substitute the existing clause 13(d) in Part B of the existing Form No 3CD. Tax auditor has to report 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) and if answer is in affirmative, clause 13(e) requires the details of adjustment to be tabulated ICDS wise.

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