New /Revised Formats of Tax Audit Report Forms 3CA, 3CB & 3CD (AY 2017-18); Form 3CD revised for ICDS Reporting w.e.f. AY 2017-18
CBDT notified on 29 Sept. 2016 revision in Tax Audit Report Form 3CD for ICDS Reporting Adjustments applicable from 1 Apr. 2017 (i.e. AY 2017-18), followed with amendment on 3 July 2017 in clause 31 of Form 3CD w.e.f. 19 Jul. 2017. It may also be noted that on 25 Juy 2014 the Tax Audit Report Forms 3CA, 3CB and 3CD were substantially amended w.e.f. 25 Jul. 2014 expanding scope of reporting/ verification.
The CBDT, in exercise of the powers conferred by section 295 read with section 44AB of the Income-tax Act, 1961 (43 of 1961), had amended Form No. 3CA, Form No. 3CB and Form No. 3CD, vide Notification No. 33/2014 w.e.f. 25th July, 2014. These forms can be utilised for tax audit reports pertaining to AY 2015-16 and 2016-17.
The CBDT has further amended/ revised Form 3CD, applicable from AY 2017-18 (i.e. corresponding to Financial/ Previous Year 2016-17) to facilitate changes relating to ICDS Reporting Adjustments thru Income-tax (23rd Amendment) Rules, 2016 vide Notification No. 88/2016.
CBDT has amended Form 3CD w.e.f 1 Apr. 2017 by substituting clause 13(d) with new clauses 13(d), (e) and (f) requiring reporting of the adjustments and disclosures mandated by the ICDS.
Amended clause 13(d) requires reporting by tax auditor on adjustment required in profits or loss for complying with the ICDS provisions. New clause 13(e) requires ICDS-wise reporting of the adjustments made in profit or loss for ICDS compliance, showing clearly increase/ decrease in profits as well as the overall net effect of such adjustments. Further, clause 13(f) requires reporting of the ICDS-wise disclosures.
CBDT has notified amendments in “Clause 31 relating to particulars required under IT Section 269SS/ 269T” in the Tax Audit Report Form 3CD prescribed under IT Section 44AB, w.e.f. 19 Jul. 2017.
Clause 31 has been substituted to include reporting requirements introduced through i) amendments in Section 269SS in respect of payments relating to immovable property transactions and ii) amendments in section 269T in respect of reporting of loans/ deposits transactions even by recipients (i.e. so far only payer was required).
It may also be noted that the revised Forms 3CA, 3CB, 3CD, 3CEB, 29B etc. are now required to be uploaded in ‘xml’ format after signing digitally at the e-filing website of Income Tax Deptt.
Tax Audit Report Forms (Revised 3CD Applicable w.e.f. 19 July 2017 onwards)