The Central Board of Direct Taxes (CBDT) has issued a Notification dated 05-03-2024 announcing amendments to Form 3CD. These changes shall apply to all tax audit reports signed or after 05-03-2024, irrespective of the assessment year to which the tax audit report relates.
The analysis of changes in the clauses has been discussed in this article, including:
‣ Clause 8a (Whether the company has opted for the special tax regime with lower tax rates)
‣ Clause 12 (Reporting of profits assessable under presumptive tax schemes credited to P&L)
‣ Clause 18 (Depreciation admissible)
‣ Clause 19 (Amount admissible as deduction under Sections 35, 35D, etc.)
‣ Clause 21(a) [Amounts debited to P&L covered by Explanation 3 to section 37(1)]
‣ Clause 21(b) [Amounts inadmissible under Section 40(a)(ia)]
‣ Clause 26 (Amounts covered Section 43B)
‣ Clause 32 (Brought forward loss or depreciation)
