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Revised Form No. 3CD Tax Audit Report for A.Y 2017-18
Nowadays on Social Media, a Revised Format of Form 3D is circulating which is applicable from 01.04.2017 and few raised the query that when the same was released as there is no recent notification on the same.
In this respect, we would like to bring to your notice that the from 3D as applicable from 01.04.2017 is not been released recently. It’s been released by CBDT vide Notification No. 88/2016-Income Tax dated 29th September 2016 and vide this notification following additional disclosures were required to be made in respect of Income Tax Computation Disclosure Standards (ICDS)
Disclosure as per ICDS:
New /Revised Formats of Tax Audit Report Forms 3CA, 3CB & 3CD (AY 2017-18)
CBDT has amended clause 31 of the Tax Audit Report Form 3CD w.e.f. 19 Jul. 2017. Further, Forms 3CA, 3CB and 3CD of Tax Audit Reports were substantially amended w.e.f. 25 Jul. 2014 expanding the scope of reporting/ verification. Further, Form 3CD has been revised on 29 Sept. 2016 for ICDS Reporting Adjustments applicable from AY 2017-18.
CBDT Notification No. 33/2014 dt. 25th July 2014
The CBDT, in the 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 Notification 58/2017 dt. 3 Jul. 2017: amendment in Tax Audit Form 3CD from 19 Jul 2017
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.
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.
Complete Support of Tax Auditing is done for all kind of Business in Bangalore by CERTICOM Consultants
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Tax Audit under GST
Products and Service duty or GST will be one expense to subsume all charges. It will acquire the “One country one expense” administration. To keep up a check and analyse whether amend GST is being paid and the discount is guaranteed, certain assessable people will be liable to review under GST.
Review under GST is the procedure of examination of records, returns and different reports kept up by an assessable individual. The object is to confirm the rightness of turnover proclaimed, charges paid, discount guaranteed and input imposes credit benefited, and to evaluate the consistency with the arrangements of GST.
Limit for Audit
Each enlisted assessable individual whose turnover amid a monetary year surpasses as far as possible [as per the most recent GST Rules, as far as possible is above Rs 1 crore] should get his records inspected by a contracted bookkeeper or a cost bookkeeper. He might electronically record:
A yearly return utilising the Form GSTR 9B alongside the compromise proclamation by 31st December of the following Financial Year, the evaluated duplicate of the yearly records,
a compromise articulation, accommodating the estimation of provisions pronounced in the arrival with the examined yearly monetary proclamation, also, different particulars as endorsed.
Corrections after Return Based on Results of Audit under GST
On the off chance that any assessable individual, in the wake of outfitting an arrival finds any exclusion/erroneous points of interest (from after effects of review), he can correct subject to the installment of intrigue. Be that as it may, no amendment will be permitted after the due date for documenting of return for the time of September or second quarter, (all things considered), after the finish of the budgetary year, or the genuine date of recording o the applicable yearly return, whichever is prior.
For instance, X found amid the review that he has committed an error in Oct 2017 return. X submitted yearly return for FY 2017-18 on 31st August 2018 alongside examined accounts. He can redress the Oct 2017 mix-up inside
20th Oct 2018 (last date for documenting Sep return) or, on the other hand, 31st August 2018 ( the real date of documenting of significant yearly return) – prior, ie., his last date for redressing is 31st August 2018.
This amendment won’t be permitted where comes about are from investigation/review by the duty experts.
Review by Tax Authorities review under GST
The Commissioner of CGST/SGST (or any officer approved by him) may direct review of a citizen. The recurrence and way of the review will be endorsed later.
A notice will be sent to the auditee no less than 15 days prior.
The review will be finished inside 3 months from the date of initiation of the review.
The Commissioner can broaden the review time frame for a further six months with reasons recorded in composing.
Commitments of the Auditee
The assessable individual will be required to:
Give the fundamental office to confirm the books of record/different archives as required
to give data and help for auspicious consummation of the review.
Discoveries of Audit
On finish of a review, the officer will illuminate the assessable individual inside 30 days of:the discoveries,
their reasons, and the assessable individual’s rights and commitments
On the off chance that the review brings about identification of unpaid/shortpaid expense or wrong discount or wrong info impose credit profited, at that point request and recuperation activities will be started.
Uncommon Audit
At the point when can an uncommon review be started?
The Assistant Commissioner may start the unique review, considering the nature and many-sided quality of the case and enthusiasm of income. On the off chance that he is the sentiment amid any phase of examination/enquiry/examination that the esteem has not been effectively proclaimed or the wrong credit has been benefited then the unique review can be started.
The uncommon review can be directed regardless of the possibility that the citizen’s books have just been inspected sometime recently.
Who will request and direct unique review?
The Assistant Commissioner (with the earlier endorsement of the Commissioner) can arrange for unique review (in composing). The extraordinary review will be done by a sanctioned bookkeeper or a cost bookkeeper named by the Commissioner.
Time restricts for extraordinary review
The evaluator should present the report inside 90 days. This might be additionally reached out by the assessment officer for 90 days on an application made by the assessable individual or the inspector.
Cost
The costs for examination and review including the inspector’s compensation will be resolved and paid by the Commissioner.
Discoveries of extraordinary review
The assessable individual will be given a chance of being heard in discoveries of the extraordinary review.
On the off chance that the review brings about the location of unpaid/short paid assessment or wrong discount or info charge credit wrongly profited then request and recuperation activities will be started.
In this manner, GST is a totally new expense administration officially overwhelming India. Organisations will confront challenges be experiencing significant change and utilisation of GST. To find out about GST, don’t hesitate to peruse a greater amount of our articles on our blog.
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How GST Affects a Common Man
Finally, GST is Active……! The India was waiting for that. The Success of New tax rule will be depending on the Reaction from the People…..The Common Man………Let’s Check how it affects A common man like Most of us.
We can Just check the prices and which stage of GST that is included.
Custard Powder, Instant Coffee, Chocolate, Perfume, Shampoo, Beauty or Makeup, Deodorant, Hair Dye / Cream, Powder, Skin Care Products, Sunscreen Lotion, Manicure / Pedicure Product, Shaving Cream, Razor, Aftershave, Liquid Soap, Detergent , Aluminum foil, television, fridge, washing machine, vacuum cleaner, dishwasher, electric heater, electric hot plate, printer, photocopy and fax machine, leather Vodafone, God, Clocks, Video Game Console, Cement, Paint-Varnish, Potty, Ply Board, Marble / Granite (No Block), Plaster, Mica, Steel Pipe, Tiles and Ceramics Products, Plastic Floor Covering and Bath Fittings, Car Bus-truck tube-tires, lamps, light fittings, aluminum door-window frames, insulated wire cables.
WHAT GST MEANS TO YOU?
With the Rajya Sabha set to pass the hotly anticipated Goods and Services Tax (GST) Bill, nation’s most transformative expense change in decades is probably going to influence in the regular man from multiple points of view.
As the GST achieves its last stages, the notable enactment guarantees to bring together the expense framework for the country and increment the GDP by 2 for each penny. So while administrations could get more costly, it’s a blended pack for buyers for products.
In any case, how can it affect you? Here is speedy cheat sheet on how this duty enactment will affect your financial plan.
EATING OUT TO GET EXPENSIVE
For eating out, on the off chance that you spend Rs 1000. At present you pay on a normal 18.5 for each penny as administration assessment and VAT.
So separated from the administration charge, you as a rule need to manage the weight of Rs 1185.
Under the GST administration, its normal that the rates can be settled at 18 for every penny or above.
In like manner at 20 for every penny rough expense rate, your bill is set to go up, to no less than 1200 rupees.
Administrations will get more costly if GST is actualized as states will now have the administrations under their net and henceforth it will mean they can settle higher rates, said DK PANT, chief economist, India ratings-Fitch ratings.
Telephone BILLS TO GET EXPENSIVE
As the states are required likewise to choose benefit impose rates, your telephone bill could see heightening of duties.
So on a bill of Rs 1000 on which you pay benefit assessment of 15 percent lastly pay Rs 1150.
Post the GST, if the expense rate is settled at 18 for every penny then you should shell in any event Rs 1180.
Rajan Mathews, Cellular Operators Association of India disclosed to India Today, “Under the GST, the assessment rate will undoubtedly go up and the telecom administrators should pass it on to the customers, we can take a gander at web packs and call rates getting higher.”
READYMADE GARMENTS TO GET CHEAPER
Purchasing garments and form brands will be less expensive, as the successful extract obligation (7.5per penny) and VAT of normal 5per penny will be subsumed in GST section.
So in the event that you get a Rs 1000 T-shirt today, you pay 1125 including different expenses. In any case, if GST is kept at 12 percent, at that point your last bill will be Rs 1120.
Purchasing CAR IS CHEAPER
Purchasing an auto won’t just be less demanding in various states with value closeness amongst assembling and non-producing states however impose specialists trust it will be less expensive too.
For instance, a Rs 5 lakh auto draws in extract obligation of 12.5 for every penny, and alongside VAT generally comes to Rs 6.25 lakh. Presently under the GST it is relied upon to go down as much as Rs 35,000 if the rate is settled at 18per penny, so for you the cost will be Rs 5.9 lakh rupees
We will see more expense focused rates and will lessen costs for shoppers. We are anticipating the GST Roland Folger, CEO, Mercedes-Benz India revealed to India Today.
Purchasing PHONES TO GET EXPENSIVE
On the off chance that you intending to purchase a foreign made telephone from the market the countervailing obligation and VAT comes to 12.8 for every penny.
So if the GST committee chooses to peg the rate at 18 percent, at that point for a Rs 10,000 telephone for which you pay Rs 11,280 right now, you should spend Rs 11,800.
Driven TVs TO GET CHEAPER
Be that as it may, staring at the TV could get less expensive, as a feature of the Make in India activity, the GST is relied upon to be lower.
So at introduce for Rs 20,000 LED TV you pay around 24.5 for each penny assess spending Rs 24,900 in the long run.
As the GST rate is relied upon to be at 18 for each penny, for you the cost will come down to Rs 23,600
Gems TO GET EXPENSIVE
Assessment specialists have pointed how as of now just 2 for each penny of compelling expenses is passed on to the buyers yet according to the GST display, no less than 6 for every penny rates could be forced, affecting the gems buy.
Web based BUYING
Purchasing packs, shoes, hardware online will be getting more costly as the web based business industry comes into an assessment net and should pay impose deducted at hotspot for each buy from its merchants.
So web based business organizations which will see contracting of net revenues and increment assess consistence net could cut rebates and complimentary gifts that they offer.
“Web based business will see correction of its duty consistence and its time we comprehend the business in India. However, purchasers can profit by bring down strategic cost and quicker conveyance. General expense gathering will be a test, Harishankar Subramaniam, National Leader, Indirect Tax, EY.
