Tax Audit Report : Revised Form No. 3CD

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)

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 Disclosure as per ICDS:

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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.

CBDT Notification No.88/2016 dt. 29 Sept. 2016 – ICDS Rules 2016

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.

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