1. Amended Presentation on Revised Tax Audit 2. Few Concerns TAR Schema

[GIRISH KULKARNI]

---------- Forwarded message ----------
From: CA Avinash Rawane <avi...@carawani.com>

Please find the Amended Preentation on Revised 3CD.

 

This includes the following

 

1. Notification under Income Tax Act for revised 3CD filing and its analysis;

2. Step by Step reporting requirements with replica of slides of utility under Revised 3CD for additional clauses;

3. Compilation of ICAI guidelines for reporting under the various clauses;

4. Problems in the utility and solutions to the said issues.

 

I hope that the same will be useful and the same be circulated to the members.

 

Kind Regards,

CA Avinash Rawane
Rawani and Company,
Chartered Accountants,

In addition to above, I received  some major concerns relating to TAR 

from the Member CA B.G. Kale ( bgk...@bgkaleco.com) 

1.       Clause 18 – In this clause, the subsidy amount entered gets added to the Purchase value of the Asset, instead of deduction. The subsidy value shall be deducted from the Total Value of Purchases, as no Depreciation is charged on the Subsidy amount.

2.       Clause 34(a) – The clause requires amount of tax deducted/ collected, however the words say ‘Amount of Tax Deducted/Collected out of 6’ which should be ‘Amount of Tax Deducted/Collected on 6’, which would suffice the requirement.

3.       Clause 35(b) – This clause has a mandatory field for Yield percentage, however, it is not possible to calculate yield percentage, hence you are requested to please make the field discretionary.

4.       Clause 36 – This clause mandates the details of Profits distributed, however, there are assessees who have not distributed their profits, and if no amounts are entered then error is generated for the clause. Hence, you are requested to provide an option to select that, whether the assessee has distributed any profits or not, to avoid errors.

 5. In clause 40 of the Form No. 3CD under the serial number 5 the information asked (as per the Notification 33/2014 downloaded from the web site of www.incometaxindia.gov.in ) for is the ratio of Material Consumed to Finished Goods Produced. The formula given is Material Consumed/Finished Goods Produced. However in the e utility in the clause 40 serial no. e, though the text given is correct i.e. Material Consumed/Finished Goods Produced in the section where the figures are to be filled in it is given as Finished Goods Produced / Material Consumed

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CA GIRISH KULKARNI
LOCATION :- AURANGABAD ,  MUMBAI, PUNE , NANDED
CONTACT 92253 06814 

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