ICAI Implementation Guide on Revised Tax Audit Report in Form 3CD as per CBDT Notification No. 33/2018
As we all are aware, recently, the CBDT vide Notification No. 33/2018 dated 20th July, 2018 has made several amendments to Form No. 3CD madating additional requirements for reporting puproses.
The additional reporting requirement has increased the scope of tax audit significantly and requires various additional procedures to be performed with due diligence before reporting on these additional requirements.
The Institute of Chartered Accountants of India (ICAI) has issued an “Implementation Guide on the Amendments made vide Notification No. 33/2018 dated 20th July, 2018” by the CBDT and effective from 20th August, 2018 to enable the stakeholders and chartered accountants to report on the additional requirements in the best possible manner in the available time.
The Guide provides guidance on the various amended clause such as , liability to GST and Furnishing of GST Number, Amounts Admissible under Section 32AD, Amounts deemed to be Profits and Gains under section 32AD, Sums referred to in section 43B, Amount Chargeable under section 56(2)(ix), Income chargeable under section 56(2)(x), Secondary Transfer Pricing Adjustments, Limitation on Interest Deduction etc.
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