AY 2021-22

Amendments in Tax Audit Report

Purpose of Rule 6G: This rule tells about the name of the forms applicable in
the case of 44AB Audit and from 1st April 2021 sub-rule (3) is inserted.

(1) The report of audit of the accounts of a person required to be furnished
under section 44AB shall,—
(a) In the case of a person who carries on business or profession and who is required by or under any other law to get his accounts audited, be in Form No. 3CA;
(b) In the case of a person who carries on business or profession, but not being a person referred to in clause (a), be in Form No. 3CB.
(2) The particulars which are required to be furnished under section 44AB shall be in Form No. 3CD.
(3) The report of audit furnished under this rule may be revised by the person by getting revised report of audit from an accountant, duly signed and verified by such accountant, and furnish it before the end of the relevant assessment year for which the report pertains, if there is payment by such person after furnishing of report under sub-rule (1) and (2) which necessitates recalculation of disallowance under section 40 or section 43B.

Clause 8(a) Part A of Form 3CD:

Whether the assesse has opted for taxation under section 115BA/ 115BAA/ 115BAB/ 115BAC (Tax on Individuals and HUF )/ 115BAD (Tax on certain resident Co-operative
societies).

Clause 17 Part B of Form 3CD:

Where any land or building or both is transferred during the PY for consideration less than value assessed or adopted or assessable by any authority of State Government referred to 43CA or 50C.

Second Proviso to sub-section (1) of section 43CA: “Provided further that in case of transfer of an asset, being a residential unit, the provisions of this proviso shall have the effect as if for the words “one hundred and ten per cent.”, the words “one hundred and twenty per cent.” had been substituted, if the following conditions are satisfied, namely:–

(i) the transfer of such residential unit takes place during the period beginning from the 12th day of November, 2020 and ending on the 30th day of June, 2021;
(ii) such transfer is by way of first time allotment of the residential unit to any person; and

(iii)the consideration received or accruing as a result of such transfer does not exceed two crore rupees.

Fourth proviso to clause (x) of sub-section (2) of section 56:
Provided also that in case of property being referred to in the second proviso to sub-section (1) of section 43CA, the provisions of sub-item (ii) of item (B) shall have effect as if for the words “ten per cent.”, the words “twenty per cent.” had been substituted.

Clause 18 of Form 3CD:

In clause 18, for sub-clauses (ca) and (cb), the following sub-clauses, shall be substituted namely:-

(ca) Adjustment made to the written down value under section 115BAC/115BAD (for assessment year 2021-2022 only).

(cb) Adjustment made to written down value of Intangible asset due to excluding valueof goodwill of a business or profession.
(cc) Adjusted written down value……

Clause 32(a) of Form 3CD:

If the assessed depreciation is less and no appeal pending then take assessed amount as returned , where amount as adjusted by withdrawal of additional depreciation on account of opting for taxation under section 115BAC / 115BAD to be filled in AY 2021-2022 Only.

Clause 36 of Form 3CD:

This clause is omitted (as No DDT paid requirement of DDT omitted form FORM 3CD)

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Yogesh Parmar have vast knowledge in the field of Goods and Services Tax (GST). He is regularly conducting seminars on GST at various location for business personal to provide the knowledge about impact of GST on their business and how compliance should be made. He is founder of "www.etaxupdates.com" through which he is sharing his knowledge and latest amendments, circulars, notifications etc related to all type of taxes. He is also associated with some software development companies and providing advisory service and help to understand technical aspect of GST. He is also serving as functional manager as well as tester to those company which is developing software for GST.

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