Taxmann’s Tax Audit provides a detailed commentary/clause-by-clause analysis on provisions relating to Tax Audit and clauses of Form 3CA, 3CB and 3CD along-with guidance notes issued by ICAI & Tax Audit Reckoner. This book also Tax Audit Reckoner covering the following topics: • Audit of Cash Transactions • Audit of Sale of Immovable Property • Audit of Share Capital • Audit of Loans, Deposits and Borrowings Liabilities • Clauses of From No. 3CD not relevant/applicable to tax audit for assessment year 2021-22 • Clauses of Form No. 3CD relevant/applicable to individuals/HUFs who are liable for tax audit u/s 44AB • Clauses of Form No. 3CD relevant/ applicable to Firms/LLPs/AOPs/BOIs who are liable for tax audit u/s 44AB • Clauses of Form No. 3CD Relevant/applicable to companies who are liable for tax audit u/s 44AB • Audit reports/report of accountant, etc. prescribed under Income-tax Rules • Clauses of Form No. 3CD not applicable to assessees following cash basis of accounting • Form No. 3CD – Clause wise applicability reckoner of income computation and disclosure standards • Statutory provisions relevant to various clauses of Form No. 3CD The Present Publication is the 13th Edition, amended by the Finance Act 2021 & Income-tax (Eighth Amendment) Rules 2021, authored by CA Srinivasan Anand G, with the following noteworthy features • Analysis of the audit requirement under Income tax provision; • An in-depth discussion on every clause of the tax audit report Form No. 3CA, 3CB and 3CD; • Analysis of guidance note released by the ICAI on tax Audit.

1. Sample
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Contents I-9

Tax Audit Reckoner for Audit of cash transactions I-35

Tax Audit Reckoner for Audit of sale of immovable property I-37

Tax Audit Reckoner for Audit of share capital I-38

Tax Audit Reckoner for Audit of loans, deposits and Borrowings liabilities I-39

Reckoner of clauses of Form No. 3CD not relevant/applicable to tax
Audit for assessment year 2021-22 I-40

Tax Audit Reckoner of clauses of Form No. 3CD relevant/applicable to
individuals/HUFs who are liable for tax audit u/s 44AB I-41

Tax Audit Reckoner of clauses of Form No. 3CD relevant/ applicable to
Firms/LLPs/AOPs/BOIs who are liable for tax audit u/s 44AB I-43

Tax Audit Reckoner of clauses of Form No. 3CD Relevant/applicable to
companies who are liable for tax audit u/s 44AB I-45

Tax Audit Reckoner of audit reports/report of accountant, etc. prescribed
under Income-tax Rules I-47

Tax Audit Reckoner of clauses of Form No. 3CD not applicable to asses-
sees following cash basis of accounting I-49

Tax Audit Reckoner of Form No. 3CD - Clause wise applicability reckoner
of income computation and disclosure standards I-50

Tax Audit Reckoner of statutory provisions relevant to various clauses
of Form No. 3CD I-55
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SECTION44AB:AUDITOFACCOUNTSOFCERTAINPERSONS
CARRYING ON BUSINESS OR PROFESSION 1
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PERSONS CARRYING ON BUSINESS WHO ARE OBLIGED TO
COMPLYWITHPROVISIONSOFSECTION44ABASREGARDS
COMPULSORY AUDIT OF ACCOUNTS 9
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TURNOVER-LINKED COMPULSORY AUDIT OBLIGATIONS
U/S44AB(a)ONCERTAINPERSONSCARRYINGONBUSINESS 11
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COMPULSORY AUDIT OBLIGATIONS U/S 44AB(c)/(e) ON
CERTAIN PERSONS CARRYING ON BUSINESS REGARDLESS
OF THEIR TURNOVER/GROSS RECEIPTS/SALES (NON-
TURNOVER-LINKED AUDIT OBLIGATIONS) 15
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PERSONS CARRYING ON BUSINESS WHO ARE EXEMPT
FROM TAX AUDIT (COMPULSORY AUDIT OBLIGATIONS)
U/S 44AB 16
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:PRESUMPTIVE TAX REGIME UNDER SECTION 44AD FOR
ELIGIBLE BUSINESSES CARRIED ON BY RESIDENT INDI-
VIDUALS, HUFs & FIRMS 19
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PRESUMPTIVE TAX REGIME U/S 44AE FOR ASSESSEES
OWNING GOODS CARRIAGES AND PLYING, HIRING OR
LEASING THEM 43
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WHEN PERSON CARRYING ON PROFESSION IS REQUIRED
TO GET HIS ACCOUNTS AUDITED U/S 44AB(b) & U/S 44AB(d) 55
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PRESUMPTIVE TAX REGIME AVAILABLE UNDER THE ACT
TO PERSONS CARRYING ON SPECIFIED PROFESSIONS 62
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TURNOVER OR GROSS RECEIPTS 76
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OBLIGATIONS CAST BY SECTION 44AB 88
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PREPARATION OF FINANCIAL STATEMENTS 102
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FORM NO. 3CA 103
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FORM NO. 3CB 111
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FORM NO. 3CD 125
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NAME OF THE ASSESSEE 129
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ADDRESS OF THE ASSESSEE 130
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PAN OR AADHAAR NUMBER 131
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REGISTRATIONS UNDER INDIRECT TAX LAWS (CLAUSE 4) 133
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STATUS (CLAUSE 5) 138
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PREVIOUS YEAR (CLAUSE 6) 145
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ASSESSMENT YEAR (CLAUSE 7) 146
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CLAUSE8OFFORMNO.3CDRELEVANTCLAUSEOFSECTION
44AB UNDER WHICH TAX AUDIT IS APPLICABLE 147
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CLAUSE 8A OF FORM NO. 3CD : WHETHER THE ASSESSEE
HAS OPTED FOR TAXATION UNDER SECTION 115BA/115B
AA/115BAB/115BAC/115BAD? 149
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CLAUSE 9 OF FORM NO. 3CD : DETAILS REGARDING FIRMS/
AOPs/LLPs 167
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CLAUSE 10 OF FORM NO. 3CD : NATURE OF BUSINESS/
PROFESSION 179
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CLAUSE 11 OF FORM NO. 3CD : BOOKS OF ACCOUNT 183
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CLAUSE 12 OF FORM NO. 3CD : PRESUMPTIVE INCOME 191
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CLAUSE 13 OF FORM NO. 3CD : METHOD OF ACCOUNTING
& COMPLIANCES 198
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CLAUSE 14 OF FORM NO. 3CD : METHOD OF STOCK VALU-
ATION 218
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CLAUSE 15 OF FORM NO. 3CD : CAPITAL ASSET CONVERTED
INTO STOCK-IN-TRADE 223
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CLAUSE 16 OF FORM NO. 3CD : AMOUNTS NOT CREDITED
TO PROFIT AND LOSS ACCOUNT 232
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:
PROPERTY (LAND OR BUILDING OR BOTH) TRANSFERRED
AT LESS THAN STAMP DUTY VALUE - CLAUSE 17 OF FORM
NO. 3CD 243
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CLAUSE 18 OF FORM NO. 3CD : DEPRECIATION 254
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CLAUSE 19 OF FORM NO. 3CD : AMOUNTS DEDUCTIBLE
UNDER SECTIONS 33AB, 33ABA, ETC. 305
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CLAUSE 20 OF FORM NO. 3CD : BONUS/EMPLOYEES CON-
TRIBUTION TO PF 326
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CLAUSE 21 OF FORM NO. 3CD : AMOUNTS DEBITED TO
PROFIT AND LOSS ACCOUNT 334
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CLAUSE 22 OF FORM NO. 3CD : AMOUNT OF INTEREST
INADMISSIBLE UNDER SECTION 23 OF MSMED ACT, 2006 387
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CLAUSE 23 OF FORM NO. 3CD : PAYMENTS TO PERSONS
SPECIFIED UNDER SECTION 40A(2)(b) 399
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CLAUSE 24 OF FORM NO. 3CD : AMOUNTS DEEMED TO
BE PROFITS AND GAINS UNDER SECTION 32AC/32AD/
33AB/33ABA/33AC 405
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CLAUSE 25 OF FORM NO. 3CD : AMOUNTS DEEMED TO BE
PROFITS AND GAINS UNDER SECTION 41 408
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CLAUSE 26 OF FORM NO. 3CD : SUMS COVERED BY SEC-
TION 43B 416
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2
:
CLAUSE 27 OF FORM NO. 3CD : CENVAT CREDIT/INPUT TAX
CREDIT (ITC)/PRIOR PERIOD ITEMS 431
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3
:
‘GIFTS’ OF UNLISTED SHARES RECEIVED BY LLPs/FIRMS/
COMPANIES ON OR BEFORE 31-3-2017 - CLAUSE 28 OF FORM
NO. 3CD 435
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4
:
SHAREPREMIUMRECEIVEDBYCLOSELYHELDCOMPANIES
IN EXCESS OF FMV TAXABLE - SECTION 56(2)(viib) - CLAUSE
29 OF FORM NO. 3CD 436
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5
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AMOUNT CHARGEABLE UNDER SECTION 56(2)(ix) - CLAUSE
29A 450
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6
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GIFTS/DEEMED GIFTS CHARGEABLE UNDER SECTION
56(2)(x) - CLAUSE 29B 453
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7
:
HUNDI TRANSACTIONS - CLAUSE 30 OF FORM NO. 3CD 463
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:
CLAUSE 30A OF FORM NO. 3CD : SECONDARY TRANSFER
PRICING ADJUSTMENTS 470
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9
:
CLAUSE 30B OF FORM NO. 3CD : THIN CAP ADJUSTMENTS 478
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:
GAAR (GENERAL ANTI AVOIDANCE RULES) 486
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CLAUSE 31 OF FORM NO. 3CD : ACCEPTANCE/REPAYMENT
OF LOAN/DEPOSIT/SPECIFIED SUM 487
I-7
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CLAUSE 32 OF FORM NO. 3CD : UNABSORBED LOSS/
DEPRECIATION 520
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CLAUSE 33 OF FORM NO. 3CD : CHAPTER VI-A DEDUCTIONS 531
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4
:
CLAUSE 34 OF FORM NO. 3CD : AUDIT OF COMPLIANCE
WITH TDS PROVISIONS 535
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5
:
CLAUSE 35 OF FORM NO. 3CD : QUANTITATIVE DETAILS 544
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:
CLAUSE 36OFFORMNO.3CD:DIVIDENDDISTRIBUTIONTAX 549
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:
CLAUSE 36A OF FORM NO. 3CD : DEEMED DIVIDEND U/S
2(22)(e) 550
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CLAUSE 37 OF FORM NO. 3CD : COST AUDIT REPORT 554
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:
CLAUSE 38 OF FORM NO. 3CD : CENTRAL EXCISE AUDIT
REPORT 556
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:
CLAUSE 39 OF FORM NO. 3CD : SERVICE TAX AUDIT FOR
VALUATION FOR SERVICES 557
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1
:
CLAUSE 40 OF FORM NO. 3CD : ACCOUNTING RATIOS 558
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:
DETAILSOFDEMANDSRAISEDORREFUNDSISSUEDUNDER
TAX LAWS : CLAUSE 41 OF FORM NO. 3CD 562
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CLAUSE 42 OF FORM NO. 3CD : FURNISHING OF FORM NOS.
61, 61A AND 61B 565
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4
:
CLAUSE 43 OF FORM NO. 3CD : FURNISHING OF COUNTRY
BY COUNTRY REPORT (CbCR) U/S 286 575
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CLAUSE 44 OF FORM NO. 3CD : BREAK-UP OF TOTAL EXPEN-
DITURE OF ENTITIES REGISTERED OR NOT REGISTERED
UNDER GST 579
APPENDICES
A
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RELEVANT RULE OF INCOME-TAX RULES, 1962 583
A
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INCOME-TAX (EIGHTH AMENDMENT) RULES, 2021 -
AMENDMENT IN RULE 6G AND FORM 3CD 584
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8. P
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I-9

Chapter-heads I-5

Tax Audit Reckoner for Audit of cash transactions I-35

Tax Audit Reckoner for Audit of sale of immovable property I-37

Tax Audit Reckoner for Audit of share capital I-38

Tax Audit Reckoner for Audit of loans, deposits and Borrowings liabilities I-39

Reckoner of clauses of Form No. 3CD not relevant/applicable to tax
Audit for assessment year 2021-22 I-40

Tax Audit Reckoner of clauses of Form No. 3CD relevant/applicable to
individuals/HUFs who are liable for tax audit u/s 44AB I-41

Tax Audit Reckoner of clauses of Form No. 3CD relevant/ applicable to
Firms/LLPs/AOPs/BOIs who are liable for tax audit u/s 44AB I-43

Tax Audit Reckoner of clauses of Form No. 3CD relevant/applicable to
companies who are liable for tax audit u/s 44AB I-45

Tax Audit Reckoner of audit reports/report of accountant, etc. prescribed
under Income-tax Rules I-47

Tax Audit Reckoner of clauses of Form No. 3CD not applicable to asses-
sees following cash basis of accounting I-49

Tax Audit Reckoner of Form No. 3CD - Clause wise applicability reckoner
of income computation and disclosure standards I-50

Tax Audit Reckoner of statutory provisions relevant to various clauses
of Form No. 3CD I-55
SECTION 44AB: AUDIT OF ACCOUNTS OF CERTAIN
PERSONS CARRYING ON BUSINESS OR PROFESSION
0.1
P
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1
9
4
J
3
P
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E
Contents

9. P
A
G
E
C
O
N
T
E
N
T
S
I-10
0.4
P
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3
0.5
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3
0.6
A
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4
4
A
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6
0.7
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4
4
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7
0.8
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”
]
7
0.9
C
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4
4
A
B
8
1
PERSONS CARRYING ON BUSINESS WHO ARE OBLIGED
TO COMPLY WITH PROVISIONS OF SECTION 44AB AS
REGARDS COMPULSORY AUDIT OF ACCOUNTS
1.1
W
h
i
c
h
p
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s
o
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s
c
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y
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4
4
A
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?
9
1.2
I
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a
p
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c
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1
0
?
9
1.3
A
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”
10
1.4
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/
s
4
4
A
B
a
p
p
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(
t
h
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l
d
e
x
e
m
p
t
i
o
n
l
i
m
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t
)
?
10
2
TURNOVER-LINKED COMPULSORY AUDIT OBLIGATIONS
U/S 44AB(a) ON CERTAIN PERSONS CARRYING ON BUSINESS
2.1
W
h
e
n
i
s
a
p
e
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n
c
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4
4
A
B
11
2.2
A
r
e
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y
c
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1
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4
4
A
B
?
13
2.3
W
h
a
t
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t
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d
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l
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F
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o
n
4
4
A
D
13
3
COMPULSORY AUDIT OBLIGATIONS U/S 44AB(c)/(e) ON
CERTAIN PERSONS CARRYING ON BUSINESS REGARDLESS
OF THEIR TURNOVER/GROSS RECEIPTS/SALES
(NON-TURNOVER-LINKED AUDIT OBLIGATIONS)
3.1
W
h
o
a
r
e
t
h
e
p
e
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s
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s
c
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fi
n
a
n
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i
a
l
y
e
a
r
?
15

10. P
A
G
E
I-11
C
O
N
T
E
N
T
S
4
PERSONS CARRYING ON BUSINESS WHO ARE EXEMPT FROM
TAX AUDIT (COMPULSORY AUDIT OBLIGATIONS) U/S 44AB
4.1
W
h
o
a
r
e
t
h
e
p
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s
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c
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s
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t
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o
n
4
4
A
B
?
16
4.2
B
u
s
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n
e
s
s
e
s
c
o
v
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d
b
y
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t
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n
4
4
B
/
s
e
c
t
i
o
n
4
4
B
B
A
e
x
e
m
p
t
f
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m
t
a
x
a
u
d
i
t
16
5
PRESUMPTIVE TAX REGIME UNDER SECTION 44AD FOR
ELIGIBLE BUSINESSES CARRIED ON BY RESIDENT
INDIVIDUALS, HUFs & FIRMS
5.1
W
h
a
t
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s
t
h
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p
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m
p
t
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t
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n
4
4
A
D
o
f
t
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e
A
c
t
?
19
5.2
W
h
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c
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a
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m
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n
d
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t
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n
4
4
A
D
?
21
5.3
W
h
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c
h
a
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a
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t
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n
4
4
A
D
s
c
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m
e
?
22
5.4
D
i
s
q
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l
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fi
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4
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D
b
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6
c
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s
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e
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s
25
5.5
H
o
w
t
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v
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t
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f
a
l
l
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c
t
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n
s
(
4
)
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n
d
(
6
)
o
f
s
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c
t
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o
n
4
4
A
D
26
5.6
W
h
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c
h
a
r
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t
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4
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(
‘
e
l
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g
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b
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’
)
26
5.7
W
h
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4
4
A
D
?
28
5.8
W
h
a
t
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m
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t
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n
4
4
A
D
?
28
5.9
W
h
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t
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t
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n
4
4
A
D
?
31
5.10
W
h
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A
O
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4
A
D
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31
5.11
F
A
Q
s
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n
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c
t
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o
n
4
4
A
D
32
5.12
A
r
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n
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4
A
D
s
c
h
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m
e
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32
5.13
I
l
l
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s
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r
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t
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n
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n
d
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a
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S
t
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d
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s
33
5.14
W
h
a
t
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r
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f
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r
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o
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t
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g
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n
’
i
n
t
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t
h
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s
c
h
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m
e
?
37
5.15
W
h
a
t
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e
p
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c
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?
37
5.16
W
h
a
t
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t
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t
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t
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37
5.17
W
h
a
t
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r
6
c
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v
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r
s
?
39

11. P
A
G
E
C
O
N
T
E
N
T
S
I-12
5.18
I
f
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p
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fi
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d
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c
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4
4
A
B
,
c
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n
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b
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fi
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fi
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t
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4
4
A
D
?
40
5.19
S
u
p
p
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d
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2
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a
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l
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l
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s
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%
o
f
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(
s
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y
@
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)
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T
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40
5.20
A
r
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fi
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m
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t
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4
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D
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p
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d
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p
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r
s
?
41
5.21
W
i
l
l
fi
r
m
s
a
v
a
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l
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t
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n
4
4
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D
h
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m
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m
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t
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i
n
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e
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t
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o
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r
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n
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c
l
a
u
s
e
s
?
41
5.22
W
i
l
l
p
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s
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i
p
fi
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m
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b
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4
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D
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s
?
41
5.23
W
i
l
l
a
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t
p
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fi
t
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t
a
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l
s
t
o
A
O
?
42
6
PRESUMPTIVE TAX REGIME U/S 44AE FOR ASSESSEES
OWNING GOODS CARRIAGES AND PLYING, HIRING OR
LEASING THEM
6.1
W
h
a
t
a
r
e
t
h
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f
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n
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c
t
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o
n
4
4
A
E
?
43
6.2
W
h
a
t
h
a
p
p
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n
s
w
h
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m
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n
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l
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o
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4
4
A
E
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1
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,
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?
45
6.3
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r
A
O
c
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m
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d
d
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f
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d
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f
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t
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n
4
4
A
E
?
46
6.4
W
h
a
t
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f
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n
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d
1
1
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b
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y
1
0
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I
s
a
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t
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n
4
4
A
E
s
c
h
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m
e
?
46
6.5
I
f
a
s
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w
n
s
8
t
r
u
c
k
s
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c
a
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n
4
4
A
E
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5
t
r
u
c
k
s
?
47
6.6
W
h
o
c
a
n
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p
t
f
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t
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o
n
4
4
A
E
s
c
h
e
m
e
?
47
6.7
G
o
o
d
s
c
a
r
r
i
a
g
e
48
6.8
W
h
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t
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a
s
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c
a
n
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v
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d
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n
h
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r
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p
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r
c
h
a
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b
a
s
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s
?
C
a
n
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e
b
e
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n
s
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e
d
o
w
n
e
r
o
f
s
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c
h
t
r
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k
s
?
50
6.9
C
a
n
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n
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f
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l
y
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p
t
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n
a
n
d
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p
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c
t
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o
n
4
4
A
E
s
c
h
e
m
e
?
50
6.10
W
h
a
t
a
r
e
t
h
e
c
o
n
s
e
q
u
e
n
c
e
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f
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p
t
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n
g
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t
?
W
i
l
l
a
s
s
e
s
s
e
e
b
e
b
a
r
r
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d
f
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t
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m
b
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f
y
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r
s
?
50

12. P
A
G
E
I-13
C
O
N
T
E
N
T
S
6.11
W
h
a
t
a
r
e
t
h
e
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m
p
l
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c
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t
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n
s
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g
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n
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n
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c
t
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n
4
4
A
E
r
e
g
i
m
e
?
50
6.12 I
f
a
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s
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l
a
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n
d
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s
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c
t
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o
n
4
4
A
E
,
w
i
l
l
h
e
b
e
r
e
q
u
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d
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m
a
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n
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t
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s
b
e
l
o
w
t
a
x
a
b
l
e
l
i
m
i
t
?
51
6.13
I
f
a
n
a
s
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s
s
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f
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s
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d
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4
4
A
B
,
c
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d
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c
t
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n
4
4
A
E
?
52
6.14
A
r
e
p
a
r
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n
e
r
s
h
i
p
fi
r
m
s
/
L
L
P
s
a
v
a
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l
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t
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n
4
4
A
E
e
n
t
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d
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d
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4
0
(
b
)
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n
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s
p
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t
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52
6.15
W
i
l
l
a
s
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s
s
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u
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t
p
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fi
t
d
e
t
a
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l
s
t
o
A
O
?
53
7
WHEN PERSON CARRYING ON PROFESSION IS REQUIRED
TO GET HIS ACCOUNTS AUDITED U/S 44AB(b) & U/S 44AB(d)
7.1
A
p
p
l
i
c
a
b
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l
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t
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t
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u
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s
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4
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B
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n
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s
s
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s
55
7.2
‘
E
v
e
r
y
p
e
r
s
o
n
’
s
h
a
l
l
n
o
t
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n
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l
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d
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m
p
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n
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t
h
e
r
a
r
t
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fi
c
i
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l
p
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s
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n
s
56
7.3
B
u
s
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n
e
s
s
a
n
d
p
r
o
f
e
s
s
i
o
n
57
7.4
P
r
o
f
e
s
s
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o
n
a
s
J
u
d
i
c
i
a
l
l
y
D
e
fi
n
e
d
58
7.5
W
h
e
n
w
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l
d
t
h
e
a
c
t
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v
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t
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l
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t
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r
/
l
a
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.
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a
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s
s
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n
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l
a
c
t
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v
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t
y
59
7.6
H
o
r
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e
-
T
r
a
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n
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r
-
N
o
t
a
P
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o
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s
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o
n
60
7.7
S
t
o
c
k
-
B
r
o
k
e
r
-
N
o
t
a
P
r
o
f
e
s
s
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o
n
60
7.8
L
e
a
d
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r
s
h
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p
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f
d
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n
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e
b
a
n
d
-
N
o
t
a
p
r
o
f
e
s
s
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o
n
60
7.9
T
e
n
a
n
t
-
r
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g
h
t
v
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l
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a
t
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n
s
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n
d
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s
t
a
t
e
s
m
a
n
a
g
e
m
e
n
t
60
7.10
M
a
n
a
g
e
r
o
r
M
a
n
a
g
i
n
g
D
i
r
e
c
t
o
r
-
N
o
t
a
p
r
o
f
e
s
s
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o
n
60
7.11
G
r
o
s
s
R
e
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e
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p
t
s
-
I
C
A
I
’
s
v
i
e
w
s
60
7.12
W
h
e
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e
a
s
s
e
s
s
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c
a
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r
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e
d
o
n
b
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s
a
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l
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p
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s
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n
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O
b
l
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g
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t
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n
s
f
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x
a
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d
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t
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n
d
e
r
s
e
c
t
i
o
n
4
4
A
B
61
8
PRESUMPTIVE TAX REGIME AVAILABLE UNDER THE
ACT TO PERSONS CARRYING ON SPECIFIED PROFESSIONS
8.1
W
h
a
t
i
s
t
h
e
r
a
t
i
o
n
a
l
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f
o
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m
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l
s
(
s
e
c
t
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o
n
4
4
A
D
A
)
62
8.2
W
h
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t
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c
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n
4
4
A
D
A
?
63

13. P
A
G
E
C
O
N
T
E
N
T
S
I-14
8.3
H
o
w
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m
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5
0
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n
4
4
A
D
A
?
65
8.4
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f
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l
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4
4
A
D
,
c
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n
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4
4
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4
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4
A
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66
8.6
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h
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0
%
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68
8.7
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4
A
D
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68
8.8
W
h
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4
4
A
D
A
?
68
8.9
A
r
e
p
a
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fi
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t
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n
4
4
A
D
A
s
c
h
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m
e
?
68
8.10
A
r
e
L
i
m
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t
e
d
L
i
a
b
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l
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t
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P
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r
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p
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(
L
L
P
s
)
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l
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g
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4
4
A
D
A
s
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m
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?
69
8.11
A
r
e
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69
8.12
C
a
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n
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8
0
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8
0
R
R
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4
4
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D
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?
69
8.13
C
a
n
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t
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n
4
4
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D
A
s
c
h
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m
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69
8.14
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h
a
t
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l
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70
8.15
I
f
a
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4
4
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(
1
)
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4
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0
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w
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T
R
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70
8.16
W
h
a
t
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m
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4
4
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D
A
r
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g
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m
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?
71
8.17
W
h
a
t
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n
4
4
A
D
A
?
71
8.18
W
h
a
t
h
a
p
p
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s
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0
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72
8.19
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73
8.20
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p
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4
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(
b
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73
8.21
W
h
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t
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n
4
4
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D
A
?
74

14. P
A
G
E
I-15
C
O
N
T
E
N
T
S
8.22
W
i
l
l
a
s
s
e
s
s
e
e
b
e
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e
q
u
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r
e
d
t
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m
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t
a
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n
d
f
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n
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g
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p
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fi
t
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e
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p
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d
n
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t
p
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o
fi
t
d
e
t
a
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l
s
t
o
A
O
?
75
9
TURNOVER OR GROSS RECEIPTS
9.1
‘
T
o
t
a
l
s
a
l
e
s
,
t
u
r
n
o
v
e
r
o
r
g
r
o
s
s
r
e
c
e
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p
t
s
’
76
9.2
D
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s
t
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n
c
t
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o
n
b
e
t
w
e
e
n
‘
t
u
r
n
o
v
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r
’
a
n
d
‘
t
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t
a
l
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a
l
e
s
’
77
9.3
I
C
A
I
’
s
v
i
e
w
s
o
n
‘
t
u
r
n
o
v
e
r
’
77
9.4
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t
e
m
s
t
o
b
e
e
x
c
l
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d
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d
/
d
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d
u
c
t
e
d
f
r
o
m
‘
t
u
r
n
o
v
e
r
’
77
9.5
I
t
e
m
s
t
o
b
e
i
n
c
l
u
d
e
d
/
n
o
t
t
o
b
e
d
e
d
u
c
t
e
d
f
r
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m
‘
t
u
r
n
o
v
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r
’
78
9.6
“
G
r
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s
s
R
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e
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p
t
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f
b
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s
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s
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C
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I
’
s
v
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e
w
s
78
9.7
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t
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s
t
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d
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n
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s
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c
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p
t
s
’
78
9.8
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t
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m
s
n
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t
t
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n
c
l
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d
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d
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n
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g
r
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s
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c
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p
t
s
’
79
9.9
A
d
d
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t
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n
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l
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n
d
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f
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r
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h
80
9.10
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h
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r
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b
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b
r
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p
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t
e
`
1
c
r
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r
e
l
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m
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t
81
9.11
T
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r
n
o
v
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r
/
g
r
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s
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r
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c
e
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p
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T
r
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n
s
a
c
t
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o
n
s
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n
s
h
a
r
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s
,
s
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c
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r
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t
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e
s
a
n
d
d
e
r
i
v
a
t
i
v
e
s
84
9.12
T
u
r
n
o
v
e
r
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n
c
a
s
e
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f
c
h
i
t
f
u
n
d
c
o
m
p
a
n
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e
s
84
9.13
C
o
m
p
u
t
a
t
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o
n
o
f
`
1
c
r
o
r
e
l
i
m
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t
-
C
o
m
m
i
s
s
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o
n
a
g
e
n
t
s
85
9.14
T
a
x
a
u
d
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t
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n
c
a
s
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o
f
n
o
n
-
r
e
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d
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t
s
c
a
r
r
y
i
n
g
o
n
b
u
s
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n
e
s
s
87
10
OBLIGATIONS CAST BY SECTION 44AB
10.1
O
b
l
i
g
a
t
i
o
n
c
a
s
t
b
y
s
e
c
t
i
o
n
4
4
A
B
88
10.2
A
u
d
i
t
o
f
a
c
c
o
u
n
t
s
,
n
o
t
a
u
d
i
t
o
f
b
o
o
k
s
o
f
a
c
c
o
u
n
t
88
10.3
A
u
d
i
t
c
o
n
fi
n
e
d
t
o
a
c
c
o
u
n
t
s
o
f
b
u
s
i
n
e
s
s
o
r
p
r
o
f
e
s
s
i
o
n
89
10.4
S
p
e
c
i
fi
e
d
d
a
t
e
90
10.5
A
c
c
o
u
n
t
a
n
t
90
10.6
F
o
r
m
s
a
p
p
l
i
c
a
b
l
e
f
o
r
t
a
x
a
u
d
i
t
r
e
p
o
r
t
u
n
d
e
r
s
e
c
t
i
o
n
4
4
A
B
101
11
PREPARATION OF FINANCIAL STATEMENTS
11.1
P
r
e
s
e
n
t
a
t
i
o
n
o
f
F
i
n
a
n
c
i
a
l
S
t
a
t
e
m
e
n
t
s
102

15. P
A
G
E
C
O
N
T
E
N
T
S
I-16
12
FORM NO. 3CA
12.1
W
h
e
n
a
p
p
l
i
c
a
b
l
e
103
12.2
P
a
r
a
1
o
f
F
o
r
m
N
o
.
3
C
A
104
12.3
P
a
r
a
2
o
f
F
o
r
m
N
o
.
3
C
A
104
12.4
P
a
r
a
3
o
f
F
o
r
m
N
o
.
3
C
A
104
12.5
W
h
e
r
e
a
s
s
e
s
s
e
e
h
a
s
b
r
a
n
c
h
e
s
109
12.6
W
h
e
r
e
a
s
s
e
s
s
e
e
h
a
s
b
r
a
n
c
h
e
s
a
b
r
o
a
d
109
12.7
S
i
g
n
a
t
u
r
e
o
n
F
o
r
m
N
o
.
3
C
A
110
13
FORM NO. 3CB
13.1
W
h
e
n
a
p
p
l
i
c
a
b
l
e
111
13.2
P
a
r
a
1
o
f
F
o
r
m
N
o
.
3
C
B
111
13.3
P
a
r
a
2
o
f
F
o
r
m
N
o
.
3
C
B
112
13.4
P
a
r
a
3
(
a
)
o
f
F
o
r
m
N
o
.
3
C
B
112
13.5
P
a
r
a
3
(
b
)
(
A
)
o
f
F
o
r
m
N
o
.
3
C
B
112
13.6
P
a
r
a
3
(
b
)
(
B
)
o
f
F
o
r
m
N
o
.
3
C
B
113
13.7
P
a
r
a
3
(
b
)
(
C
)
o
f
F
o
r
m
N
o
.
3
C
B
115
13.8
P
a
r
a
4
o
f
F
o
r
m
N
o
.
3
C
B
119
13.9
P
a
r
a
5
o
f
F
o
r
m
N
o
.
3
C
B
119
13.10
W
h
e
r
e
a
s
s
e
s
s
e
e
h
a
s
b
r
a
n
c
h
e
s
123
13.11
T
a
x
a
u
d
i
t
o
r
c
a
l
l
e
d
u
p
o
n
t
o
r
e
p
o
r
t
o
n
o
n
e
o
r
m
o
r
e
b
u
s
i
n
e
s
s
e
s
o
f
a
s
s
e
s
s
e
e
123
13.12
S
i
g
n
a
t
u
r
e
b
y
C
A
o
n
F
o
r
m
N
o
.
3
C
B
124
13.13
R
e
p
o
r
t
i
n
g
o
n
r
e
v
i
s
e
d
a
c
c
o
u
n
t
s
124
14
FORM NO. 3CD
14.1
S
t
a
t
e
m
e
n
t
o
f
p
a
r
t
i
c
u
l
a
r
s
125
14.2
A
m
e
n
d
m
e
n
t
s
m
a
d
e
t
o
F
o
r
m
N
o
.
3
C
D
b
y
I
n
c
o
m
e
-
t
a
x
(
8
t
h
A
m
e
n
d
m
e
n
t
)
R
u
l
e
s
,
2
0
2
1
b
y
N
o
t
i
fi
c
a
t
i
o
n
N
o
.
2
8
/
2
0
2
1
,
d
a
t
e
d
0
1
.
0
4
.
2
0
2
1
125

16. P
A
G
E
I-17
C
O
N
T
E
N
T
S
14.3
A
s
s
e
s
s
e
e
m
a
y
o
b
t
a
i
n
a
n
d
f
u
r
n
i
s
h
r
e
v
i
s
e
d
t
a
x
a
u
d
i
t
r
e
p
o
r
t
w
.
r
.
t
.
p
a
y
m
e
n
t
s
u
/
s
s
4
0
(
a
)
&
4
3
B
m
a
d
e
a
f
t
e
r
e
-
fi
l
i
n
g
t
a
x
a
u
d
i
t
r
e
p
o
r
t
b
u
t
o
n
o
r
b
e
f
o
r
e
O
c
t
.
3
1
126
14.4
S
i
g
n
a
t
u
r
e
o
f
F
o
r
m
N
o
.
3
C
D
b
y
t
a
x
a
u
d
i
t
o
r
128
15
NAME OF THE ASSESSEE
15.1
N
a
m
e
o
f
t
h
e
A
s
s
e
s
s
e
e
(
C
l
a
u
s
e
1
o
f
F
o
r
m
N
o
.
3
C
D
)
129
15.2
T
a
x
A
u
d
i
t
c
h
e
c
k
l
i
s
t
f
o
r
c
l
a
u
s
e
1
129
16
ADDRESS OF THE ASSESSEE
16.1
N
a
m
e
o
f
t
h
e
A
s
s
e
s
s
e
e
(
C
l
a
u
s
e
1
o
f
F
o
r
m
N
o
.
3
C
D
)
130
16.2
T
a
x
A
u
d
i
t
c
h
e
c
k
l
i
s
t
f
o
r
c
l
a
u
s
e
2
130
17
PAN OR AADHAAR NUMBER
17.1
P
A
N
o
r
A
a
d
h
a
a
r
N
u
m
b
e
r
131
17.2
P
e
r
m
a
n
e
n
t
A
c
c
o
u
n
t
N
u
m
b
e
r
(
P
A
N
)
131
17.3
A
a
d
h
a
a
r
N
u
m
b
e
r
131
17.4
T
a
x
A
u
d
i
t
c
h
e
c
k
l
i
s
t
f
o
r
c
l
a
u
s
e
3
131
18
REGISTRATIONS UNDER INDIRECT TAX LAWS (CLAUSE 4)
18.1
R
e
g
i
s
t
r
a
t
i
o
n
s
u
n
d
e
r
I
n
d
i
r
e
c
t
t
a
x
l
a
w
s
133
18.2
I
n
d
i
r
e
c
t
T
a
x
e
s
133
18.3
W
h
e
t
h
e
r
t
a
x
a
u
d
i
t
o
r
i
s
r
e
q
u
i
r
e
d
b
y
c
l
a
u
s
e
4
t
o
d
e
t
e
r
m
i
n
e
a
n
d
o
p
i
n
e
w
h
e
t
h
e
r
a
s
s
e
s
s
e
e
i
s
l
i
a
b
l
e
f
o
r
a
n
y
i
n
d
i
r
e
c
t
t
a
x
e
s
a
n
d
i
s
l
i
a
b
l
e
t
o
g
e
t
r
e
g
i
s
t
e
r
e
d
u
n
d
e
r
a
n
y
i
n
d
i
r
e
c
t
t
a
x
l
a
w
?
134
18.4
T
a
x
a
u
d
i
t
c
h
e
c
k
l
i
s
t
f
o
r
c
l
a
u
s
e
4
135
18.5
A
u
d
i
t
P
r
o
c
e
d
u
r
e
s
135
18.6
D
o
c
u
m
e
n
t
a
t
i
o
n
(
W
o
r
k
i
n
g
P
a
p
e
r
s
)
136
18.7
L
i
n
k
a
g
e
s
o
f
c
l
a
u
s
e
4
w
i
t
h
o
t
h
e
r
c
l
a
u
s
e
s
o
f
F
o
r
m
N
o
.
3
C
D
136

17. P
A
G
E
C
O
N
T
E
N
T
S
I-18
19
STATUS (CLAUSE 5)
19.1
S
t
a
t
u
s
138
19.2
S
t
a
t
u
s
i
s
n
o
t
r
e
s
i
d
e
n
t
i
a
l
s
t
a
t
u
s
b
u
t
s
t
a
t
u
s
a
s
p
e
r
d
e
fi
n
i
t
i
o
n
o
f
‘
p
e
r
s
o
n
’
i
n
s
e
c
t
i
o
n
2
(
31 ) 138
19.3
T
a
x
A
u
d
i
t
C
h
e
c
k
l
i
s
t
f
o
r
C
l
a
u
s
e
5
138
19.4
C
l
a
u
s
e
s
o
f
F
o
r
m
N
o
.
3
C
D
a
p
p
l
i
c
a
b
l
e
i
f
a
u
d
i
t
e
e
’
s
s
t
a
t
u
s
i
s
“
i
n
d
i
v
i
d
u
a
l
”
139
19.5
C
l
a
u
s
e
s
o
f
F
o
r
m
N
o
.
3
C
D
a
p
p
l
i
c
a
b
l
e
i
f
a
u
d
i
t
e
e
’
s
s
t
a
t
u
s
i
s
“
H
i
n
d
u
U
n
d
i
v
i
d
e
d
F
a
m
i
l
y
”
141
19.6
C
l
a
u
s
e
s
o
f
F
o
r
m
N
o
.
3
C
D
a
p
p
l
i
c
a
b
l
e
i
f
a
u
d
i
t
e
e
’
s
s
t
a
t
u
s
i
s
“
fi
r
m
”
/
“
L
L
P
”
/
“
A
O
P
”
/
“
B
O
I
”
141
19.7
C
l
a
u
s
e
s
o
f
F
o
r
m
N
o
.
3
C
D
a
p
p
l
i
c
a
b
l
e
i
f
a
u
d
i
t
e
e
’
s
s
t
a
t
u
s
i
s
“
c
o
m
p
a
n
y
”
143
20
PREVIOUS YEAR (CLAUSE 6)
20.1
P
r
e
v
i
o
u
s
Y
e
a
r
145
20.2
T
a
x
A
u
d
i
t
C
h
e
c
k
l
i
s
t
f
o
r
C
l
a
u
s
e
6
145
21
ASSESSMENT YEAR (CLAUSE 7)
21.1
A
s
s
e
s
s
m
e
n
t
Y
e
a
r
146
21.2
T
a
x
A
u
d
i
t
C
h
e
c
k
l
i
s
t
f
o
r
C
l
a
u
s
e
7
146
22
CLAUSE 8 OF FORM NO. 3CD RELEVANT CLAUSE OF
SECTION 44AB UNDER WHICH TAX AUDIT IS APPLICABLE
22.1
R
e
q
u
i
r
e
m
e
n
t
s
o
f
C
l
a
u
s
e
8
147
22.2
T
a
x
a
u
d
i
t
c
h
e
c
k
l
i
s
t
f
o
r
c
l
a
u
s
e
8
147
23
CLAUSE 8A OF FORM NO. 3CD : WHETHER THE ASSESSEE
HAS OPTED FOR TAXATION UNDER SECTION 115BA/115BAA/
115BAB/115BAC/115BAD?
23.1
N
e
w
C
l
a
u
s
e
8
A
-
W
h
e
t
h
e
r
a
s
s
e
s
s
e
e
h
a
s
o
p
t
e
d
f
o
r
t
a
x
a
t
i
o
n
u
n
d
e
r
s
e
c
t
i
o
n
1
1
5
B
A
/
1
1
5
B
A
A
/
1
1
5
B
A
B
/
1
1
5
B
A
C
/
1
1
5
B
A
D
149
23.1A
C
l
a
u
s
e
8
A
i
s
n
o
t
a
p
p
l
i
c
a
b
l
e
t
o
fi
r
m
/
L
L
P
/
A
O
P
/
B
O
I
150

18. P
A
G
E
I-19
C
O
N
T
E
N
T
S
23.2
D
o
m
e
s
t
i
c
C
o
m
p
a
n
y
150
23.3 C
o
m
p
a
r
i
s
o
n
o
f
s
e
c
t
i
o
n
1
1
5
B
A
,
s
e
c
t
i
o
n
1
1
5
B
A
A
a
n
d
s
e
c
t
i
o
n
1
1
5
B
A
B
151
23.4
T
a
x
A
u
d
i
t
C
h
e
c
k
l
i
s
t
u
n
d
e
r
c
l
a
u
s
e
8
A
f
o
r
c
o
m
p
a
n
i
e
s
157
23.5
C
l
a
u
s
e
s
u
n
d
e
r
w
h
i
c
h
r
e
p
o
r
t
i
n
g
i
s
i
m
p
a
c
t
e
d
i
n
c
a
s
e
o
f
a
c
o
m
p
a
n
y
i
f
c
l
a
u
s
e
8
A
a
n
s
w
e
r
e
d
i
n
t
h
e
a
f
fi
r
m
a
t
i
v
e
161
23.6
T
a
x
o
n
i
n
c
o
m
e
o
f
i
n
d
i
v
i
d
u
a
l
s
a
n
d
H
U
F
s
w
h
o
o
p
t
f
o
r
s
e
c
t
i
o
n
1
1
5
B
A
C
r
e
g
i
m
e
161
23.7
C
o
n
c
e
s
s
i
o
n
a
l
r
a
t
e
o
f
t
a
x
o
n
i
n
c
o
m
e
o
f
c
e
r
t
a
i
n
r
e
s
i
d
e
n
t
c
o
-
o
p
e
r
a
t
i
v
e
s
o
c
i
e
t
i
e
s
[
S
e
c
t
i
o
n
1
1
5
B
A
D
]
163
23.8
T
a
x
A
u
d
i
t
o
r
’
s
d
u
t
y
u
n
d
e
r
C
l
a
u
s
e
8
A
i
n
r
e
s
p
e
c
t
o
f
i
n
d
i
v
i
d
u
a
l
/
H
U
F
w
h
o
o
p
t
s
f
o
r
s
e
c
t
i
o
n
1
1
5
B
A
C
164
23.9
T
a
x
a
u
d
i
t
o
r
’
s
d
u
l
y
w
h
e
r
e
r
e
s
i
d
e
n
t
c
o
-
o
p
e
r
a
t
i
v
e
s
o
c
i
e
t
y
o
p
t
s
f
o
r
s
e
c
t
i
o
n
1
1
5
B
A
D
165
24
CLAUSE 9 OF FORM NO. 3CD : DETAILS
REGARDING FIRMS/AOPs/LLPs
24.1
A
p
p
l
i
c
a
b
i
l
i
t
y
o
f
t
h
e
c
l
a
u
s
e
167
24.2
R
e
q
u
i
r
e
m
e
n
t
s
o
f
C
l
a
u
s
e
9
167
24.3
“
F
i
r
m
”
i
n
c
l
u
d
e
s
I
n
d
i
a
n
L
i
m
i
t
e
d
L
i
a
b
i
l
i
t
y
P
a
r
t
n
e
r
s
h
i
p
(
L
L
P
)
a
n
d
n
o
t
f
o
r
e
i
g
n
L
L
P
174
24.4
‘
P
a
r
t
n
e
r
’
[
S
e
c
t
i
o
n
2
(
23
)
(
ii
)
]
175
24.5
T
a
x
A
u
d
i
t
C
h
e
c
k
l
i
s
t
(
f
o
r
fi
r
m
s
a
n
d
A
O
P
s
/
B
O
I
s
)
f
o
r
C
l
a
u
s
e
9
175
24.6
T
a
x
A
u
d
i
t
C
h
e
c
k
l
i
s
t
f
o
r
L
L
P
s
f
o
r
C
l
a
u
s
e
9
176
24.7
C
l
a
u
s
e
s
o
f
F
o
r
m
N
o
.
3
C
D
u
n
d
e
r
w
h
i
c
h
r
e
p
o
r
t
i
n
g
i
s
i
m
p
a
c
t
e
d
i
f
c
l
a
u
s
e
9
(
b
)
(
c
h
a
n
g
e
s
i
n
p
a
r
t
n
e
r
s
/
m
e
m
b
e
r
s
/
P
S
R
)
i
s
r
e
p
o
r
t
e
d
i
n
a
f
fi
r
m
a
t
i
v
e
178
25
CLAUSE 10 OF FORM NO. 3CD : NATURE
OF BUSINESS/PROFESSION
25.1
A
p
p
l
i
c
a
b
i
l
i
t
y
o
f
C
l
a
u
s
e
1
0
179
25.2
R
e
q
u
i
r
e
m
e
n
t
s
o
f
C
l
a
u
s
e
1
0
179
25.3
T
a
x
A
u
d
i
t
C
h
e
c
k
l
i
s
t
f
o
r
C
l
a
u
s
e
1
0
180
25.4
C
l
a
u
s
e
s
o
f
F
o
r
m
N
o
.
3
C
D
u
n
d
e
r
w
h
i
c
h
r
e
p
o
r
t
i
n
g
m
a
y
b
e
i
m
p
a
c
t
e
d
i
n
c
l
a
u
s
e
1
0
(
b
)
i
s
a
n
s
w
e
r
e
d
i
n
t
h
e
a
f
fi
r
m
a
t
i
v
e
182

19. P
A
G
E
C
O
N
T
E
N
T
S
I-20
26
CLAUSE 11 OF FORM NO. 3CD : BOOKS OF ACCOUNT
26.1
A
p
p
l
i
c
a
b
i
l
i
t
y
o
f
c
l
a
u
s
e
1
1
(
a
)
183
26.2
C
l
a
u
s
e
1
1
(
b )
a
n
d
1
1
(
o
)
t
o
a
p
p
l
y
t
o
a
l
l
a
s
s
e
s
s
e
e
s
183
26.3
‘
B
o
o
k
s
o
f
a
c
c
o
u
n
t
’
183
26.4
T
a
x
A
u
d
i
t
c
h
e
c
k
l
i
s
t
f
o
r
c
l
a
u
s
e
1
1
[
a
p
p
l
i
c
a
b
l
e
t
o
a
l
l
t
h
r
e
e
s
u
b
-
c
l
a
u
s
e
s
(
a
)
,
(
b
)
&
(
e
)
]
184
26.5
T
a
x
a
u
d
i
t
c
h
e
c
k
l
i
s
t
f
o
r
c
l
a
u
s
e
1
1
(
a
)
-
B
o
o
k
s
o
f
a
c
c
o
u
n
t
p
r
e
s
c
r
i
b
e
d
185
26.6
T
a
x
a
u
d
i
t
c
h
e
c
k
l
i
s
t
f
o
r
c
l
a
u
s
e
1
1
(
b
)
-
B
o
o
k
s
o
f
a
c
c
o
u
n
t
m
a
i
n
t
a
i
n
e
d
187
26.7
T
a
x
A
u
d
i
t
C
h
e
c
k
l
i
s
t
f
o
r
c
l
a
u
s
e
1
1
(
c
)
-
B
o
o
k
s
o
f
a
c
c
o
u
n
t
a
n
d
n
a
t
u
r
e
o
f
r
e
l
e
v
a
n
t
d
o
c
u
m
e
n
t
e
x
a
m
i
n
e
d
[
C
l
a
u
s
e
1
1
(
c
)
]
189
27
CLAUSE 12 OF FORM NO. 3CD : PRESUMPTIVE INCOME
27.1
R
e
q
u
i
r
e
m
e
n
t
s
o
f
c
l
a
u
s
e
1
2
191
27.2
R
e
l
e
v
a
n
t
L
e
g
a
l
p
r
o
v
i
s
i
o
n
s
192
27.3
“
A
s
s
e
s
s
a
b
l
e
o
n
P
r
e
s
u
m
p
t
i
v
e
B
a
s
i
s
”
194
27.4
“
A
n
y
o
t
h
e
r
r
e
l
e
v
a
n
t
s
e
c
t
i
o
n
”
-
I
n
t
e
r
p
r
e
t
a
t
i
o
n
o
f
195
27.5
T
a
x
A
u
d
i
t
C
h
e
c
k
l
i
s
t
f
o
r
C
l
a
u
s
e
1
2
195
28
CLAUSE 13 OF FORM NO. 3CD : METHOD OF
ACCOUNTING & COMPLIANCES
28.1
A
p
p
l
i
c
a
b
i
l
i
t
y
o
f
s
u
b
-
c
l
a
u
s
e
s
(
a
)
t
o
(
c
)
t
o
c
l
a
u
s
e
1
3
199
28.2
A
p
p
l
i
c
a
b
i
l
i
t
y
o
f
s
u
b
-
c
l
a
u
s
e
s
(
d
)
t
o
(
f
)
o
f
c
l
a
u
s
e
1
3
199
28.3
M
e
t
h
o
d
o
f
a
c
c
o
u
n
t
i
n
g
200
28.4
M
e
r
c
a
n
t
i
l
e
S
y
s
t
e
m
/
a
c
c
r
u
a
l
b
a
s
i
s
o
f
A
c
c
o
u
n
t
i
n
g
202
28.5
C
a
s
h
b
a
s
i
s
o
f
a
c
c
o
u
n
t
i
n
g
204
28.6
T
a
x
A
u
d
i
t
C
h
e
c
k
l
i
s
t
f
o
r
c
l
a
u
s
e
1
3
(
a
)
206
28.7
T
a
x
A
u
d
i
t
c
h
e
c
k
l
i
s
t
i
f
a
s
s
e
s
s
e
e
i
s
f
o
l
l
o
w
i
n
g
c
a
s
h
s
y
s
t
e
m
o
f
a
c
c
o
u
n
t
i
n
g
206
28.8
I
f
a
s
s
e
s
s
e
e
i
s
f
o
l
l
o
w
i
n
g
c
a
s
h
s
y
s
t
e
m
,
c
o
n
s
e
q
u
e
n
t
i
a
l
i
m
p
a
c
t
o
n
r
e
p
o
r
t
i
n
g
o
t
h
e
r
c
l
a
u
s
e
s
o
f
F
o
r
m
N
o
.
3
C
D
206
28.9
I
f
t
h
e
a
s
s
e
s
s
e
e
i
s
f
o
l
l
o
w
i
n
g
m
e
r
c
a
n
t
i
l
e
s
y
s
t
e
m
o
f
a
c
­
c
o
u
n
t
i
n
g
;
c
o
n
s
e
q
u
e
n
t
i
a
l
i
m
p
a
c
t
o
n
o
t
h
e
r
c
l
a
u
s
e
s
o
f
F
o
r
m
N
o
.
3
C
D
207
28.10
T
a
x
A
u
d
i
t
c
h
e
c
k
l
i
s
t
f
o
r
c
l
a
u
s
e
1
3
(
b
)
208

20. P
A
G
E
I-21
C
O
N
T
E
N
T
S
28.11
T
a
x
A
u
d
i
t
c
h
e
c
k
l
i
s
t
f
o
r
c
l
a
u
s
e
1
3
(
c
)
209
28.12 T
a
x
A
u
d
i
t
c
h
e
c
k
l
i
s
t
f
o
r
c
l
a
u
s
e
1
3
(
d
)
o
n
n
e
c
e
s
s
i
t
y
o
f
a
d
j
u
s
t
m
e
n
t
s
u
n
d
e
r
I
C
D
S
210
28.13
T
a
x
A
u
d
i
t
C
h
e
c
k
l
i
s
t
f
o
r
c
l
a
u
s
e
1
3
(
e
)
214
28.14
T
a
x
A
u
d
i
t
C
h
e
c
k
l
i
s
t
f
o
r
c
l
a
u
s
e
1
3
(
f
)
214
29
CLAUSE 14 OF FORM NO. 3CD :
METHOD OF STOCK VALUATION
29.1
I
n
t
e
r
p
r
e
t
a
t
i
o
n
o
f
r
e
q
u
i
r
e
m
e
n
t
s
o
f
c
l
a
u
s
e
1
4
(
a
)
-
M
e
t
h
o
d
o
f
V
a
l
u
a
t
i
o
n
o
f
C
l
o
s
i
n
g
S
t
o
c
k
219
29.2
T
a
x
A
u
d
i
t
c
h
e
c
k
l
i
s
t
f
o
r
c
l
a
u
s
e
1
4
(
a ) 220
29.3
C
l
a
u
s
e
1
4
(
b
)
-
D
e
t
a
i
l
s
o
f
d
e
v
i
a
t
i
o
n
o
f
M
e
t
h
o
d
o
f
V
a
l
u
a
t
i
o
n
f
r
o
m
s
e
c
t
i
o
n
1
4
5
A
221
29.4
T
a
x
A
u
d
i
t
C
h
e
c
k
l
i
s
t
f
o
r
C
l
a
u
s
e
1
4
(
b
)
222
30
CLAUSE 15 OF FORM NO. 3CD : CAPITAL
ASSET CONVERTED INTO STOCK-IN-TRADE
30.1
R
e
q
u
i
r
e
m
e
n
t
s
o
f
c
l
a
u
s
e
1
5
223
30.2
C
a
p
i
t
a
l
A
s
s
e
t
224
30.3
C
o
n
v
e
r
s
i
o
n
o
f
c
a
p
i
t
a
l
a
s
s
e
t
i
n
t
o
s
t
o
c
k
-
i
n
-
t
r
a
d
e
227
30.4
T
a
x
A
u
d
i
t
C
h
e
c
k
l
i
s
t
f
o
r
c
l
a
u
s
e
1
5
228
31
CLAUSE 16 OF FORM NO. 3CD : AMOUNTS NOT
CREDITED TO PROFIT AND LOSS ACCOUNT
31.1
A
p
p
l
i
c
a
b
i
l
i
t
y
o
f
c
l
a
u
s
e
1
6
233
31.2
R
e
q
u
i
r
e
m
e
n
t
s
o
f
c
l
a
u
s
e
1
6
233
31.3
‘
N
o
t
c
r
e
d
i
t
e
d
t
o
p
r
o
fi
t
a
n
d
l
o
s
s
a
c
c
o
u
n
t
’
233
31.4
C
l
a
u
s
e
1
6
(
a
)
-
I
t
e
m
s
c
o
v
e
r
e
d
b
y
s
e
c
t
i
o
n
2
8
n
o
t
c
r
e
d
i
t
e
d
t
o
P
&
L
A
c
c
o
u
n
t
234
31.5
T
a
x
A
u
d
i
t
C
h
e
c
k
l
i
s
t
f
o
r
C
l
a
u
s
e
1
6
(
a
)
236
31.6
C
l
a
u
s
e
1
6
(
b
)
-
R
e
f
u
n
d
s
/
D
r
a
w
b
a
c
k
o
f
t
a
x
e
s
/
d
u
t
i
e
s
a
d
m
i
t
t
e
d
b
y
t
h
e
a
u
t
h
o
r
i
t
i
e
s
b
u
t
n
o
t
c
r
e
d
i
t
e
d
t
o
P
&
L
a
c
c
o
u
n
t
238
31.7
T
a
x
A
u
d
i
t
C
h
e
c
k
l
i
s
t
f
o
r
C
l
a
u
s
e
1
6
(
b
)
239
31.8
C
l
a
u
s
e
1
6
(
c
)
-
E
s
c
a
l
a
t
i
o
n
c
l
a
i
m
s
n
o
t
c
r
e
d
i
t
e
d
t
o
P
&
L
A
/
c
239
31.9
T
a
x
A
u
d
i
t
C
h
e
c
k
l
i
s
t
f
o
r
C
l
a
u
s
e
1
6
(
c
)
239

21. P
A
G
E
C
O
N
T
E
N
T
S
I-22
31.10
C
l
a
u
s
e
1
6
(
d
)
-
A
n
y
o
t
h
e
r
i
n
c
o
m
e
n
o
t
c
r
e
d
i
t
e
d
t
o
P
&
L
A
/
c
239
31.11 T
a
x
A
u
d
i
t
C
h
e
c
k
l
i
s
t
f
o
r
C
l
a
u
s
e
1
6
(
d
)
240
31.12
C
l
a
u
s
e
1
6
(
e
)
-
C
a
p
i
t
a
l
r
e
c
e
i
p
t
s
n
o
t
c
r
e
d
i
t
e
d
t
o
P
&
L
A
/
c
241
31.13
T
a
x
A
u
d
i
t
C
h
e
c
k
l
i
s
t
f
o
r
C
l
a
u
s
e
1
6
(
e
)
242
32
PROPERTY (LAND OR BUILDING OR BOTH) TRANSFERRED
AT LESS THAN STAMP DUTY VALUE - CLAUSE 17 OF
FORM NO. 3CD
32.0
C
l
a
u
s
e
1
7
s
u
b
s
t
i
t
u
t
e
d
b
y
N
o
t
i
fi
c
a
t
i
o
n
N
o
.
2
8
/
2
0
2
1
w
.
e
.
f
.
0
1
.
0
4
.
2
0
2
1
244
32.1
A
p
p
l
i
c
a
b
i
l
i
t
y
o
f
c
l
a
u
s
e
1
7
244
32.2
R
e
q
u
i
r
e
m
e
n
t
s
o
f
c
l
a
u
s
e
1
7
244
32.3
D
e
t
a
i
l
s
o
f
P
r
o
p
e
r
t
y
245
32.4
C
o
n
s
i
d
e
r
a
t
i
o
n
r
e
c
e
i
v
e
d
o
r
a
c
c
r
u
e
d
245
32.5
V
a
l
u
e
a
d
o
p
t
e
d
o
r
a
s
s
e
s
s
e
d
o
r
a
s
s
e
s
s
a
b
l
e
245
32.6
A
p
p
l
i
c
a
b
i
l
i
t
y
o
f
t
h
e
2
n
d
P
r
o
v
i
s
o
t
o
s
e
c
t
i
o
n
4
3
C
A
a
n
d
F
o
u
r
t
h
P
r
o
v
i
s
o
t
o
s
e
c
t
i
o
n
5
6
(
2
)
(
x
)
[
4
t
h
C
o
l
u
m
n
o
f
t
h
e
T
a
b
l
e
i
n
C
l
a
u
s
e
1
7
]
246
32.7
T
r
a
n
s
f
e
r
250
32.8
T
a
x
A
u
d
i
t
C
h
e
c
k
l
i
s
t
f
o
r
C
l
a
u
s
e
1
7
252
33
CLAUSE 18 OF FORM NO. 3CD : DEPRECIATION
33.1
R
e
q
u
i
r
e
m
e
n
t
s
o
f
t
h
e
e
-
fi
l
i
n
g
u
t
i
l
i
t
y
254
33.2
A
p
p
l
i
c
a
b
i
l
i
t
y
o
f
c
l
a
u
s
e
1
8
258
33.3
D
e
p
r
e
c
i
a
t
i
o
n
u
/
s
3
2
i
s
a
s
t
a
t
u
t
o
r
y
a
l
l
o
w
a
n
c
e
a
n
d
n
o
t
a
n
e
x
p
e
n
d
i
t
u
r
e
/
l
o
s
s
/
t
r
a
d
i
n
g
l
i
a
b
i
l
i
t
y
258
33.4
“
D
e
p
r
e
c
i
a
t
i
o
n
a
l
l
o
w
a
b
l
e
”
259
33.5
‘
E
a
c
h
a
s
s
e
t
o
r
b
l
o
c
k
o
f
a
s
s
e
t
s
,
a
s
t
h
e
c
a
s
e
m
a
y
b
e
’
260
33.6
L
e
g
a
l
p
r
o
v
i
s
i
o
n
s
r
e
l
a
t
e
d
t
o
d
e
p
r
e
c
i
a
t
i
o
n
260
33.7
N
o
r
m
a
l
d
e
p
r
e
c
i
a
t
i
o
n
a
l
l
o
w
a
n
c
e
a
d
m
i
s
s
i
b
l
e
e
v
e
r
y
y
e
a
r
262
33.8
A
s
s
e
t
s
e
l
i
g
i
b
l
e
f
o
r
d
e
p
r
e
c
i
a
t
i
o
n
264
33.9
B
l
o
c
k
o
f
A
s
s
e
t
s
266
33.10
“
O
w
n
e
r
s
h
i
p
o
f
a
s
s
e
t
s
”
267
33.11
U
s
e
r
o
f
a
s
s
e
t
s
270
33.12
A
d
d
i
t
i
o
n
a
l
d
e
p
r
e
c
i
a
t
i
o
n
-
S
e
c
t
i
o
n
3
2
(
1
)
(
iia
)
275
33.13
T
a
x
A
u
d
i
t
C
h
e
c
k
l
i
s
t
f
o
r
C
l
a
u
s
e
1
8
-
G
e
n
e
r
a
l
288

22. P
A
G
E
I-23
C
O
N
T
E
N
T
S
33.14
T
a
x
A
u
d
i
t
C
h
e
c
k
l
i
s
t
f
o
r
C
l
a
u
s
e
1
8
(
a
)
-
D
e
s
c
r
i
p
t
i
o
n
o
f
e
a
c
h
a
s
s
e
t
/
b
l
o
c
k
o
f
a
s
s
e
t
289
33.15
T
a
x
A
u
d
i
t
C
h
e
c
k
l
i
s
t
f
o
r
C
l
a
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s
e
1
8
(
b
)
-
R
a
t
e
o
f
D
e
p
r
e
c
i
a
t
i
o
n
291
33.16
T
a
x
A
u
d
i
t
C
h
e
c
k
l
i
s
t
f
o
r
C
l
a
u
s
e
1
8
(
c
)
-
A
c
t
u
a
l
C
o
s
t
/
W
D
V
291
33.16A
T
a
x
A
u
d
i
t
C
h
e
c
k
l
i
s
t
f
o
r
C
l
a
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e
1
8
(
ca
)
-
A
d
j
u
s
t
m
e
n
t
m
a
d
e
t
o
w
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t
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e
n
d
o
w
n
v
a
l
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n
d
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c
t
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o
n
1
1
5
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A
C
/
1
1
5
B
A
D
(
f
o
r
a
s
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e
s
s
m
e
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t
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a
r
2
0
2
1
-
2
2
)
295
33.16B
T
a
x
A
u
d
i
t
C
h
e
c
k
l
i
s
t
f
o
r
C
l
a
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1
8
(
cb
)
-
A
d
j
u
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t
m
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t
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D
V
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g
i
b
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s
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d
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c
l
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d
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n
g
v
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f
g
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d
w
i
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f
a
b
u
s
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n
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s
s
/
p
r
o
f
e
s
s
i
o
n
295
33.16C
C
l
a
u
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1
8
(
cc
)
-
A
d
j
u
s
t
e
d
W
r
i
t
t
e
n
D
o
w
n
V
a
l
u
e
298
33.17
T
a
x
A
u
d
i
t
C
h
e
c
k
l
i
s
t
f
o
r
C
l
a
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1
8
(
d
)
-
S
p
e
c
i
fi
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d
a
d
j
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m
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/
d
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d
u
c
t
i
o
n
s
d
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r
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n
g
t
h
e
y
e
a
r
298
33.18
T
a
x
A
u
d
i
t
C
h
e
c
k
l
i
s
t
f
o
r
C
l
a
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1
8
(
e
)
-
D
e
p
r
e
c
i
a
t
i
o
n
A
l
l
o
w
a
b
l
e
300
33.19
T
a
x
A
u
d
i
t
C
h
e
c
k
l
i
s
t
f
o
r
C
l
a
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1
8
(
f
)
-
W
D
V
a
t
t
h
e
e
n
d
o
f
t
h
e
y
e
a
r
301
34
CLAUSE 19 OF FORM NO. 3CD : AMOUNTS DEDUCTIBLE
UNDER SECTIONS 33AB, 33ABA, ETC.
34.1
R
e
p
o
r
t
i
n
g
R
e
q
u
i
r
e
m
e
n
t
a
s
p
e
r
e
-
fi
l
i
n
g
u
t
i
l
i
t
y
306
34.2
S
e
c
t
i
o
n
3
5
A
C
-
E
x
p
e
n
d
i
t
u
r
e
o
n
e
l
i
g
i
b
l
e
p
r
o
j
e
c
t
s
307
34.3
T
a
x
A
u
d
i
t
C
h
e
c
k
l
i
s
t
f
o
r
C
l
a
u
s
e
1
9
-
G
e
n
e
r
a
l
307
34.4
T
a
x
A
u
d
i
t
c
h
e
c
k
l
i
s
t
f
o
r
s
e
c
t
i
o
n
3
3
A
B
-
T
e
a
d
e
v
e
l
o
p
m
e
n
t
a
c
c
o
u
n
t
,
c
o
f
f
e
e
d
e
v
e
l
o
p
m
e
n
t
a
c
­
c
o
u
n
t
a
n
d
r
u
b
b
e
r
d
e
v
e
l
o
p
m
e
n
t
a
c
c
o
u
n
t
309
34.5
T
a
x
A
u
d
i
t
c
h
e
c
k
l
i
s
t
f
o
r
s
e
c
t
i
o
n
3
3
A
B
A
-
S
i
t
e
r
e
s
t
o
r
a
t
i
o
n
f
u
n
d
311
34.6
T
a
x
A
u
d
i
t
C
h
e
c
k
l
i
s
t
f
o
r
s
e
c
t
i
o
n
3
5
(
1
)
(
i
)
-
E
x
p
e
n
d
i
t
u
r
e
o
n
S
c
i
e
n
t
i
fi
c
R
e
s
e
a
r
c
h
n
o
t
i
n
t
h
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n
a
t
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r
e
o
f
c
a
p
i
t
a
l
e
x
p
e
n
d
i
t
u
r
e
313
34.7
T
a
x
A
u
d
i
t
C
h
e
c
k
l
i
s
t
f
o
r
s
e
c
t
i
o
n
3
5
(
1
)
(
ii
)
-
A
m
o
u
n
t
p
a
i
d
b
y
a
s
s
e
s
s
e
e
t
o
r
e
s
e
a
r
c
h
a
s
s
o
c
i
a
t
i
o
n
o
r
t
o
u
n
i
v
e
r
s
i
t
y
/
c
o
l
l
e
g
e
/
o
t
h
e
r
i
n
s
t
i
t
u
t
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o
n
t
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b
e
u
s
e
d
f
o
r
s
c
i
e
n
t
i
fi
c
r
e
s
e
a
r
c
h
314
34.8
T
a
x
A
u
d
i
t
C
h
e
c
k
l
i
s
t
f
o
r
s
e
c
t
i
o
n
3
5
(
1
)
(
iia
)
-
S
u
m
p
a
i
d
b
y
a
s
s
e
s
s
e
e
t
o
a
c
o
m
p
a
n
y
w
h
o
s
e
m
a
i
n
o
b
j
e
c
t
i
s
s
c
i
e
n
t
i
fi
c
R
&
D
314
34.9
T
a
x
A
u
d
i
t
C
h
e
c
k
l
i
s
t
f
o
r
s
e
c
t
i
o
n
3
5
(
1
)
(
iii
)
-
S
u
m
p
a
i
d
f
o
r
r
e
s
e
a
r
c
h
i
n
s
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c
i
a
l
s
c
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n
c
e
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r
s
t
a
t
i
s
t
i
c
a
l
r
e
s
e
a
r
c
h
315
34.10
T
a
x
A
u
d
i
t
C
h
e
c
k
l
i
s
t
f
o
r
s
e
c
t
i
o
n
3
5
(
1
)
(
iv
)
-
E
x
p
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n
d
i
t
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r
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o
f
c
a
p
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t
a
l
n
a
t
u
r
e
o
n
s
c
i
e
n
t
i
fi
c
r
e
s
e
a
r
c
h
315
34.11
T
a
x
A
u
d
i
t
C
h
e
c
k
l
i
s
t
f
o
r
s
e
c
t
i
o
n
3
5
(
2
A
A
)
-
A
n
y
s
u
m
t
o
N
a
t
i
o
n
a
l
L
a
b
o
r
a
t
o
r
y
o
r
u
n
i
v
e
r
s
i
t
y
o
r
I
I
T
316

23. P
A
G
E
C
O
N
T
E
N
T
S
I-24
34.12
T
a
x
A
u
d
i
t
C
h
e
c
k
l
i
s
t
f
o
r
s
e
c
t
i
o
n
3
5
(
2
A
B
)
-
E
x
p
e
n
d
i
t
u
r
e
o
n
i
n
h
o
u
s
e
r
e
s
e
a
r
c
h
i
n
c
u
r
r
e
d
b
y
a
s
s
e
s
s
e
e
-
c
o
m
p
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n
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a
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e
d
i
n
b
i
o
t
e
c
h
o
r
m
a
n
u
f
a
c
t
u
r
e
316
34.13
T
a
x
A
u
d
i
t
C
h
e
c
k
l
i
s
t
f
o
r
s
e
c
t
i
o
n
3
5
A
B
A
-
E
x
p
e
n
d
i
t
u
r
e
f
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r
o
b
t
a
i
n
i
n
g
r
i
g
h
t
t
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p
e
c
t
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m
f
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t
e
l
e
c
o
m
m
u
n
i
c
a
t
i
o
n
s
e
r
v
i
c
e
s
317
34.14
T
a
x
A
u
d
i
t
c
h
e
c
k
l
i
s
t
f
o
r
s
e
c
t
i
o
n
3
5
A
B
B
-
E
x
p
e
n
d
i
t
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r
e
f
o
r
o
b
t
a
i
n
i
n
g
l
i
c
e
n
c
e
t
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o
p
e
r
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t
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e
c
o
m
m
u
n
i
c
a
t
i
o
n
s
e
r
v
i
c
e
s
317
34.15
T
a
x
a
u
d
i
t
c
h
e
c
k
l
i
s
t
f
o
r
s
e
c
t
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o
n
3
5
A
D
-
D
e
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u
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i
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t
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c
a
p
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l
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x
p
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i
fi
e
d
b
u
s
i
n
e
s
s
318
34.16
T
a
x
a
u
d
i
t
c
h
e
c
k
l
i
s
t
f
o
r
s
e
c
t
i
o
n
3
5
C
C
A
-
E
x
p
e
n
d
i
t
u
r
e
b
y
w
a
y
o
f
p
a
y
m
e
n
t
t
o
a
s
s
o
c
i
a
t
i
o
n
/
i
n
s
t
i
t
u
t
i
o
n
f
o
r
c
a
r
r
y
i
n
g
o
u
t
r
u
r
a
l
d
e
v
e
l
o
p
m
e
n
t
p
r
o
g
r
a
m
m
e
318
34.17
T
a
x
a
u
d
i
t
c
h
e
c
k
l
i
s
t
f
o
r
s
e
c
t
i
o
n
3
5
C
C
C
-
E
x
p
e
n
d
i
t
u
r
e
o
n
a
g
r
i
c
u
l
t
u
r
a
l
e
x
t
e
n
s
i
o
n
p
r
o
j
e
c
t
319
34.18
T
a
x
a
u
d
i
t
c
h
e
c
k
l
i
s
t
f
o
r
s
e
c
t
i
o
n
3
5
C
C
D
-
E
x
p
e
n
d
i
t
u
r
e
o
n
s
k
i
l
l
d
e
v
e
l
o
p
m
e
n
t
319
34.19
T
a
x
A
u
d
i
t
C
h
e
c
k
l
i
s
t
f
o
r
s
e
c
t
i
o
n
3
5
D
-
A
m
o
r
t
i
s
a
t
i
o
n
o
f
p
r
e
l
i
m
i
n
a
r
y
e
x
p
e
n
s
e
s
320
34.20
T
a
x
A
u
d
i
t
C
h
e
c
k
l
i
s
t
f
o
r
s
e
c
t
i
o
n
3
5
D
D
-
E
x
p
e
n
d
i
t
u
r
e
i
n
c
a
s
e
o
f
a
m
a
l
g
a
m
a
t
i
o
n
o
r
d
e
m
e
r
g
e
r
324
34.21
T
a
x
A
u
d
i
t
C
h
e
c
k
l
i
s
t
f
o
r
s
e
c
t
i
o
n
3
5
D
D
A
-
A
m
o
r
t
i
s
a
t
i
o
n
o
f
e
x
p
e
n
d
i
t
u
r
e
i
n
c
u
r
r
e
d
u
n
d
e
r
V
R
S
325
34.22
T
a
x
A
u
d
i
t
c
h
e
c
k
l
i
s
t
f
o
r
s
e
c
t
i
o
n
3
5
E
-
D
e
d
u
c
t
i
o
n
f
o
r
e
x
p
e
n
d
i
t
u
r
e
o
n
p
r
o
s
p
e
c
t
i
n
g
e
t
c
.
f
o
r
c
e
r
t
a
i
n
m
i
n
e
r
a
l
s
325
35
CLAUSE 20 OF FORM NO. 3CD : BONUS/
EMPLOYEES CONTRIBUTION TO PF
35.1
R
e
q
u
i
r
e
m
e
n
t
o
f
e
-
fi
l
i
n
g
u
t
i
l
i
t
y
326
35.2
A
p
p
l
i
c
a
b
i
l
i
t
y
o
f
c
l
a
u
s
e
2
0
328
35.3
C
l
a
u
s
e
2
0
(
a
)
-
B
o
n
u
s
/
C
o
m
m
i
s
s
i
o
n
t
o
E
m
p
l
o
y
e
e
s
328
35.4
T
a
x
A
u
d
i
t
C
h
e
c
k
l
i
s
t
f
o
r
C
l
a
u
s
e
2
0
(
a
)
329
35.5
C
l
a
u
s
e
2
0
(
b
)
-
S
u
m
r
e
c
e
i
v
e
d
f
r
o
m
e
m
p
l
o
y
e
e
s
t
o
w
a
r
d
s
c
o
n
t
r
i
b
u
t
i
o
n
s
t
o
p
r
o
v
i
d
e
n
t
f
u
n
d
/
s
u
p
e
r
a
n
n
u
a
t
i
o
n
f
u
n
d
/
o
t
h
e
r
f
u
n
d
s
-
R
e
l
e
v
a
n
t
p
r
o
v
i
s
i
o
n
s
330
35.6
T
a
x
A
u
d
i
t
C
h
e
c
k
l
i
s
t
f
o
r
C
l
a
u
s
e
2
0
(
b
)
332

24. P
A
G
E
I-25
C
O
N
T
E
N
T
S
36
CLAUSE 21 OF FORM NO. 3CD : AMOUNTS
DEBITED TO PROFIT AND LOSS ACCOUNT
36.1
R
e
q
u
i
r
e
m
e
n
t
s
o
f
e
-
fi
l
i
n
g
u
t
i
l
i
t
y
a
s
r
e
g
a
r
d
s
C
l
a
u
s
e
2
1
(
a
)
337
36.2
A
p
p
l
i
c
a
b
i
l
i
t
y
o
f
fi
r
s
t
i
t
e
m
o
f
c
l
a
u
s
e
2
1
(
a
)
-
C
a
p
i
t
a
l
e
x
p
e
n
d
i
t
u
r
e
338
36.3
R
e
l
e
v
a
n
t
l
e
g
a
l
p
r
o
v
i
s
i
o
n
s
-
F
i
r
s
t
i
t
e
m
o
f
C
l
a
u
s
e
2
1
(
a
)
-
I
n
s
t
a
n
c
e
s
o
f
e
x
p
e
n
d
i
t
u
r
e
o
f
c
a
p
i
t
a
l
n
a
t
u
r
e
a
l
l
o
w
a
b
l
e
a
s
d
e
d
u
c
t
i
o
n
i
n
f
u
l
l
338
36.4
D
e
fi
n
i
t
i
o
n
o
f
‘
C
a
p
i
t
a
l
E
x
p
e
n
d
i
t
u
r
e
’
339
36.5
T
a
x
A
u
d
i
t
C
h
e
c
k
l
i
s
t
-
F
i
r
s
t
i
t
e
m
o
f
C
l
a
u
s
e
2
1
(
a
)
-
C
a
p
i
t
a
l
e
x
p
e
n
d
i
t
u
r
e
340
36.6
T
a
x
A
u
d
i
t
C
h
e
c
k
l
i
s
t
-
P
e
r
s
o
n
a
l
e
x
p
e
n
s
e
s
-
S
e
c
o
n
d
i
t
e
m
o
f
C
l
a
u
s
e
2
1
(
a
)
341
36.7
R
e
l
e
v
a
n
t
L
e
g
a
l
P
r
o
v
i
s
i
o
n
s
-
A
d
v
e
r
t
i
s
e
m
e
n
t
e
x
p
e
n
d
i
t
u
r
e
-
T
h
i
r
d
i
t
e
m
o
f
C
l
a
u
s
e
2
1
(
a
)
342
36.8
T
a
x
A
u
d
i
t
C
h
e
c
k
l
i
s
t
-
A
d
v
e
r
t
i
s
e
m
e
n
t
e
x
p
e
n
s
e
s
-
F
o
u
r
t
h
a
n
d
F
i
f
t
h
i
t
e
m
s
o
f
c
l
a
u
s
e
2
1
(
a
)
344
36.9
T
a
x
A
u
d
i
t
C
h
e
c
k
l
i
s
t
f
o
r
C
l
u
b
e
x
p
e
n
d
i
t
u
r
e
-
F
o
u
r
t
h
a
n
d
F
i
f
t
h
i
t
e
m
s
o
f
c
l
a
u
s
e
2
1
(
a
)
345
36.10
L
e
g
a
l
P
r
o
v
i
s
i
o
n
s
-
E
x
p
e
n
d
i
t
u
r
e
p
r
o
h
i
b
i
t
e
d
b
y
l
a
w
-
S
i
x
t
h
,
S
e
v
e
n
t
h
a
n
d
E
i
g
h
t
h
i
t
e
m
s
o
f
c
l
a
u
s
e
2
1
(
a
)
346
36.11
T
a
x
A
u
d
i
t
C
h
e
c
k
l
i
s
t
-
E
x
p
e
n
d
i
t
u
r
e
b
y
w
a
y
o
f
p
e
n
a
l
t
y
o
r
fi
n
e
f
o
r
v
i
o
l
a
t
i
o
n
o
f
a
n
y
l
a
w
-
S
i
x
t
h
i
t
e
m
o
f
c
l
a
u
s
e
2
1
(
a
)
347
36.12
T
a
x
A
u
d
i
t
C
h
e
c
k
l
i
s
t
-
E
x
p
e
n
d
i
t
u
r
e
b
y
w
a
y
o
f
a
n
y
o
t
h
e
r
p
e
n
a
l
t
y
o
r
fi
n
e
n
o
t
c
o
v
e
r
e
d
a
b
o
v
e
-
S
e
v
e
n
t
h
i
t
e
m
o
f
C
l
a
u
s
e
2
1
(
a
)
348
36.13
T
a
x
A
u
d
i
t
C
h
e
c
k
l
i
s
t
-
E
x
p
e
n
d
i
t
u
r
e
i
n
c
u
r
r
e
d
f
o
r
a
n
y
p
u
r
p
o
s
e
w
h
i
c
h
i
s
a
n
o
f
f
e
n
c
e
o
r
w
h
i
c
h
i
s
p
r
o
h
i
b
i
t
e
d
b
y
l
a
w
-
8
t
h
i
t
e
m
o
f
C
l
a
u
s
e
2
1
(
a
)
349
36.14
I
n
t
e
r
p
r
e
t
a
t
i
o
n
o
f
r
e
q
u
i
r
e
m
e
n
t
o
f
s
u
b
-
c
l
a
u
s
e
(
b
)
o
f
c
l
a
u
s
e
2
1
349
36.15
L
e
g
a
l
P
r
o
v
i
s
i
o
n
s
o
f
s
e
c
t
i
o
n
4
0
(
a
)
-
C
l
a
u
s
e
2
1
(
b
)
349
36.16
T
a
x
A
u
d
i
t
C
h
e
c
k
l
i
s
t
f
o
r
C
l
a
u
s
e
2
1
(
b
)
359
36.17
R
e
q
u
i
r
e
m
e
n
t
s
o
f
s
u
b
-
c
l
a
u
s
e
(
c
)
o
f
c
l
a
u
s
e
2
1
361
36.18
L
e
g
a
l
p
r
o
v
i
s
i
o
n
s
o
f
s
e
c
t
i
o
n
4
0
(
b
)
/
4
0
(
ba
)
-
C
l
a
u
s
e
2
1
(
c
)
362
36.19
J
u
d
i
c
i
a
l
v
i
e
w
s
o
n
s
e
c
t
i
o
n
4
0
(
b
)
364
36.20
I
C
A
I
’
s
v
i
e
w
s
o
n
c
l
a
u
s
e
2
1
(
c
)
366
36.21
T
a
x
A
u
d
i
t
C
h
e
c
k
l
i
s
t
-
C
l
a
u
s
e
2
1
(
c
)
i
n
c
a
s
e
o
f
fi
r
m
/
L
L
P
368
36.22
R
e
q
u
i
r
e
m
e
n
t
s
o
f
s
u
b
-
c
l
a
u
s
e
(
d
)
(
A
)
o
f
c
l
a
u
s
e
2
1
369
36.23
L
e
g
a
l
P
r
o
v
i
s
i
o
n
s
-
C
l
a
u
s
e
2
1
(
d
)
(
A
)
370
36.24
T
a
x
A
u
d
i
t
C
h
e
c
k
l
i
s
t
-
C
l
a
u
s
e
2
1
(
d
)
(
A
)
373
36.25
C
l
a
u
s
e
2
1
(
d
)
(
B
)
-
D
e
e
m
e
d
i
n
c
o
m
e
u
/
s
4
0
A
(
3
A
)
374

25. P
A
G
E
C
O
N
T
E
N
T
S
I-26
36.26
C
l
a
u
s
e
2
1
(
d
)
(
B
)
-
L
e
g
a
l
p
r
o
v
i
s
i
o
n
s
-
S
e
c
t
i
o
n
4
0
A
(
3
A
)
375
36.27 T
a
x
A
u
d
i
t
C
h
e
c
k
l
i
s
t
C
l
a
u
s
e
2
1
(
d
)
(
B
)
375
36.28
R
e
q
u
i
r
e
m
e
n
t
s
o
f
s
u
b
-
c
l
a
u
s
e
(
e
)
o
f
c
l
a
u
s
e
2
1
377
36.29
L
e
g
a
l
P
r
o
v
i
s
i
o
n
s
-
C
l
a
u
s
e
2
1
(
e
)
377
36.30
T
a
x
A
u
d
i
t
C
h
e
c
k
l
i
s
t
f
o
r
C
l
a
u
s
e
2
1
(
e
)
377
36.31
A
p
p
l
i
c
a
b
i
l
i
t
y
o
f
s
u
b
-
c
l
a
u
s
e
(
f
)
o
f
c
l
a
u
s
e
2
1
378
36.32
L
e
g
a
l
P
r
o
v
i
s
i
o
n
s
-
C
l
a
u
s
e
2
1
(
f
)
378
36.33
T
a
x
A
u
d
i
t
c
h
e
c
k
l
i
s
t
f
o
r
c
l
a
u
s
e
2
1
(
f
)
380
36.34
A
p
p
l
i
c
a
b
i
l
i
t
y
o
f
s
u
b
-
c
l
a
u
s
e
(
g
)
o
f
c
l
a
u
s
e
2
1
380
36.35
“
C
o
n
t
i
n
g
e
n
t
l
i
a
b
i
l
i
t
y
”
380
36.36
T
a
x
A
u
d
i
t
C
h
e
c
k
l
i
s
t
f
o
r
c
l
a
u
s
e
2
1
(
g
)
382
36.37
A
p
p
l
i
c
a
b
i
l
i
t
y
o
f
c
l
a
u
s
e
2
1
(
h
)
382
36.38
L
e
g
a
l
P
r
o
v
i
s
i
o
n
s
o
f
S
e
c
t
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o
n
1
4
A
a
n
d
R
u
l
e
8
D
-
C
l
a
u
s
e
2
1
(
h
)
383
36.39
T
a
x
A
u
d
i
t
C
h
e
c
k
l
i
s
t
f
o
r
c
l
a
u
s
e
2
1
(
h
)
384
36.40
A
p
p
l
i
c
a
b
i
l
i
t
y
o
f
c
l
a
u
s
e
2
1
(
i
)
384
36.41
R
e
l
e
v
a
n
t
l
e
g
a
l
p
r
o
v
i
s
i
o
n
s
-
C
l
a
u
s
e
2
1
(
i
)
384
36.42
D
i
s
t
i
n
c
t
i
o
n
b
e
t
w
e
e
n
t
h
e
p
r
o
v
i
s
o
a
n
d
G
A
A
P
(
A
S
1
6
)
385
36.43
T
a
x
A
u
d
i
t
C
h
e
c
k
l
i
s
t
f
o
r
c
l
a
u
s
e
2
1
(
i
)
385
37
CLAUSE 22 OF FORM NO. 3CD : AMOUNT OF INTEREST
INADMISSIBLE UNDER SECTION 23 OF MSMED ACT, 2006
37.1
M
i
c
r
o
,
S
m
a
l
l
&
M
e
d
i
u
m
E
n
t
e
r
p
r
i
s
e
s
D
e
v
e
l
o
p
m
e
n
t
A
c
t
387
37.2
D
e
fi
n
i
t
i
o
n
a
n
d
c
l
a
s
s
i
fi
c
a
t
i
o
n
o
f
M
i
c
r
o
,
S
m
a
l
l
&
M
e
d
i
u
m
E
n
t
e
r
p
r
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e
s
u
n
d
e
r
t
h
e
M
S
M
E
D
A
c
t
,
2
0
0
6
387
37.3
W
h
e
t
h
e
r
t
h
e
n
e
w
d
e
fi
n
i
t
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a
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d
c
l
a
s
s
i
fi
c
a
t
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n
b
a
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e
d
o
n
c
o
m
p
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r
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t
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a
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c
a
b
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t
e
r
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e
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t
a
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l
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r
0
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.
0
7
.
2
0
2
0
?
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r
d
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t
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t
e
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a
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n
3
0
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0
6
.
2
0
2
0
a
l
s
o
?
392
37.4
R
e
l
e
v
a
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t
p
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v
i
s
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o
n
s
o
f
t
h
e
M
S
M
E
D
A
c
t
,
2
0
0
6
392
37.5
D
i
s
a
l
l
o
w
a
n
c
e
o
f
i
n
t
e
r
e
s
t
p
a
y
a
b
l
e
u
n
d
e
r
t
h
e
M
S
M
E
D
A
c
t
393
37.6
“
D
i
s
c
l
o
s
u
r
e
s
r
e
q
u
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r
e
d
i
n
b
u
y
e
r
’
s
a
n
n
u
a
l
a
c
c
o
u
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t
s
”
394
37.7
I
d
e
n
t
i
fi
c
a
t
i
o
n
o
f
M
S
E
s
u
p
p
l
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e
r
s
395
37.8
N
o
t
e
s
o
n
A
c
c
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n
t
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t
o
b
e
a
d
d
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b
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y
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n
t
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t
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e
s
396
37.9
T
a
x
A
u
d
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t
c
h
e
c
k
l
i
s
t
f
o
r
c
l
a
u
s
e
s
2
2
396

26. P
A
G
E
38
CLAUSE 23 OF FORM NO. 3CD : PAYMENTS TO
PERSONS SPECIFIED UNDER SECTION 40A(2)(b)
38.1
A
p
p
l
i
c
a
b
i
l
i
t
y
o
f
c
l
a
u
s
e
2
3
399
38.2
R
e
q
u
i
r
e
m
e
n
t
s
o
f
c
l
a
u
s
e
2
3
399
38.3
P
e
r
s
o
n
s
s
p
e
c
i
fi
e
d
u
n
d
e
r
s
e
c
t
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o
n
4
0
A
(
2
)
(
b
)
399
38.4
I
T
A
T
’
s
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t
e
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r
t
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n
g
r
e
q
u
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r
e
m
e
n
t
s
403
38.5
A
u
d
i
t
C
h
e
c
k
l
i
s
t
-
C
l
a
u
s
e
2
3 403
39
CLAUSE 24 OF FORM NO. 3CD : AMOUNTS DEEMED TO
BE PROFITS AND GAINS UNDER SECTION 32AC/32AD/
33AB/33ABA/33AC
39.1
R
e
q
u
i
r
e
m
e
n
t
s
o
f
c
l
a
u
s
e
2
4
405
39.2
A
u
d
i
t
d
o
c
u
m
e
n
t
a
t
i
o
n
-
C
l
a
u
s
e
2
4
407
40
CLAUSE 25 OF FORM NO. 3CD : AMOUNTS DEEMED
TO BE PROFITS AND GAINS UNDER SECTION 41
40.1
R
e
q
u
i
r
e
m
e
n
t
s
o
f
c
l
a
u
s
e
2
4
408
40.1A
A
p
p
l
i
c
a
b
i
l
i
t
y
o
f
c
l
a
u
s
e
2
5
409
40.2
D
e
e
m
e
d
p
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o
fi
t
s
a
n
d
g
a
i
n
s
u
n
d
e
r
s
e
c
t
i
o
n
4
1
409
40.3
T
a
x
A
u
d
i
t
C
h
e
c
k
l
i
s
t
f
o
r
c
l
a
u
s
e
2
5
414
41
CLAUSE 26 OF FORM NO. 3CD : SUMS COVERED BY SECTION 43B
41.1
R
e
q
u
i
r
e
m
e
n
t
o
f
c
l
a
u
s
e
2
6
416
41.2
A
p
p
l
i
c
a
b
i
l
i
t
y
o
f
c
l
a
u
s
e
2
6
419
41.3
P
r
o
v
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s
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o
n
s
o
f
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e
c
t
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o
n
4
3
B
-
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t
a
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n
d
e
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t
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s
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m
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s
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d
n
o
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n
a
c
c
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u
a
l
b
a
s
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s
419
41.4
W
h
a
t
i
s
“
a
c
t
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a
l
”
p
a
y
m
e
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t
422
41.5
T
a
x
A
u
d
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t
C
h
e
c
k
l
i
s
t
f
o
r
c
l
a
u
s
e
2
6
427
41.6
A
s
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e
s
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e
m
a
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t
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a
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(
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&
4
3
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m
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t
.
3
1
430
I-27
C
O
N
T
E
N
T
S

27. P
A
G
E
42
CLAUSE 27 OF FORM NO. 3CD : CENVAT CREDIT/
INPUT TAX CREDIT (ITC)/PRIOR PERIOD ITEMS
42.1
R
e
q
u
i
r
e
m
e
n
t
s
o
f
c
l
a
u
s
e
2
7
(
a
)
431
42.2
A
p
p
l
i
c
a
b
i
l
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t
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o
f
c
l
a
u
s
e
2
7
(
a
)
-
G
S
T
I
n
p
u
t
T
a
x
C
r
e
d
i
t
432
42.3
A
p
p
l
i
c
a
b
i
l
i
t
y
o
f
c
l
a
u
s
e
2
7
(
b
)
-
P
r
i
o
r
P
e
r
i
o
d
I
t
e
m
s
432
42.4
R
e
q
u
i
r
e
m
e
n
t
o
f
C
l
a
u
s
e
2
7
(
b
)
-
P
r
i
o
r
P
e
r
i
o
d
I
t
e
m
s
432
42.5
D
e
fi
n
i
t
i
o
n
o
f
P
r
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o
r
P
e
r
i
o
d
I
t
e
m
s
432
42.6
T
a
x
A
u
d
i
t
C
h
e
c
k
l
i
s
t
f
o
r
C
l
a
u
s
e
2
7
(
b
)
433
43
‘GIFTS’ OF UNLISTED SHARES RECEIVED BY LLPs/FIRMS/
COMPANIES ON OR BEFORE 31-3-2017 - CLAUSE 28 OF
FORM NO. 3CD
43.1
C
l
a
u
s
e
2
8
n
o
t
a
p
p
l
i
c
a
b
l
e
w
.
e
.
f
.
A
.
Y
.
2
0
1
8
-
1
9
435
44
SHARE PREMIUM RECEIVED BY CLOSELY HELD
COMPANIES IN EXCESS OF FMV TAXABLE -
SECTION 56(2)(viib) - CLAUSE 29 OF FORM NO. 3CD
44.1
R
e
p
o
r
t
i
n
g
r
e
q
u
i
r
e
m
e
n
t
s
o
f
c
l
a
u
s
e
2
9
436
44.2
I
f
r
e
c
e
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p
t
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f
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n
s
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t
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l
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m
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s
h
a
r
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s
h
a
p
p
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n
d
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r
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n
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h
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c
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r
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t
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n
g
i
n
c
l
a
u
s
e
2
9
r
e
q
u
i
r
e
d
?
437
44.3
W
h
e
t
h
e
r
c
l
a
u
s
e
2
9
s
h
a
l
l
a
p
p
l
y
t
o
l
i
s
t
e
d
c
o
m
p
a
n
i
e
s
?
438
44.4
W
h
e
t
h
e
r
c
l
a
u
s
e
2
9
a
p
p
l
i
e
s
t
o
a
n
a
s
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e
s
s
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e
w
h
o
i
s
a
p
r
i
v
a
t
e
c
o
m
p
a
n
y
?
438
44.5
W
h
e
t
h
e
r
c
l
a
u
s
e
2
9
a
p
p
l
i
e
s
t
o
a
O
n
e
P
e
r
s
o
n
C
o
m
p
a
n
y
(
O
P
C
)
438
44.6
W
h
e
t
h
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r
c
l
a
u
s
e
2
9
w
o
u
l
d
a
p
p
l
y
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f
c
o
n
s
i
d
e
r
a
t
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n
f
o
r
i
s
s
u
e
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f
s
h
a
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a
r
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r
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c
e
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d
f
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m
n
o
n
-
r
e
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i
d
e
n
t
s
o
n
l
y
a
n
d
n
o
t
f
r
o
m
r
e
s
i
d
e
n
t
s
?
438
44.7
W
h
e
t
h
e
r
c
l
a
u
s
e
2
9
w
o
u
l
d
a
p
p
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a
n
O
P
C
w
i
t
h
N
R
I
a
s
i
t
s
s
o
l
e
m
e
m
b
e
r
438
44.8
W
o
u
l
d
c
l
a
u
s
e
2
9
a
p
p
l
y
w
h
e
r
e
s
h
a
r
e
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a
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e
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l
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d
a
s
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a
t
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n
f
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r
a
n
a
s
s
e
t
a
c
q
u
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r
e
d
?
438
44.9
S
t
a
t
u
t
o
r
y
b
a
c
k
g
r
o
u
n
d
439
44.10
V
a
l
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a
t
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n
o
f
f
a
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r
m
a
r
k
e
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l
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f
u
n
q
u
o
t
e
d
e
q
u
i
t
y
s
h
a
r
e
s
439
44.11
D
e
fi
n
i
t
i
o
n
o
f
“
s
t
a
r
t
-
u
p
”
a
s
p
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r
t
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n
e
w
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t
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t
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t
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o
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1
2
7
(
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)
,
d
a
t
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d
1
9
.
0
2
.
2
0
1
9
440
44.12
E
x
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p
t
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m
a
p
p
l
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c
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t
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t
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n
5
6
(
2
)
(
viib
)
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n
c
a
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f
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t
a
r
t
-
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p
s
441
C
O
N
T
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N
T
S
I-28

28. P
A
G
E
44.13
S
t
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P
I
I
T
443
44.14 A
g
g
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g
a
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e
c
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n
s
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d
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t
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s
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d
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t
e
x
c
e
e
d
I
N
R
2
5
c
r
o
r
e
s
444
44.15
S
t
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t
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u
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d
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7
y
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f
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p
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m
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m
445
44.16
D
e
c
l
a
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t
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n
F
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2
t
o
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s
447
44.17
A
s
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c
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a
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e
2
9
i
s
a
p
p
l
i
c
a
b
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e
447
44.18
T
a
x
A
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C
h
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c
k
l
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s
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f
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r
c
l
a
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e
2
9
447
45
AMOUNT CHARGEABLE UNDER SECTION 56(2)(ix) - CLAUSE 29A
45.1
R
e
q
u
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r
e
m
e
n
t
s
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f
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l
a
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2
9
A
450
45.2
H
o
w
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w
c
l
a
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e
2
9
A
451
46
GIFTS/DEEMED GIFTS CHARGEABLE UNDER
SECTION 56(2)(x) - CLAUSE 29B
46.1
R
e
q
u
i
r
e
m
e
n
t
s
o
f
C
l
a
u
s
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2
9
B
453
46.2
P
r
o
v
i
s
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n
s
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c
t
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n
5
6
(
2
)
(
x
)
454
46.3
T
a
x
-
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x
e
m
p
t
G
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f
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s
456
46.4
T
a
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c
k
l
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t
f
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r
c
l
a
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e
2
9
B
461
47
HUNDI TRANSACTIONS - CLAUSE 30 OF FORM NO. 3CD
47.1
R
e
p
o
r
t
i
n
g
r
e
q
u
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463
47.2
A
p
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0
463
47.3
L
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9
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463
47.4
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465
47.5
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l
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3
0
468
48
CLAUSE 30A OF FORM NO. 3CD : SECONDARY
TRANSFER PRICING ADJUSTMENTS
48.1
R
e
p
o
r
t
i
n
g
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470
48.2
P
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471
48.3
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2
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471
48.4
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471
I-29
C
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T
S

29. P
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48.5
B
o
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474
48.6 T
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3
0
A
475
49
CLAUSE 30B OF FORM NO. 3CD : THIN CAP ADJUSTMENTS
49.1
R
e
p
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q
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479
49.2
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49.3
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480
49.4
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49.5
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483
50
GAAR (GENERAL ANTI AVOIDANCE RULES)
50.1
R
e
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486
50.2
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486
51
CLAUSE 31 OF FORM NO. 3CD : ACCEPTANCE/
REPAYMENT OF LOAN/DEPOSIT/SPECIFIED SUM
51.1
R
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51.2
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491
51.3
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51.4
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497
51.5
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51.6
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51.7
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51.8
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51.9
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51.10
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51.11
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503
51.12
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504
51.13
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505
C
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I-30

30. P
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51.14
R
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c
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)
505
51.15 R
e
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)
505
51.16
I
n
g
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c
t
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n
2
6
9
S
T
506
51.17
P
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n
2
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507
51.18
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t
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n
2
6
9
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s
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a
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508
51.19
A
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509
51.20
A
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509
51.21
W
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t
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2
6
9
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510
51.22
A
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510
51.23
C
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2
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510
51.24
D
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2
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p
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510
51.25
W
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c
t
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2
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9
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b
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?
510
51.26
C
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h
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m 511
51.27
A
p
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c
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511
51.28
A
p
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i
v
e
s
m
o
n
e
y
f
r
o
m
g
u
e
s
t
s
f
o
r
s
a
f
e
c
u
s
t
o
d
y
511
51.29
P
e
r
m
i
s
s
i
b
l
e
m
o
d
e
s
o
f
a
c
c
e
p
t
i
n
g
p
a
y
m
e
n
t
s
511
51.30
H
o
w
t
o
r
e
c
k
o
n
t
h
e
l
i
m
i
t
o
f
R
s
.
2
,
0
0
,
0
0
0
?
514
51.31
T
a
x
A
u
d
i
t
c
h
e
c
k
l
i
s
t
r
e
l
a
t
i
n
g
t
o
s
u
b
-
c
l
a
u
s
e
s
(
ba
)
t
o
(
bd
)
516
51.32
A
u
d
i
t
d
o
c
u
m
e
n
t
a
t
i
o
n
518
52
CLAUSE 32 OF FORM NO. 3CD : UNABSORBED
LOSS/DEPRECIATION
52.1
N
e
w
s
u
b
-
c
l
a
u
s
e
(
a
)
o
f
c
l
a
u
s
e
3
2
-
D
e
t
a
i
l
s
o
f
b
r
o
u
g
h
t
f
o
r
w
a
r
d
l
o
s
s
o
r
d
e
p
r
e
c
i
a
t
i
o
n
a
l
l
o
w
a
n
c
e
521
52.2
A
p
p
l
i
c
a
b
i
l
i
t
y
o
f
c
l
a
u
s
e
3
2
(
a
)
524
52.3
A
p
p
l
i
c
a
b
i
l
i
t
y
o
f
c
l
a
u
s
e
3
2
(
b
)
524
52.4
D
e
fi
n
i
t
i
o
n
o
f
‘
C
o
m
p
a
n
y
i
n
w
h
i
c
h
p
u
b
l
i
c
a
r
e
s
u
b
s
t
a
n
t
i
a
l
l
y
i
n
t
e
r
e
s
t
e
d
’
524
52.5
L
e
g
a
l
P
r
o
v
i
s
i
o
n
s
-
S
e
c
t
i
o
n
7
9
525
I-31
C
O
N
T
E
N
T
S

31. P
A
G
E
52.6
D
e
t
a
i
l
s
o
f
s
p
e
c
u
l
a
t
i
o
n
l
o
s
s
,
i
f
a
n
y
,
i
n
c
u
r
r
e
d
b
y
a
s
s
e
s
s
e
e
-
C
l
a
u
s
e
3
2
(
c
)
526
52.7 D
e
t
a
i
l
s
o
f
l
o
s
s
r
e
f
e
r
r
e
d
t
o
i
n
s
e
c
t
i
o
n
7
3
A
i
n
r
e
s
p
e
c
t
o
f
a
n
y
s
p
e
c
i
fi
e
d
b
u
s
i
n
e
s
s
-
C
l
a
u
s
e
3
2
(
d
)
527
52.8
W
h
e
t
h
e
r
c
o
m
p
a
n
y
i
s
d
e
e
m
e
d
t
o
b
e
c
a
r
r
y
i
n
g
o
n
a
s
p
e
c
u
l
a
t
i
o
n
b
u
s
i
n
e
s
s
i
n
t
e
r
m
s
o
f
Explanation
t
o
s
e
c
t
i
o
n
7
3
527
52.9
T
a
x
A
u
d
i
t
C
h
e
c
k
l
i
s
t
f
o
r
s
u
b
-
c
l
a
u
s
e
s
(
a
)
t
o
(
e
)
o
f
c
l
a
u
s
e
3
2
529
53
CLAUSE 33 OF FORM NO. 3CD :
CHAPTER VI-A DEDUCTIONS
53.1
R
e
q
u
i
r
e
m
e
n
t
s
o
f
c
l
a
u
s
e
3
3
531
53.2
A
p
p
l
i
c
a
b
i
l
i
t
y
o
f
c
l
a
u
s
e
3
3
532
53.3
L
e
g
a
l
P
r
o
v
i
s
i
o
n
s
-
C
l
a
u
s
e
3
3
532
53.4
T
a
x
A
u
d
i
t
C
h
e
c
k
l
i
s
t
f
o
r
C
l
a
u
s
e
3
3
533
54
CLAUSE 34 OF FORM NO. 3CD : AUDIT OF
COMPLIANCE WITH TDS PROVISIONS
54.1
R
e
p
o
r
t
i
n
g
R
e
q
u
i
r
e
m
e
n
t
o
f
c
l
a
u
s
e
3
4
536
54.2
A
p
p
l
i
c
a
b
i
l
i
t
y
o
f
c
l
a
u
s
e
3
4
538
54.3
A
s
s
e
s
s
e
e
’
s
p
r
i
m
a
r
y
r
e
s
p
o
n
s
i
b
i
l
i
t
y
538
54.4
T
a
x
A
u
d
i
t
C
h
e
c
k
l
i
s
t
f
o
r
c
l
a
u
s
e
3
4
538
Annex 54.1 :
R
e
m
i
t
t
a
n
c
e
s
t
o
n
o
n
-
r
e
s
i
d
e
n
t
s
u
n
d
e
r
s
e
c
t
i
o
n
1
9
5
o
f
t
h
e
I
n
c
o
m
e
-
t
a
x
A
c
t
-
M
a
t
t
e
r
s
c
o
n
n
e
c
t
e
d
t
h
e
r
e
t
o
540
Annex 54.2
:
C
e
r
t
i
fi
c
a
t
e
o
f
a
n
a
c
c
o
u
n
t
a
n
t
542
55
CLAUSE 35 OF FORM NO. 3CD : QUANTITATIVE DETAILS
55.1
R
e
p
o
r
t
i
n
g
r
e
q
u
i
r
e
m
e
n
t
s
u
n
d
e
r
c
l
a
u
s
e
3
5
545
55.2
A
p
p
l
i
c
a
b
i
l
i
t
y
o
f
c
l
a
u
s
e
3
5
546
55.3
T
a
x
A
u
d
i
t
C
h
e
c
k
l
i
s
t
f
o
r
c
l
a
u
s
e
3
5
546
56
CLAUSE 36 OF FORM NO. 3CD :
DIVIDEND DISTRIBUTION TAX
56.1
C
l
a
u
s
e
3
6
o
m
i
t
t
e
d
w
i
t
h
e
f
f
e
c
t
f
r
o
m
0
1
.
0
4
.
2
0
2
1
549
C
O
N
T
E
N
T
S
I-32

32. P
A
G
E
57
CLAUSE 36A OF FORM NO. 3CD : DEEMED
DIVIDEND U/S 2(22)(e)
57.1
R
e
p
o
r
t
i
n
g
r
e
q
u
i
r
e
m
e
n
t
o
f
c
l
a
u
s
e
3
6
A
550
57.2
D
e
e
m
e
d
D
i
v
i
d
e
n
d
u
n
d
e
r
s
e
c
t
i
o
n
2
(
22
)
(
e
)
551
57.3
T
a
x
A
u
d
i
t
C
h
e
c
k
l
i
s
t
f
o
r
c
l
a
u
s
e
3
6
A
551
58
CLAUSE 37 OF FORM NO. 3CD :
COST AUDIT REPORT
58.1
R
e
p
o
r
t
i
n
g
r
e
q
u
i
r
e
m
e
n
t
i
n
c
l
a
u
s
e
3
7 554
58.2
T
a
x
A
u
d
i
t
C
h
e
c
k
l
i
s
t
f
o
r
c
l
a
u
s
e
3
7
554
59
CLAUSE 38 OF FORM NO. 3CD :
CENTRAL EXCISE AUDIT REPORT
59.1
A
p
p
l
i
c
a
b
i
l
i
t
y
o
f
c
l
a
u
s
e
3
8
556
59.2
R
e
p
o
r
t
i
n
g
r
e
q
u
i
r
e
m
e
n
t
s
o
f
c
l
a
u
s
e
3
8
556
60
CLAUSE 39 OF FORM NO. 3CD : SERVICE TAX
AUDIT FOR VALUATION FOR SERVICES
60.1
A
p
p
l
i
c
a
b
i
l
i
t
y
o
f
c
l
a
u
s
e
3
9
557
60.2
R
e
p
o
r
t
i
n
g
r
e
q
u
i
r
e
m
e
n
t
s
o
f
c
l
a
u
s
e
3
9
557
61
CLAUSE 40 OF FORM NO. 3CD : ACCOUNTING RATIOS
61.1
R
e
p
o
r
t
i
n
g
r
e
q
u
i
r
e
m
e
n
t
o
f
c
l
a
u
s
e
4
0
558
61.2
P
r
i
n
c
i
p
a
l
i
t
e
m
s
o
f
g
o
o
d
s
t
r
a
d
e
d
o
r
m
a
n
u
f
a
c
t
u
r
e
d
o
r
s
e
r
v
i
c
e
s
559
61.3
T
a
x
A
u
d
i
t
C
h
e
c
k
l
i
s
t
f
o
r
C
l
a
u
s
e
4
0
559
62
DETAILS OF DEMANDS RAISED OR REFUNDS ISSUED
UNDER TAX LAWS : CLAUSE 41 OF FORM NO. 3CD
62.1
R
e
q
u
i
r
e
m
e
n
t
s
o
f
c
l
a
u
s
e
4
1
562
62.2
T
a
x
A
u
d
i
t
C
h
e
c
k
l
i
s
t
f
o
r
C
l
a
u
s
e
4
1
563
I-33
C
O
N
T
E
N
T
S

33. P
A
G
E
63
CLAUSE 42 OF FORM NO. 3CD : FURNISHING
OF FORM NOS. 61, 61A AND 61B
63.1
R
e
p
o
r
t
i
n
g
r
e
q
u
i
r
e
m
e
n
t
o
f
c
l
a
u
s
e
4
2
565
63.2
F
o
r
m
N
o
.
6
1
566
63.3
F
o
r
m
N
o
.
6
1
A
567
63.4
F
o
r
m
N
o
.
6
1
B
568
Annex 63.1 :
F
u
r
n
i
s
h
i
n
g
o
f
S
t
a
t
e
m
e
n
t
o
f
F
i
n
a
n
c
i
a
l
T
r
a
n
s
a
c
t
i
o
n
569
64
CLAUSE 43 OF FORM NO. 3CD : FURNISHING OF
COUNTRY BY COUNTRY REPORT (CBCR) U/S 286
64.1
R
e
p
o
r
t
i
n
g
r
e
q
u
i
r
e
m
e
n
t
o
f
c
l
a
u
s
e
4
3
575
64.2
C
o
u
n
t
r
y
b
y
C
o
u
n
t
r
y
R
e
p
o
r
t
(
C
b
C
R
)
576
64.3
I
n
t
e
r
p
r
e
t
a
t
i
o
n
o
f
r
e
q
u
i
r
e
m
e
n
t
s
o
f
c
l
a
u
s
e
4
3
577
64.4
T
a
x
A
u
d
i
t
C
h
e
c
k
l
i
s
t
f
o
r
c
l
a
u
s
e
4
3
577
64.5
W
h
e
t
h
e
r
t
h
e
C
l
a
u
s
e
4
3
a
l
s
o
r
e
q
u
i
r
e
s
t
h
e
t
a
x
a
u
d
i
t
o
r
t
o
c
o
m
m
e
n
t
i
n
r
e
s
p
e
c
t
o
f
r
e
p
o
r
t
u
n
d
e
r
s
e
c
t
i
o
n
2
8
6
(
4
)
578
65
CLAUSE 44 OF FORM NO. 3CD : BREAK-UP OF TOTAL
EXPENDITURE OF ENTITIES REGISTERED OR NOT
REGISTERED UNDER GST
65.1
C
l
a
u
s
e
N
o
.
4
4
k
e
p
t
b
y
C
B
D
T
i
n
a
b
e
y
a
n
c
e
t
i
l
l
3
1
.
0
3
.
2
0
2
2
579
65.2
T
a
x
A
u
d
i
t
c
h
e
c
k
l
i
s
t
f
o
r
c
l
a
u
s
e
4
4
580
APPENDICES
Appendix 1 :
R
e
l
e
v
a
n
t
R
u
l
e
o
f
I
n
c
o
m
e
-
t
a
x
R
u
l
e
s
,
1
9
6
2
583
Appendix 2 :
I
n
c
o
m
e
-
t
a
x
(
E
i
g
h
t
h
A
m
e
n
d
m
e
n
t
)
R
u
l
e
s
,
2
0
2
1
-
A
m
e
n
d
m
e
n
t
i
n
R
u
l
e
6
G
a
n
d
F
o
r
m
3
C
D
584
C
O
N
T
E
N
T
S
I-34

34. 487
C H A P T E R
51
CLAUSE 31 OF FORM NO. 3CD : ACCEPTANCE/
REPAYMENT OF LOAN/DEPOSIT/SPECIFIED SUM
(a) Particulars of each loan or deposit in an amount exceeding the limit specified
in section 269SS taken or accepted during the previous year :—
(i) name, address and Permanent Account Number or Aadhaar Number
(if available with the assessee) of the lender or depositor;
(ii) amount of loan or deposit taken or accepted;
(iii) whether the loan or deposit was squared up during the previous year;
(iv) maximum amount outstanding in the account at any time during the
previous year;
(v) whether the loan or deposit was taken or accepted by cheque or bank
draft or use of electronic clearing system through a bank account;
(vi) in case the loan or deposit was taken or accepted by cheque or bank
draft, whether the same was taken or accepted by an account payee
cheque or an account payee bank draft.
(b) Particulars of each specified sum in an amount exceeding the limit
specified in section 269SS taken or accepted during the previous year:—
(i) name, address and Permanent Account Number or Aadhaar Number
(ifavailablewiththeassessee)ofthepersonfromwhomspecifiedsum
is received;
(ii) amount of specified sum taken or accepted;
(iii) whether the specified sum was taken or accepted by cheque or bank
draft or use of electronic clearing system through a bank account;
(iv) in case the specified sum was taken or accepted by cheque or bank
draft, whether the same was taken or accepted by an account payee
cheque or an account payee bank draft.
(Particulars at (a) and (b) need not be given in the case of a Government
company, a banking company or a corporation established by the Central,
State or Provincial Act.)

35. (ba) Particulars of each receipt in an amount exceeding the limit specified in
section 269ST, in aggregate from a person in a day or in respect of a single
transaction or in respect of transactions relating to one event or occasion
from a person, during the previous year, where such receipt is otherwise
thanbyachequeorbankdraftoruseofelectronicclearingsystemthrough
a bank account:—
(i) Name, address and Permanent Account Number or Aadhaar Number
(if available with the assessee) of the payer;
(ii) Nature of transaction;
(iii) Amount of receipt (in Rs.);
(iv) Date of receipt;
(bb) Particulars of each receipt in an amount exceeding the limit specified in
section 269ST, in aggregate from a person in a day or in respect of a single
transaction or in respect of transactions relating to one event or occasion
from a person, received by a cheque or bank draft, not being an account
payee cheque or an account payee bank draft, during the previous year:—
(i) Name, address and Permanent Account Number or Aadhaar Number
(if available with the assessee) of the payer;
(ii) Amount of receipt (in Rs.);
(bc) Particulars of each payment made in an amount exceeding the limit
specified in section 269ST, in aggregate to a person in a day or in respect
of a single transaction or in respect of transactions relating to one event
or occasion to a person, otherwise than by a cheque or bank draft or use
of electronic clearing system through a bank account during the previous
year:—
(i) Name, address and Permanent Account Number or Aadhaar Number
(if available with the assessee) of the payee;
(ii) Nature of transaction;
(iii) Amount of payment (in Rs.);
(iv) Date of payment;
(bd) Particulars of each payment in an amount exceeding the limit specified in
section 269ST, in aggregate to a person in a day or in respect of a single
transaction or in respect of transactions relating to one event or occasion
to a person, made by a cheque or bank draft, not being an account payee
cheque or an account payee bank draft, during the previous year:—
(i) Name, address and Permanent Account Number or Aadhaar Number
(if available with the assessee) of the payee;
(ii) Amount of payment (in Rs.);
(Particulars at (ba), (bb), (bc) and (bd) need not be given in the case of
receipt by or payment to a Government company, a banking Company, a
post office savings bank, a cooperative bank or in the case of transactions
CLAUSE 31 OF FORM NO. 3CD 488

36. referred to in section 269SS or in the case of persons referred to in
Notification No. S.O. 2065(E) dated 3rd July, 2017)
(c) Particulars of each repayment of loan or deposit or any specified advance
in an amount exceeding the limit specified in section 269T made during
the previous year:—
(i) name, address and Permanent Account Number or Aadhaar Number
(if available with the assessee) of the payee;
(ii) amount of the repayment;
(iii) maximum amount outstanding in the account at any time during the
previous year;
(iv) whether the repayment was made by cheque or bank draft or use of
electronic clearing system through a bank account;
(v) in case the repayment was made by cheque or bank draft, whether the
same was repaid by an account payee cheque or an account payee
bank draft.
(d) Particulars of repayment of loan or deposit or any specified advance in an
amount exceeding the limit specified in section 269T received otherwise
thanbyachequeorbankdraftoruseofelectronicclearingsystemthrough
a bank account during the previous year:—
(i) name, address and Permanent Account Number or Aadhaar Number
(if available with the assessee) of the payer;
(ii) amount of repayment of loan or deposit or any specified advance
received otherwise than by a cheque or bank draft or use of electronic
clearing system through a bank account during the previous year.
(e) Particulars of repayment of loan or deposit or any specified advance in an
amount exceeding the limit specified in section 269T received by a cheque
or bank draft which is not an account payee cheque or account payee bank
draft during the previous year:—
(i) name, address and Permanent Account Number or Aadhaar Number
(if available with the assessee) of the payer;
(ii) amount of repayment of loan or deposit or any specified advance
received by a cheque or a bank draft which is not an account payee
cheque or account payee bank draft during the previous year.
(Particulars at (c), (d) and (e) need not be given in the case of a repayment
of any loan or deposit or any specified advance taken or accepted from the
Government, Government company, banking company or a corporation
established by the Central, State or Provincial Act). [Clause 31]
Section 269SS and sub-clauses (a) and (b) of clause 31 of Form No. 3CD
489 CLAUSE 31 OF FORM NO. 3CD

37. Requirements of clause 31(a) 51.1
The e-filing utility of form 3CD requires tax auditor to report on clause 31(a) as
under:
31(a) Particulars of each loan or deposit in an amount exceeding the limit specified
in section 269SS taken or accepted during the previous year:-
S. Name Add- Permanent Amount Whether Maximum Whether In case the
No. of the ress Account of loan the loan/ amount the loan loan or de-
lender of the Number (if or deposit deposit outstanding or deposit posit was
or de- lender available taken or was squa- in the was taken taken or ac-
positor or de- with the accepted red up account at or accep- cepted by
positor assessee) of during any time ted by cheque or
the lender the during the cheque or bank draft,
or depositor Previous Previous bank draft whetherthe
Year Year or use of same was
electronic taken or
clearing accepted by
system an account
through a payee
bank cheque or
account. an account
payee bank
draft.
1 Select Select Select
The e-filing utility provides Select button in “whether the loan/deposit was squared
up during Previews Year” column. The dropdown given ‘yes’ and ‘No’ options. One
ofthetwoshouldbeselected.Inthelastbutonecolumnintheabovetabularformat,
the ‘Select button’ gives the following options:
Yes-Cheque
Yes-Bank draft
Yes-Electronic clearing system
Yes-Credit Card
Yes-Debit Card
Yes-Net Banking
Yes-IMPS
Yes-UPI
Yes-RTGS
Yes-NEFT
Yes-BHIM
No
If “Yes-Cheque” Option is selected, then one of the two options in the last column
“Account payee cheque” and “other mode” is to be selected in last column.
If “Yes Bank Draft” option is selected, then, one of the two options “Account Payee
Bank Draft” and “Other Mode” are to be selected in the last column.
Para 51.1 CLAUSE 31 OF FORM NO. 3CD 490

38. Ifanyotheroptionisselectedindropdownofthesecondlastcolumn,noentryneeds
to be made in last column.
Rows can be added or deleted in the tabular format as necessary if there are many
entries.
Applicability of clause 31(a) 51.2
Clause 31(a) is not applicable in respect of the following assessees :
(i) any banking company;
(ii) any corporation established by a Central, State or Provincial Act;
(iii) any Government company as defined in section 617 of the Companies Act,
1956 [now section 2(45) of the Companies Act, 2013].
Clause 31(a) deals with acceptance of loan or deposit in an amount exceeding the
limit specified in section 269SS (i.e. Rs. 20,000).
Clause 31(b) deals with receipt of specified sum i.e. money receivable as advance
or otherwise in relation to transfer of immovable property whether or not transfer
takes place.
Legal provisions - Section 269SS 51.3
Section 269SS of the Act provides that no person shall take or accept from any other
person (herein referred to as the depositor) the following amounts otherwise than
by specified modes [See Para 51.3-1]
u any loan [Para 51.3-2] or
u deposit [Para 51.3-2] or
u any specified sum [See Para 51.3-3],
if,—
(a) theamountofsuchloanordepositorspecifiedsumortheaggregateamount
of such loan, deposit and specified sum; or
(b) on the date of taking or accepting such loan or deposit or specified sum, any
loan or deposit or specified sum taken or accepted earlier by such person
from the depositor is remaining unpaid (whether repayment has fallen due
or not), the amount or the aggregate amount remaining unpaid; or
(c) the amount or the aggregate amount referred to in clause (a) together with
the amount or the aggregate amount referred to in clause (b), is twenty
thousand rupees or more:
Provided that the provisions of this section shall not apply to any loan or
deposit or specified sum taken or accepted from, or any loan or deposit or
specified sum taken or accepted by,—
(a) the Government;
(b) any banking company, post office savings bank or co-operative bank;
(c) any corporation established by a Central, State or Provincial Act;
491 LEGAL PROVISIONS - SECTION 269SS Para 51.3

39. (d) any Government company as defined in clause (45) of section 2 of the
Companies Act, 2013;
(e) such other institution, association or body or class of institutions,
associations or bodies which the Central Government may, for rea-
sons to be recorded in writing, notify in this behalf in the Official
Gazette:
Provided further that the provisions of this section shall not apply to any loan
or deposit or specified sum, where the person from whom the loan or deposit
or specified sum is taken or accepted and the person by whom the loan or
deposit or specified sum is taken or accepted, are both having agricultural
income and neither of them has any income chargeable to tax under this Act.
SpecifiedModes 51.3-1
In terms of section 269SS read with Rule 6ABBA [See Appendix 1], the specified
modes of accepting loan or deposit or specified sums are:
u by account payee cheque;
u by account payee bank draft;
u by use of electronic clearing system through a bank account; or
Other prescribed electronic modes
u Aadhaar Pay;
u Credit Card;
u Debit Card;
u Net Banking;
u NEFT;
u RTGS;
u IMPS;
u UPI; and
u BHIM.
“Loan or deposit” 51.3-2
“Loan or deposit” means loan or deposit of money;
“Specified sum” 51.3-3
“Specified sum” means any sum of money receivable, whether as advance or
otherwise, in relation to transfer of an immovable property, whether or not the
transfer takes place.
“Transfer” 51.3-4
Section 269SS applies to cash received in relation to transfer of an immovable
property. It does not matter whether immovable property being transferred is held
as capital asset or as stock-in-trade
Para 51.3 CLAUSE 31 OF FORM NO. 3CD 492

40. Section 2(47) of the Act defines “transfer”. The definition is an inclusive definition
andexpandsthescopeoftheterm‘transfer’.However,thedefinitioninsection2(47)
is in relation to capital assets. All definitions in section 2 of the Act are subject to the
qualifyingphrase“unlessthecontextotherwiserequires”.Sincesection269SSisnot
intendedtobelimitedonlytocashtransactionsrelatingtoimmovablepropertyheld
as capital asset, the context appears to rule out the application of definition in
section 2(47) to section 269SS.
The expression ‘transfer’ will have to be understood in the same sense as the
expression is understood in Transfer of Property Act, 1882.
“ImmovableProperty” 51.3-5
Section 56(2)(x) applies to immovable property being land or building or both held
as capital asset . Therefore section 56(2)(x) does not apply to rural agricultural land
in India as the same is not a capital asset.
Section 194-IA requires seller to deduct TDS on consideration on transfer of
immovable properties where transferor is a resident. TDS is to be deducted @1% if
the consideration exceeds ` 50 lakhs. Section 194-IA defines ‘immovable property’
to mean any land (other than agricultural land) or any building or part of a building.
Agricultural land means agricultural land in India other than urban land covered
by section 2(14)(iii)(a)/(b).
Section 269SS does not define ‘immovable property’. There is no exclusion for rural
agricultural land. Therefore, section 269SS would apply even to transfer of rural
agricultural land in India except where both parties involved are having agricul-
tural income and neither of them has any income chargeable to tax under this Act.
Section 269UA(d) defines ‘immovable property’. However, section 269SS does not
expressly say that the said definition will apply. Therefore, the definition cannot be
applied to section 269SS.
How to compute the limit of ` 20,000 51.3-6
The limit of ` 20,000 will have to be reckoned person-wise by aggregating the
transactions with as under:
(a) theamountofsuchloanordepositorspecifiedsumortheaggregateamount
of such loan, deposit and specified sum; or
(b) on the date of taking or accepting such loan or deposit or specified sum, any
loan or deposit or specified sum taken or accepted earlier by such person
from the depositor is remaining unpaid (whether repayment has fallen due
or not), the amount or the aggregate amount remaining unpaid; or
(c) the amount or the aggregate amount referred to in clause (a) together with
the amount or the aggregate amount referred to in clause (b),
The words “such” refer to loan or deposit or specified sum accepted or taken
otherwise than by specified modes - e.g. by cash. The word “any” refers to loan or
deposit or specified sum accepted or taken by any which mode.
493 LEGAL PROVISIONS - SECTION 269SS Para 51.3

41. Whatifoneplot/flatisbookedinjointnamesandanotherbookedinsoloname?
51.3-7
It may happen that one plot/flat is booked in solo name of an individual and another
by same individual in joint name with others. Suppose cash advance of ` 10,000 is
paidinoneandcashadvanceof`15,000ispaidinanother.Itwouldappearthatboth
are not to be clubbed for the limit of ` 20,000. It would appear that there would be
no violation in this case. Where such clubbing is to be done, law says in so many
words—a case in point is new clause (c) in section 269T which reads as under:
“(c)theaggregateamountofthespecifiedadvancesreceived bysuchpersoneither
in his own name or jointly with any other person on the date of such repayment
together with the interest, if any, payable on such specified advances,”;
Since section 269SS is not worded along the lines of clause (c) of section 269T, it can
be inferred that clubbing of deposits accepted from a person in his name is not to
be clubbed with advances received from him in joint names with any other person.
“AccountPayee”vs.“Crossed”-Whetherhairsplittingrequired? 51.3-8
Question of “account payee” or “crossed” applies only if loan or deposit is accepted
bychequeordraft.IfacceptedbyECS,thereisnoneedforhairsplittingonthisissue.
If the cheque or bank draft through which loan is received is ‘crossed’ but words
‘account payee’ is not written in the crossing but the transaction is otherwise
genuine and the bank confirms that these amounts have been deposited in
assessee’s account and are as per the banking norms and there was no flaw in the
transaction, penalty under section 271D is not imposable for such a trivial violation.
InCITv.MakhijaConstructionCo.[2002]123Taxman1003(MP)theCourtobserved
as under :
“. . . .The Tribunal has rejected appeal of the revenue mainly on the ground that
cheques were crossed and were deposited in the account of assessee-firm through
bankingchannel.Consequentlyandintheresult,provisionsofsection269SSofthe
Act could not be attracted. A further finding has been recorded that bank has also
issued a certificate in this regard that all the amounts of six creditors have been
shown in the account of Makhija Construction Co., i.e., assessee. Bank has further
mentioned that all the six transactions in question were as per the banking norms
and there was no flaw in the transaction, whereby the aforesaid amount of
` 2,15,000 was transferred in the account of the assessee. The Tribunal has come
to the conclusion that for such minor deviation, no penalty could have been
imposed on the assessee as otherwise the transaction appears to be genuine,
proper and bona fide.”
Althoughadistinctionexistsbetween‘crossed’and‘accountpayee’,hair-splittingon
this is not warranted at least in section 269SS/269T context but is so warranted in
section 40A(3) context.
Transactionsbetweensisterconcerns 51.3-9
In Muthoot M. George Bankers v. Asstt. CIT [1993] 46 ITD 10 (Coch. - Trib.), the
Tribunal held as under :
‘. . . .From the copies of the accounts furnished before us all that can be gathered
is that funds have been transferred from and to the sister concerns as and when
Para 51.3 CLAUSE 31 OF FORM NO. 3CD 494

42. required and since the managing partner is common to all the sister concerns, the
decisiontotransferthefundsfromoneconcerntoanotherconcernortorepaythe
funds could be said to have been largely influenced by the same individual. In
other words, the decision to give and the decision to take rested with either the
same group of people or with the same individual. In such circumstances of the
case, we hold that the transactions inter se between the sister concerns and the
assessee cannot partake of the nature of either “deposit” or “loan”, though interest
might have been paid on the same. . . .’
In Shree Durga Distillery v. Addl. CIT (Inv.) [ITA No. 349/Bang/2004, order, dated
30-11-2005], the Tribunal had the occasion to consider whether transactions
between sister concerns can constitute a ‘loan or deposit’ for the purposes of
sections 269SS and 271D. The Tribunal held that transfer of funds inter se between
two sister concerns cannot be termed as a ‘loan’ or ‘deposit’. Deposit is given by the
lender for a fixed term while loan is given on the request of the borrower. If decision
onbehalfoflenderorborroweristakenbythesamepersoncontrollingthefinancial
affairs then it is difficult to term such transactions as loan or deposit as understood
incommonparlance.Further,theTribunalalsoreliedupon Asstt.CITv.G.P.Taparia
[2005] 143 Taxman 46 (Jodh. - Trib.) (Mag.) that cash transactions with sister
concerns will not attract penalty as default of assessee would only be a technical
one.
Whether direct deposit of cash in closely held company’s bank account by the
director is ‘loan’ or ‘deposit’ under section 269SS? - In Mangala Builders Pvt. Ltd. v.
Addl. CIT [2006] 9 SOT 23 (Bang. - Trib.) (URO), this issue was considered by ITAT.
The Tribunal held that although the appellant-company and its Directors are two
different legal entities, the appellant is a closely held company whose affairs are
managed by the Directors. Since it was short of funds and to see that cheques issued
by it are cleared, it had to keep sufficient balance in Bank. At that point of time, the
Director out of his personal funds, deposited the sum in the bank account of the
appellant company. Though this can be considered as receiving the sum from
Director, it cannot be considered as taking a loan or accepting the deposits in its true
sense(forthepurposesofsection269SS).Theappellant,beingcloselyheldcompany
and the affairs being managed by the Director, broadly speaking, they are one and
the same. At this point of crisis, the appellant can bank upon only its Directors. If the
cheques are not cleared, ultimately any liability arising by way of criminal proceed-
ings under section 138 of the Negotiable Instruments Act, will fall on such Director
only. Thus the amount was deposited to save the hour of crisis and hence even if it
is considered as received in violation of provisions of section 269SS, it amounts to
reasonable cause within the meaning of section 273B which applies to section 271D
also (under which penalty is imposable for violation of section 269SS).
The Bangalore Bench of ITAT in Sri Renukeswara Rice Mills v. ITO [2005] 93 ITD
263 (Bang. - Trib.) had held in the context of section 40A(3) held that where the
payments are made otherwise than by account payee cheque directly in the bank
account of the payee, it meets with the intention of the Legislature and no
disallowance can be made under section 40A(3). Applying the same principle, it can
be opined that when direct deposit of cash is made in (closely held) company’s bank
account there would be no contravention of section 269SS.
495 LEGAL PROVISIONS - SECTION 269SS Para 51.3

43. Applicability of section 269SS/269T in respect of capital contributions of
partners 51.3-10
In Munjal Sales Corpn. v. CIT [2008] 168 Taxman 43 (SC), the Supreme Court held
that capital contributions by partners are ‘capital borrowed’ for the purposes of
section 36(1)(iii). The Court held ‘It is vehemently urged on behalf of the assessee
that partner’s capital is not a loan or borrowing in the hand of a firm. According to
the assessee, section 40(b)(iv) applies to partner’s capital whereas section 36(1)(iii)
applies to loan/borrowing. Conceptually, the position may be correct but we are
concerned with the scheme of Chapter IV-D’. From the Court’s remarks, it appears
that the Court’s ruling is only in the context of Chapter IV-D and this definition of
borrowings will not apply in other contexts in the Act. So, it appears that capital
contributions in money by partners are not hit by section 269SS/269T of the Act.
However, to be on a safe side, it makes sense for firms and LLPs to comply with
sections 269SS and 269T in the matter of partner’s capital contributions as well.
Cash against cheque - ‘Exchange’ 51.3-11
This is a money for money transaction which is called ‘exchange’. It is not a ‘loan’.
Giving a cheque means giving money so long as the cheque is not post-dated and
it does not get dishonoured subsequently. Hence, if the cheque is current dated and
was duly encashed, it appears that the tax auditor need not report this matter under
this clause.
Equity shares issued in satisfaction of loan 51.3-12
The word ‘repay’ in Oxford Dictionary is defined as payback (a loan), payback
(money owed to some one). The word ‘repayment’ cannot be equated with
‘settlement/adjustment/square-off’. In fact the words ‘squared up’ is used in clause
31(a)(iii). Words ‘squared up’ is not used in clause 31(c). Hence, it is possible to take
a view, clause 31(b) will only cover repayments by cash and repayment by bearer
cheque/draft.
Transferofnewlyadmittedpartner’sloanaccountbalancetocapitalaccountas
hiscapitalcontribution 51.3-13
Based on the Supreme Court’s decision in Munjal Sales Corpn. case (supra), it can
be argued that partner’s capital is also nothing but ‘capital borrowed’. Therefore,
this transaction can be construed as acceptance/taking of a loan otherwise then by
crossed A/c payee cheque/DD and reporting against clause 31(a)/(c) is required.
‘Renewal’ of deposits - Whether hit by clause 31 ? 51.3-14
The word ‘renew’ has been defined by Oxford English Dictionary as “extend the
period of validity of (a license, subscription or contract).” Shroud’s Judicial Dictio-
nary defines if as extension of time for payment. Thus, renewal is neither ‘accep-
tance’ nor ‘repayment’. ‘Accept’ means to ‘consent to receive (something offered)’.
‘Take’ means to accept or receive. Repay means to ‘pay back’ (loan/money owed).
Thus, analyzing all the above words, it appears that renewal is neither acceptance
nor repayment. ICAI’s contrary views in its Guidance Note on Tax Audit, it is
respectfully submitted, requires reconsideration.
Para 51.3 CLAUSE 31 OF FORM NO. 3CD 496

44. ‘Loan’, ‘Bailment’ - Hotel accepting cash from guests for safe custody
51.3-15
Retentions from contractor’s bills as ‘Security deposit’ - Whether ‘deposit’
51.3-16
AS-7 Construction Contracts [Para 39(c)] describes these amounts as ‘retentions’.
Thus,itisnotreallycorrecttocallthesesecuritydeposits.Theyare‘retentions’.Para
40 of (AS) 7 defines retentions as amounts of progress billings which are not paid
until the conditions in the contract are satisfied or until defects have been rectified.
So,withholdingamountsoutofcontractor’sbillsandreleasingthemafterwarranty
period does not attract clause 31(a) and/or clause 31(c). However, if contractor i.e.,
deposits money with assessee and this money is refunded by assessee to him on
expiry of warranty period - clause 31(a) and/or 31(c) will be attracted.
Share application money - When unsecured loan 51.3-17
According to the Guidance Note on Audit of Capital and Reserves issued by ICAI,
share application money not backed by application form or certificate from
registrar and share transfer agents or resolution of appropriate authority for issue
of capital should be treated as unsecured loan. (Para 37 of Guidance Note on Audit
of Capital & Reserves).
ICAI’s views on clause 31(a) 51.4
The following views of ICAI are relevant in this regard :
u Sale proceeds collected by the selling agent (on behalf of his principal) is not
a loan or deposit.
u The definition of deposit does not exclude a current account. Therefore, if
the transactions in a current account exceed the amount of ` 20,000, it will
be necessary to give the information against this sub-clause. This is so even
if no interest is paid on current account.
497 ICAI’s VIEWS ON CLAUSE 31(a) Para 51.4
Possibilities
Hotel accepts sealed packet containing
currency notes and coins and returns
it. No entries made in cash book.
Cash accepted and entries made in cash
book. The exact amount is returned
but not in the same currency notes or
coins in which they were deposited.
This is a bailment. It is neither accep-
tanceofdepositsnorrepayment.Hence,
no need to report against clause 31(a)/
(c).
This is hit by both clause 31(a) and
clause 31(c) and must be reported.
▼
▼ ▼
▼ ▼

45. u In case, the lender’s account is a mixed account, the transactions relating to
loans and deposits (temporary advances) should be segregated from other
accounts and the transactions relating to loans/deposits only should be
stated under this clause.
u Advance received against sale of goods is not a loan or deposit.
u In case of loan taken in earlier years, opening credit balance is not specifi-
cally required to be disclosed. However, while giving figures of maximum
amount outstanding at any time during the year or while giving information
about repayment of loan/deposit, the opening balances in the loan accounts
will have to be taken into consideration.
u Information has to be given in respect of interest-free loans also.
u Security deposits against contracts, etc. are ‘deposits’ and therefore, such
information in respect of them should be given. However, if these ‘security
deposits’ are in the form of amounts retained/withheld from bills, these are
‘retentions’ as per (AS) 7 and not ‘deposits’. To that extent, above view of ICAI
needs reconsideration.
u Loans and deposits taken or accepted by transfer entries constitute accep-
tance of deposits or loans otherwise than by account payee cheques/drafts
or ECS. Hence, such entries have to be reported under this clause.
u The entries that relate to transactions with a supplier and customer are not
loans or deposits accepted.
u If the aggregate loans/deposits in a year (from a single party) exceed
` 20,000 but each individual item is less than ` 20,000 the information will still
be required to be given in respect of all such entries starting from the entry
when the balance reaches ` 20,000 or more and until the balance goes down
below ` 20,000. The tax auditor should verify all loans/deposits taken or
acceptedwherebalancehasreached `20,000ormoreduringtheyearforthe
purpose of reporting under this clause.
u In case of loans or deposits taken or accepted through electronic transfers
(possible due to technological advances) through internet/mail transfer-
these are not through account payee cheque/DD or through ECS. All the
same, they are capable of being tracked. These loans and deposits need not
be reported.
u In terms of Rule 6ABBA, loans or deposits may be received by the following
‘other prescribed electronic modes’ for section 269SS purposes: (i) Debit
card; (ii) Credit card; (iii) Net Banking; (iv) UPI; (v) BHIM; (vi) RTGS; (vii)
NEFT; (viii) IMPS; (ix) Aadhaar Pay.
u If loan or deposit is received by the modes specified in Rule 6ABBA, no need
for reporting even though received otherwise than by account payee
cheque/DD or ECS.
u In the absence of conclusive or satisfactory evidence that the loan/deposit
was taken/accepted by account payee cheque/DD or use of electronic
clearing system through bank or other prescribed electronic mode, he
Para 51.4 CLAUSE 31 OF FORM NO. 3CD 498