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Tax audit

This document discusses tax audits under section 44AB of the Income Tax Act. It provides details on the thresholds for businesses and professions requiring a tax audit for assessment years 2016-17 through 2021-22. It also outlines the entities that are eligible to conduct a tax audit, including chartered accountants holding a valid certificate of practice.

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CA. PRAMOD JAIN FCA, FCS, FCMA, LL.B, MIMA, DISA CA. PRAMOD JAIN FCA, FCS, FCMA, LL.B, MIMA, DISA LUNAWAT & CO. Chartered AccountantsChartered AccountantsChartered AccountantsChartered Accountants LUNAWAT & CO. Chartered AccountantsChartered AccountantsChartered AccountantsChartered Accountants 20202020thththth August 2016, BhopalAugust 2016, BhopalAugust 2016, BhopalAugust 2016, Bhopal20202020thththth August 2016, BhopalAugust 2016, BhopalAugust 2016, BhopalAugust 2016, Bhopal
WHAT IS TAX AUDIT??WHAT IS TAX AUDIT??WHAT IS TAX AUDIT??WHAT IS TAX AUDIT?? S. 10 (23C) (iv), (v), (vi) or (via),S. 10 (23C) (iv), (v), (vi) or (via),S. 10 (23C) (iv), (v), (vi) or (via),S. 10 (23C) (iv), (v), (vi) or (via), Section 10A,Section 10A,Section 10A,Section 10A, Section 12A(1)(b),Section 12A(1)(b),Section 12A(1)(b),Section 12A(1)(b), Section 44ABSection 44ABSection 44ABSection 44AB Section 80Section 80Section 80Section 80----IA,IA,IA,IA, Section 80Section 80Section 80Section 80----IB,IB,IB,IB, Section 80Section 80Section 80Section 80----IC,IC,IC,IC, Section 80Section 80Section 80Section 80----ID,ID,ID,ID, Section 80JJAA,Section 80JJAA,Section 80JJAA,Section 80JJAA, Section 80LA,Section 80LA,Section 80LA,Section 80LA, Section 92ESection 92ESection 92ESection 92E Section 115JBSection 115JBSection 115JBSection 115JB Lunawat & Co.
LEGISLATION ON TAR AY 2016LEGISLATION ON TAR AY 2016LEGISLATION ON TAR AY 2016LEGISLATION ON TAR AY 2016----17171717 •BusinessBusinessBusinessBusiness –––– exceeds 1 Croreexceeds 1 Croreexceeds 1 Croreexceeds 1 Crore •ProfessionProfessionProfessionProfession –––– exceeds 25 Lacsexceeds 25 Lacsexceeds 25 Lacsexceeds 25 Lacs •Business u/s 44AD; deemed profit < 8% and TI >ANCTBusiness u/s 44AD; deemed profit < 8% and TI >ANCTBusiness u/s 44AD; deemed profit < 8% and TI >ANCTBusiness u/s 44AD; deemed profit < 8% and TI >ANCT •Business u/s 44AE / 44BB / 44BBB; income is <Business u/s 44AE / 44BB / 44BBB; income is <Business u/s 44AE / 44BB / 44BBB; income is <Business u/s 44AE / 44BB / 44BBB; income is < deemed profitsdeemed profitsdeemed profitsdeemed profits S. 44ABS. 44ABS. 44ABS. 44AB •Prescribing the Forms for Report u/sPrescribing the Forms for Report u/sPrescribing the Forms for Report u/sPrescribing the Forms for Report u/s 44AB44AB44AB44ABRule 6GRule 6GRule 6GRule 6G • Report in case of a person who is required toReport in case of a person who is required toReport in case of a person who is required toReport in case of a person who is required to get his A/get his A/get his A/get his A/cscscscs audited under any lawaudited under any lawaudited under any lawaudited under any lawForm 3CAForm 3CAForm 3CAForm 3CA •Report in any other caseReport in any other caseReport in any other caseReport in any other caseForm 3CBForm 3CBForm 3CBForm 3CB •Particulars as required u/F 3CA orParticulars as required u/F 3CA orParticulars as required u/F 3CA orParticulars as required u/F 3CA or 3CB3CB3CB3CBForm 3CDForm 3CDForm 3CDForm 3CD Lunawat & Co.
TAR CEILINGTAR CEILINGTAR CEILINGTAR CEILING ICAI clarified in 2011 that auditICAI clarified in 2011 that auditICAI clarified in 2011 that auditICAI clarified in 2011 that audit prescribed under any statute (like DVAT,prescribed under any statute (like DVAT,prescribed under any statute (like DVAT,prescribed under any statute (like DVAT, 2004), not covered2004), not covered2004), not covered2004), not covered 44AD / 44AE audit not covered in limit44AD / 44AE audit not covered in limit44AD / 44AE audit not covered in limit44AD / 44AE audit not covered in limit Lunawat & Co. 30 45 60
APPLICABILITY OF 44AD /44AB FOR AY 2016APPLICABILITY OF 44AD /44AB FOR AY 2016APPLICABILITY OF 44AD /44AB FOR AY 2016APPLICABILITY OF 44AD /44AB FOR AY 2016----17171717 • ADADADAD ---- NoNoNoNo • ABABABAB ---- YesYesYesYes Mfg.Mfg.Mfg.Mfg. ---- TurnoverTurnoverTurnoverTurnover –––– 120L; NP120L; NP120L; NP120L; NP ----5L; 805L; 805L; 805L; 80----IAIAIAIA –––– 3 L; TI3 L; TI3 L; TI3 L; TI---- 2.40L2.40L2.40L2.40L • ADADADAD ---- NoNoNoNo • ABABABAB ---- YesYesYesYes TradingTradingTradingTrading---- TurnoverTurnoverTurnoverTurnover –––– 110L; NP110L; NP110L; NP110L; NP ----3L; Architect3L; Architect3L; Architect3L; Architect –––– FeeFeeFeeFee –––– 30 L; NP30 L; NP30 L; NP30 L; NP---- 5 L; TI5 L; TI5 L; TI5 L; TI----7L7L7L7L • ADADADAD ---- NoNoNoNo • ABABABAB ---- YesYesYesYes DoctorDoctorDoctorDoctor –––– Trading TurnoverTrading TurnoverTrading TurnoverTrading Turnover –––– 80L80L80L80L ---- NPNPNPNP –––– 3L; Fee3L; Fee3L; Fee3L; Fee –––– 27 L27 L27 L27 L –––– NP 5 L; TINP 5 L; TINP 5 L; TINP 5 L; TI---- 8 L8 L8 L8 L • ADADADAD ---- NoNoNoNo • ABABABAB ---- YesYesYesYes TradingTradingTradingTrading –––– TurnoverTurnoverTurnoverTurnover –––– 150 L; NP 1.5 L150 L; NP 1.5 L150 L; NP 1.5 L150 L; NP 1.5 L –––– DoesDoesDoesDoes not file ITRnot file ITRnot file ITRnot file ITR Lunawat & Co.
•ADADADAD ---- NoNoNoNo •ABABABAB ---- NoNoNoNo Trading; TurnoverTrading; TurnoverTrading; TurnoverTrading; Turnover –––– 50L; NP50L; NP50L; NP50L; NP –––– 3L; TI3L; TI3L; TI3L; TI---- ((((----)1.5L.)1.5L.)1.5L.)1.5L. Files ITRFiles ITRFiles ITRFiles ITR •ADADADAD ---- NoNoNoNo •ABABABAB ---- NoNoNoNo Manufacturing; TurnoverManufacturing; TurnoverManufacturing; TurnoverManufacturing; Turnover –––– 80L; NP80L; NP80L; NP80L; NP ---- 9L;9L;9L;9L; 80IC80IC80IC80IC ---- 4L; TI4L; TI4L; TI4L; TI----4L4L4L4L •ADADADAD ---- NoNoNoNo •ABABABAB ---- YesYesYesYes MfgMfgMfgMfg –––– TOTOTOTO –––– 40 L, NP40 L, NP40 L, NP40 L, NP –––– 1 L; Trading1 L; Trading1 L; Trading1 L; Trading----TOTOTOTO –––– 40404040 L, NPL, NPL, NPL, NP----1 L; Exports1 L; Exports1 L; Exports1 L; Exports –––– TOTOTOTO –––– 50 L, NP50 L, NP50 L, NP50 L, NP –––– 1 L1 L1 L1 L •ADADADAD –––– NoNoNoNo •ABABABAB ---- NoNoNoNo Trading; TurnoverTrading; TurnoverTrading; TurnoverTrading; Turnover ----60L; Commission60L; Commission60L; Commission60L; Commission ---- 2L; NP2L; NP2L; NP2L; NP---- 3L; TI 4L3L; TI 4L3L; TI 4L3L; TI 4L Lunawat & Co. APPLICABILITY OF 44AD /44AB FOR AY 2016APPLICABILITY OF 44AD /44AB FOR AY 2016APPLICABILITY OF 44AD /44AB FOR AY 2016APPLICABILITY OF 44AD /44AB FOR AY 2016----17171717
APPLICABILITY OF 44AD / 44AB FOR AY 2016APPLICABILITY OF 44AD / 44AB FOR AY 2016APPLICABILITY OF 44AD / 44AB FOR AY 2016APPLICABILITY OF 44AD / 44AB FOR AY 2016----17171717 ManufactManufactManufactManufact uringuringuringuring –––– 80L ; NP80L ; NP80L ; NP80L ; NP –––– 8L8L8L8L TradingTradingTradingTrading –––– 25 L ; NP25 L ; NP25 L ; NP25 L ; NP---- 3 L3 L3 L3 L CommissiCommissiCommissiCommissi onononon –––– 2 L;2 L;2 L;2 L; NPNPNPNP---- 1L1L1L1L ProfessioProfessioProfessioProfessio nnnn –––– 21 L ;21 L ;21 L ;21 L ; NPNPNPNP –––– 5 L5 L5 L5 L Lunawat & Co.
Lunawat & Co. SECTION 44AB CHANGESSECTION 44AB CHANGESSECTION 44AB CHANGESSECTION 44AB CHANGES–––– AY 2017AY 2017AY 2017AY 2017----18181818 • 44AB limit for profession increased to 50Lacs44AB limit for profession increased to 50Lacs44AB limit for profession increased to 50Lacs44AB limit for profession increased to 50Lacs • Audit of professionals below fifty lacs if receiptAudit of professionals below fifty lacs if receiptAudit of professionals below fifty lacs if receiptAudit of professionals below fifty lacs if receipt below 50 Lacs and s. 44ADA benefit not takenbelow 50 Lacs and s. 44ADA benefit not takenbelow 50 Lacs and s. 44ADA benefit not takenbelow 50 Lacs and s. 44ADA benefit not taken • If benefit u/s 44AD not claimed in 1 year thenIf benefit u/s 44AD not claimed in 1 year thenIf benefit u/s 44AD not claimed in 1 year thenIf benefit u/s 44AD not claimed in 1 year then cannot claim in next 5 years. In such case tocannot claim in next 5 years. In such case tocannot claim in next 5 years. In such case tocannot claim in next 5 years. In such case to maintain books if income exceeds maximummaintain books if income exceeds maximummaintain books if income exceeds maximummaintain books if income exceeds maximum amount not chargeable to taxamount not chargeable to taxamount not chargeable to taxamount not chargeable to tax • Provision for assesses covered u/s 44AD(4)Provision for assesses covered u/s 44AD(4)Provision for assesses covered u/s 44AD(4)Provision for assesses covered u/s 44AD(4)
APPLICABILITYAPPLICABILITYAPPLICABILITYAPPLICABILITY----44AD /44AB FOR AY 201744AD /44AB FOR AY 201744AD /44AB FOR AY 201744AD /44AB FOR AY 2017----18181818 •Y/N AY 2017AY 2017AY 2017AY 2017----18181818 –––– TTTT –––– RsRsRsRs. 120 Lacs . P. 120 Lacs . P. 120 Lacs . P. 120 Lacs . P –––– 10 L, TI10 L, TI10 L, TI10 L, TI –––– 9 L9 L9 L9 L •N/Y AY 2018AY 2018AY 2018AY 2018----19191919 –––– TTTT –––– RsRsRsRs. 120 Lacs . P. 120 Lacs . P. 120 Lacs . P. 120 Lacs . P –––– 8 L, TI8 L, TI8 L, TI8 L, TI –––– 6 L6 L6 L6 L •N/Y AY 2019AY 2019AY 2019AY 2019----20202020 –––– TTTT –––– RsRsRsRs. 70 Lacs . P. 70 Lacs . P. 70 Lacs . P. 70 Lacs . P –––– 10 L, TI10 L, TI10 L, TI10 L, TI –––– 9 L9 L9 L9 L •N/N AY 2020AY 2020AY 2020AY 2020----21212121 –––– TTTT –––– RsRsRsRs. 60 Lacs . P. 60 Lacs . P. 60 Lacs . P. 60 Lacs . P –––– 10 L, TI10 L, TI10 L, TI10 L, TI –––– 2 L2 L2 L2 L Lunawat & Co.
Lunawat & Co.
WHO CAN CONDUCT AUDITWHO CAN CONDUCT AUDITWHO CAN CONDUCT AUDITWHO CAN CONDUCT AUDIT W.e.fW.e.fW.e.fW.e.f. 1. 1. 1. 1stststst June 2015June 2015June 2015June 2015 AccountantAccountantAccountantAccountant as defined in Explanationas defined in Explanationas defined in Explanationas defined in Explanation below S. 288 (2)below S. 288 (2)below S. 288 (2)below S. 288 (2) AAAA CCCChartered Accountanthartered Accountanthartered Accountanthartered Accountant as defined inas defined inas defined inas defined in sectionsectionsectionsection 2222 (1) (b) of(1) (b) of(1) (b) of(1) (b) of the Charteredthe Charteredthe Charteredthe Chartered Accountants Act, 1949 who holds a validAccountants Act, 1949 who holds a validAccountants Act, 1949 who holds a validAccountants Act, 1949 who holds a valid certificate of practicecertificate of practicecertificate of practicecertificate of practice u/su/su/su/s 6666 (1) of(1) of(1) of(1) of thatthatthatthat ActActActAct CA in practice (can represent)CA in practice (can represent)CA in practice (can represent)CA in practice (can represent) Lunawat & Co.
QUALIFICATIONQUALIFICATIONQUALIFICATIONQUALIFICATION ---- CACACACA T.D.T.D.T.D.T.D. VenkataVenkataVenkataVenkata Rao v. Union of India [1999]Rao v. Union of India [1999]Rao v. Union of India [1999]Rao v. Union of India [1999] 237 ITR 315 (SC237 ITR 315 (SC237 ITR 315 (SC237 ITR 315 (SC):):):): CharteredCharteredCharteredChartered Accountants, by reason of their trainingAccountants, by reason of their trainingAccountants, by reason of their trainingAccountants, by reason of their training have special aptitude in the matter of audits. It ishave special aptitude in the matter of audits. It ishave special aptitude in the matter of audits. It ishave special aptitude in the matter of audits. It is reasonable that they, who form a class byreasonable that they, who form a class byreasonable that they, who form a class byreasonable that they, who form a class by themselves, should be required to audit the accountsthemselves, should be required to audit the accountsthemselves, should be required to audit the accountsthemselves, should be required to audit the accounts of businesses…. There is no material on record andof businesses…. There is no material on record andof businesses…. There is no material on record andof businesses…. There is no material on record and indeed in our view, there cannot be that an incomeindeed in our view, there cannot be that an incomeindeed in our view, there cannot be that an incomeindeed in our view, there cannot be that an income---- tax practitioner has the same expertise as charteredtax practitioner has the same expertise as charteredtax practitioner has the same expertise as charteredtax practitioner has the same expertise as chartered accountants in the matter of accounts. …and it mustaccountants in the matter of accounts. …and it mustaccountants in the matter of accounts. …and it mustaccountants in the matter of accounts. …and it must be pointed out that these incomebe pointed out that these incomebe pointed out that these incomebe pointed out that these income----tax practitionerstax practitionerstax practitionerstax practitioners are still entitled to be authorised representatives ofare still entitled to be authorised representatives ofare still entitled to be authorised representatives ofare still entitled to be authorised representatives of assesseesassesseesassesseesassessees.” Lunawat & Co.
DISQUALIFICATIONDISQUALIFICATIONDISQUALIFICATIONDISQUALIFICATION ---- COMPANIESCOMPANIESCOMPANIESCOMPANIES Lunawat & Co.
DISQUALIFICATIONDISQUALIFICATIONDISQUALIFICATIONDISQUALIFICATION –––– OTHERSOTHERSOTHERSOTHERS AssesseeAssesseeAssesseeAssessee himselfhimselfhimselfhimself InInInIn case ofcase ofcase ofcase of aaaa firmfirmfirmfirm ---- any partner of theany partner of theany partner of theany partner of the firmfirmfirmfirm In case of AOPIn case of AOPIn case of AOPIn case of AOP ---- membermembermembermember of the associationof the associationof the associationof the association In case of HUFIn case of HUFIn case of HUFIn case of HUF ---- member of the familymember of the familymember of the familymember of the family PersonPersonPersonPerson referred to inreferred to inreferred to inreferred to in section 13(3)(a),(b),(c),section 13(3)(a),(b),(c),section 13(3)(a),(b),(c),section 13(3)(a),(b),(c), (cc);(cc);(cc);(cc); Relative of any of above personsRelative of any of above personsRelative of any of above personsRelative of any of above persons Other than above, personOther than above, personOther than above, personOther than above, person who is competentwho is competentwho is competentwho is competent to verifyto verifyto verifyto verify return u/s 139/140;return u/s 139/140;return u/s 139/140;return u/s 139/140; OfficerOfficerOfficerOfficer or employee ofor employee ofor employee ofor employee of assesseeassesseeassesseeassessee;;;; Lunawat & Co.
RELATIVERELATIVERELATIVERELATIVE –––– INCOME TAX AUDITORINCOME TAX AUDITORINCOME TAX AUDITORINCOME TAX AUDITOR SSSSpousepousepousepouse of the individual;of the individual;of the individual;of the individual; BBBBrotherrotherrotherrother or sister of the individual;or sister of the individual;or sister of the individual;or sister of the individual; BBBBrotherrotherrotherrother or sister of the spouse of the individual;or sister of the spouse of the individual;or sister of the spouse of the individual;or sister of the spouse of the individual; AAAAnynynyny lineal ascendant or descendant of thelineal ascendant or descendant of thelineal ascendant or descendant of thelineal ascendant or descendant of the individual;individual;individual;individual; AAAAnynynyny lineal ascendant or descendant of thelineal ascendant or descendant of thelineal ascendant or descendant of thelineal ascendant or descendant of the spouse of the individual;spouse of the individual;spouse of the individual;spouse of the individual; SSSSpousepousepousepouse of a person referredof a person referredof a person referredof a person referred aboveaboveaboveabove AAAAnynynyny lineal descendant of a brother or sister oflineal descendant of a brother or sister oflineal descendant of a brother or sister oflineal descendant of a brother or sister of either the individual or ofeither the individual or ofeither the individual or ofeither the individual or of spouse of individualspouse of individualspouse of individualspouse of individual Lunawat & Co.
DISQUALIFICATIONSDISQUALIFICATIONSDISQUALIFICATIONSDISQUALIFICATIONS ---- OTHERSOTHERSOTHERSOTHERS WWWWhohohoho is a partner, or who is in employment, of anis a partner, or who is in employment, of anis a partner, or who is in employment, of anis a partner, or who is in employment, of an officer or employee ofofficer or employee ofofficer or employee ofofficer or employee of assesseeassesseeassesseeassessee;;;; WWWWhohohoho has been convicted by a court of an offencehas been convicted by a court of an offencehas been convicted by a court of an offencehas been convicted by a court of an offence involving fraud and a period of 10 years has notinvolving fraud and a period of 10 years has notinvolving fraud and a period of 10 years has notinvolving fraud and a period of 10 years has not elapsed from the date of such convictionelapsed from the date of such convictionelapsed from the date of such convictionelapsed from the date of such conviction AnAnAnAn individual who, or his relative or partnerindividual who, or his relative or partnerindividual who, or his relative or partnerindividual who, or his relative or partner IsIsIsIs holding any security of or interest inholding any security of or interest inholding any security of or interest inholding any security of or interest in assesseeassesseeassesseeassessee–––– RelativeRelativeRelativeRelative face valueface valueface valueface value ---- RsRsRsRs. 1 L. 1 L. 1 L. 1 L Is indebted to theIs indebted to theIs indebted to theIs indebted to the assesseeassesseeassesseeassessee. Relative. Relative. Relative. Relative –––– RsRsRsRs. l. l. l. l LLLL Has given a guarantee /provided securityHas given a guarantee /provided securityHas given a guarantee /provided securityHas given a guarantee /provided security . Relative. Relative. Relative. Relative –––– 1111 LLLL Lunawat & Co.
AAAA person or a firm who, whether directly orperson or a firm who, whether directly orperson or a firm who, whether directly orperson or a firm who, whether directly or indirectly, has business relationship withindirectly, has business relationship withindirectly, has business relationship withindirectly, has business relationship with assesseeassesseeassesseeassessee. i.e.,. i.e.,. i.e.,. i.e., any transaction entered into forany transaction entered into forany transaction entered into forany transaction entered into for commercial purpose except:commercial purpose except:commercial purpose except:commercial purpose except: In nature of professional services permittedIn nature of professional services permittedIn nature of professional services permittedIn nature of professional services permitted IIIInnnn thethethethe ordinary course of business ofordinary course of business ofordinary course of business ofordinary course of business of cocococo.... atatatat ALPALPALPALP likelikelikelike salesalesalesale of products orof products orof products orof products or servicesservicesservicesservices TTTToooo auditorauditorauditorauditor, as customer, in the ordinary course of, as customer, in the ordinary course of, as customer, in the ordinary course of, as customer, in the ordinary course of businessbusinessbusinessbusiness, by companies engaged in, by companies engaged in, by companies engaged in, by companies engaged in businessbusinessbusinessbusiness ofofofof telecommunications, airlines, hospitals, hotelstelecommunications, airlines, hospitals, hotelstelecommunications, airlines, hospitals, hotelstelecommunications, airlines, hospitals, hotels &&&& such other similar businessessuch other similar businessessuch other similar businessessuch other similar businesses Lunawat & Co. DISQUALIFICATIONSDISQUALIFICATIONSDISQUALIFICATIONSDISQUALIFICATIONS –––– TAX AUDITORTAX AUDITORTAX AUDITORTAX AUDITOR
???????????? Can a CA in practice who is givingCan a CA in practice who is givingCan a CA in practice who is givingCan a CA in practice who is giving accounting services to a company conductaccounting services to a company conductaccounting services to a company conductaccounting services to a company conduct tax audit of that company?tax audit of that company?tax audit of that company?tax audit of that company? Can an internal auditor of a company issueCan an internal auditor of a company issueCan an internal auditor of a company issueCan an internal auditor of a company issue Form 15CB certificate for that company?Form 15CB certificate for that company?Form 15CB certificate for that company?Form 15CB certificate for that company? Can a CA in practice who is givingCan a CA in practice who is givingCan a CA in practice who is givingCan a CA in practice who is giving accounting services to a companyaccounting services to a companyaccounting services to a companyaccounting services to a company issueissueissueissue certificate in Form 29B for MATcertificate in Form 29B for MATcertificate in Form 29B for MATcertificate in Form 29B for MAT calculation?calculation?calculation?calculation? Lunawat & Co.
Lunawat & Co. Audit ReportsAudit ReportsAudit ReportsAudit Reports CompaniesCompaniesCompaniesCompanies ActActActAct CAROCAROCAROCARO NonNonNonNon---- CAROCAROCAROCARO Other ActsOther ActsOther ActsOther Acts TaxTaxTaxTax AuditAuditAuditAudit FormFormFormForm 3CA3CA3CA3CA FormFormFormForm 3CB3CB3CB3CB LLPLLPLLPLLP SocietySocietySocietySociety
FORM 3CAFORM 3CAFORM 3CAFORM 3CA Reporting period for PL amended from 31Reporting period for PL amended from 31Reporting period for PL amended from 31Reporting period for PL amended from 31stststst March toMarch toMarch toMarch to period wise.period wise.period wise.period wise. Examination of books by auditor included beforeExamination of books by auditor included beforeExamination of books by auditor included beforeExamination of books by auditor included before giving opiniongiving opiniongiving opiniongiving opinion Opinion now to be given subject to observations /Opinion now to be given subject to observations /Opinion now to be given subject to observations /Opinion now to be given subject to observations / qualifications, no annexuresqualifications, no annexuresqualifications, no annexuresqualifications, no annexures Stamp / Seal of auditor requiredStamp / Seal of auditor requiredStamp / Seal of auditor requiredStamp / Seal of auditor required Name of signatory to be given. FRN??Name of signatory to be given. FRN??Name of signatory to be given. FRN??Name of signatory to be given. FRN?? To be signed by person eligible as per s. 44ABTo be signed by person eligible as per s. 44ABTo be signed by person eligible as per s. 44ABTo be signed by person eligible as per s. 44AB (earlier CA, auditor as per Companies Act, other(earlier CA, auditor as per Companies Act, other(earlier CA, auditor as per Companies Act, other(earlier CA, auditor as per Companies Act, other person entitled to auditperson entitled to auditperson entitled to auditperson entitled to audit Lunawat & Co.
FORM 3CBFORM 3CBFORM 3CBFORM 3CB Same as Form 3CA except examinationSame as Form 3CA except examinationSame as Form 3CA except examinationSame as Form 3CA except examination of booksof booksof booksof books Opinion subject to observations /Opinion subject to observations /Opinion subject to observations /Opinion subject to observations / qualifications to be given:qualifications to be given:qualifications to be given:qualifications to be given: Financial StatementsFinancial StatementsFinancial StatementsFinancial Statements –––– 3(a)3(a)3(a)3(a) Form 3CDForm 3CDForm 3CDForm 3CD –––– 5555 SA 700?SA 700?SA 700?SA 700? Lunawat & Co.
SA 700SA 700SA 700SA 700 Assessee’sAssessee’sAssessee’sAssessee’s Responsibility for the Financial StatementsResponsibility for the Financial StatementsResponsibility for the Financial StatementsResponsibility for the Financial Statements andandandand the Statementthe Statementthe Statementthe Statement of Particulars in Form 3CDof Particulars in Form 3CDof Particulars in Form 3CDof Particulars in Form 3CD 1.1.1.1. TheTheTheThe assessee is responsible for the preparation of theassessee is responsible for the preparation of theassessee is responsible for the preparation of theassessee is responsible for the preparation of the aforesaid financialaforesaid financialaforesaid financialaforesaid financial statementsstatementsstatementsstatements that give a true and fairthat give a true and fairthat give a true and fairthat give a true and fair view of theview of theview of theview of the financial positionfinancial positionfinancial positionfinancial position and financial performanceand financial performanceand financial performanceand financial performance (if applicable) in accordance(if applicable) in accordance(if applicable) in accordance(if applicable) in accordance with thewith thewith thewith the applicableapplicableapplicableapplicable Accounting Standards issued by the InstituteAccounting Standards issued by the InstituteAccounting Standards issued by the InstituteAccounting Standards issued by the Institute ofofofof CharteredCharteredCharteredChartered Accountants ofAccountants ofAccountants ofAccountants of India.India.India.India. This responsibilityThis responsibilityThis responsibilityThis responsibility includesincludesincludesincludes the designthe designthe designthe design, implementation and maintenance, implementation and maintenance, implementation and maintenance, implementation and maintenance of internal control relevantof internal control relevantof internal control relevantof internal control relevant to theto theto theto the preparation andpreparation andpreparation andpreparation and presentation of the financial statements thatpresentation of the financial statements thatpresentation of the financial statements thatpresentation of the financial statements that give agive agive agive a truetruetruetrue and fair view and are free from material misstatement,and fair view and are free from material misstatement,and fair view and are free from material misstatement,and fair view and are free from material misstatement, whether duewhether duewhether duewhether due to fraud or error.to fraud or error.to fraud or error.to fraud or error. Lunawat & Co.
SA 700SA 700SA 700SA 700 2.2.2.2. TheTheTheThe assessee is also responsible for theassessee is also responsible for theassessee is also responsible for theassessee is also responsible for the preparation of thepreparation of thepreparation of thepreparation of the statement ofstatement ofstatement ofstatement of particularsparticularsparticularsparticulars required to be furnished under section 44ABrequired to be furnished under section 44ABrequired to be furnished under section 44ABrequired to be furnished under section 44AB ofofofof thethethethe IncomeIncomeIncomeIncome----tax Act, 1961 annexed herewith intax Act, 1961 annexed herewith intax Act, 1961 annexed herewith intax Act, 1961 annexed herewith in Form No. 3CD readForm No. 3CD readForm No. 3CD readForm No. 3CD read with Rulewith Rulewith Rulewith Rule 6G(1)(b) of6G(1)(b) of6G(1)(b) of6G(1)(b) of Income Tax Rules, 1962 that give true andIncome Tax Rules, 1962 that give true andIncome Tax Rules, 1962 that give true andIncome Tax Rules, 1962 that give true and correct particularscorrect particularscorrect particularscorrect particulars as per the provisions of theas per the provisions of theas per the provisions of theas per the provisions of the IncomeIncomeIncomeIncome----tax Act, 1961 readtax Act, 1961 readtax Act, 1961 readtax Act, 1961 read with Ruleswith Ruleswith Ruleswith Rules,,,, Notifications , circularsNotifications , circularsNotifications , circularsNotifications , circulars etcetcetcetc that are to bethat are to bethat are to bethat are to be included inincluded inincluded inincluded in the Statementthe Statementthe Statementthe Statement.... Lunawat & Co.
SA 700SA 700SA 700SA 700 Tax Auditor’s ResponsibilityTax Auditor’s ResponsibilityTax Auditor’s ResponsibilityTax Auditor’s Responsibility 3.3.3.3. OurOurOurOur responsibility is to express an opinion onresponsibility is to express an opinion onresponsibility is to express an opinion onresponsibility is to express an opinion on thesethesethesethese financial statementsfinancial statementsfinancial statementsfinancial statements based onbased onbased onbased on ourourourour audit.audit.audit.audit. WeWeWeWe have conducted this audithave conducted this audithave conducted this audithave conducted this audit in accordancein accordancein accordancein accordance with the Standards on Auditing issued by thewith the Standards on Auditing issued by thewith the Standards on Auditing issued by thewith the Standards on Auditing issued by the InstituteInstituteInstituteInstitute of Charteredof Charteredof Charteredof Chartered Accountants of India.Accountants of India.Accountants of India.Accountants of India. Those Standards require thatThose Standards require thatThose Standards require thatThose Standards require that we complywe complywe complywe comply withwithwithwith ethical requirements and plan and perform theethical requirements and plan and perform theethical requirements and plan and perform theethical requirements and plan and perform the auditauditauditaudit to obtainto obtainto obtainto obtain reasonable assurance aboutreasonable assurance aboutreasonable assurance aboutreasonable assurance about whether the financialwhether the financialwhether the financialwhether the financial statements arestatements arestatements arestatements are free fromfree fromfree fromfree from material misstatementmaterial misstatementmaterial misstatementmaterial misstatement.... Lunawat & Co.
SA 700SA 700SA 700SA 700 4.4.4.4. An audit involves performing procedures to obtain auditAn audit involves performing procedures to obtain auditAn audit involves performing procedures to obtain auditAn audit involves performing procedures to obtain audit evidenceevidenceevidenceevidence aboutaboutaboutabout the amounts and disclosures in the financialthe amounts and disclosures in the financialthe amounts and disclosures in the financialthe amounts and disclosures in the financial statements.statements.statements.statements. The proceduresThe proceduresThe proceduresThe procedures selected depend on the auditor’sselected depend on the auditor’sselected depend on the auditor’sselected depend on the auditor’s judgment, includingjudgment, includingjudgment, includingjudgment, including the assessmentthe assessmentthe assessmentthe assessment of the risks of materialof the risks of materialof the risks of materialof the risks of material misstatement of themisstatement of themisstatement of themisstatement of the financial statementsfinancial statementsfinancial statementsfinancial statements, whether due to, whether due to, whether due to, whether due to fraud or error. In making thosefraud or error. In making thosefraud or error. In making thosefraud or error. In making those risk assessmentsrisk assessmentsrisk assessmentsrisk assessments, the auditor, the auditor, the auditor, the auditor considers internal control relevant toconsiders internal control relevant toconsiders internal control relevant toconsiders internal control relevant to the preparationthe preparationthe preparationthe preparation and fairand fairand fairand fair presentation of the financial statements in orderpresentation of the financial statements in orderpresentation of the financial statements in orderpresentation of the financial statements in order to designto designto designto design audit procedures that are appropriate in theaudit procedures that are appropriate in theaudit procedures that are appropriate in theaudit procedures that are appropriate in the circumstances butcircumstances butcircumstances butcircumstances but notnotnotnot for the purposes of expressing an opinion on thefor the purposes of expressing an opinion on thefor the purposes of expressing an opinion on thefor the purposes of expressing an opinion on the effectivenesseffectivenesseffectivenesseffectiveness of theof theof theof the entity’s internal control. An audit alsoentity’s internal control. An audit alsoentity’s internal control. An audit alsoentity’s internal control. An audit also includes evaluatingincludes evaluatingincludes evaluatingincludes evaluating the appropriatenessthe appropriatenessthe appropriatenessthe appropriateness of accounting policiesof accounting policiesof accounting policiesof accounting policies used and theused and theused and theused and the reasonableness ofreasonableness ofreasonableness ofreasonableness of the accounting estimatesthe accounting estimatesthe accounting estimatesthe accounting estimates made by management, as wellmade by management, as wellmade by management, as wellmade by management, as well as evaluatingas evaluatingas evaluatingas evaluating the overallthe overallthe overallthe overall presentation of the financial statements.presentation of the financial statements.presentation of the financial statements.presentation of the financial statements. Lunawat & Co.
SA 700SA 700SA 700SA 700 5.5.5.5. WeWeWeWe believe that thebelieve that thebelieve that thebelieve that the audit evidenceaudit evidenceaudit evidenceaudit evidence wewewewe have obtainedhave obtainedhave obtainedhave obtained isisisis sufficient andsufficient andsufficient andsufficient and appropriateappropriateappropriateappropriate to provide a basis forto provide a basis forto provide a basis forto provide a basis for ourourourour audit opinion.audit opinion.audit opinion.audit opinion. 6.6.6.6. WeWeWeWe are alsoare alsoare alsoare also responsible for verifying the statementresponsible for verifying the statementresponsible for verifying the statementresponsible for verifying the statement ofofofof particulars requiredparticulars requiredparticulars requiredparticulars required to be furnished under sectionto be furnished under sectionto be furnished under sectionto be furnished under section 44AB44AB44AB44AB of the Incomeof the Incomeof the Incomeof the Income----taxtaxtaxtax Act, 1961Act, 1961Act, 1961Act, 1961 annexed herewithannexed herewithannexed herewithannexed herewith in Form No. 3CD read with Rule 6G (1) (b)in Form No. 3CD read with Rule 6G (1) (b)in Form No. 3CD read with Rule 6G (1) (b)in Form No. 3CD read with Rule 6G (1) (b) of Incomeof Incomeof Incomeof Income---- taxtaxtaxtax Rules, 1962.Rules, 1962.Rules, 1962.Rules, 1962. WeWeWeWe havehavehavehave conducted my/ourconducted my/ourconducted my/ourconducted my/our verificationverificationverificationverification of theof theof theof the statement in accordance withstatement in accordance withstatement in accordance withstatement in accordance with Guidance Note on Tax AuditGuidance Note on Tax AuditGuidance Note on Tax AuditGuidance Note on Tax Audit under sectionunder sectionunder sectionunder section 44AB of44AB of44AB of44AB of the Incomethe Incomethe Incomethe Income----tax Act, 1961, issued by the Institutetax Act, 1961, issued by the Institutetax Act, 1961, issued by the Institutetax Act, 1961, issued by the Institute ofofofof CharteredCharteredCharteredChartered Accountants of IndiaAccountants of IndiaAccountants of IndiaAccountants of India.... Lunawat & Co.
QUALIFICATIONS IN REPORTQUALIFICATIONS IN REPORTQUALIFICATIONS IN REPORTQUALIFICATIONS IN REPORT ----1111 Proper books of account, to enable reporting inProper books of account, to enable reporting inProper books of account, to enable reporting inProper books of account, to enable reporting in form 3CD, have not been maintained by theform 3CD, have not been maintained by theform 3CD, have not been maintained by theform 3CD, have not been maintained by the assesseeassesseeassesseeassessee.... All the information and explanations which to theAll the information and explanations which to theAll the information and explanations which to theAll the information and explanations which to the best of my/our knowledge and belief werebest of my/our knowledge and belief werebest of my/our knowledge and belief werebest of my/our knowledge and belief were necessary for the purpose of my/our audit hasnecessary for the purpose of my/our audit hasnecessary for the purpose of my/our audit hasnecessary for the purpose of my/our audit has been provided by the assesseebeen provided by the assesseebeen provided by the assesseebeen provided by the assessee.... Documents necessary to verify the reportableDocuments necessary to verify the reportableDocuments necessary to verify the reportableDocuments necessary to verify the reportable transaction were not made availabletransaction were not made availabletransaction were not made availabletransaction were not made available.... Proper stock records are not maintained by theProper stock records are not maintained by theProper stock records are not maintained by theProper stock records are not maintained by the assessee.assessee.assessee.assessee. Lunawat & Co.
QUALIFICATIONS IN REPORTQUALIFICATIONS IN REPORTQUALIFICATIONS IN REPORTQUALIFICATIONS IN REPORT ---- 2222 Valuation of closing stock is not possibleValuation of closing stock is not possibleValuation of closing stock is not possibleValuation of closing stock is not possible.... Yield/percentage of wastage is not ascertainableYield/percentage of wastage is not ascertainableYield/percentage of wastage is not ascertainableYield/percentage of wastage is not ascertainable.... Records necessary to verify personal nature ofRecords necessary to verify personal nature ofRecords necessary to verify personal nature ofRecords necessary to verify personal nature of expenses not maintained by theexpenses not maintained by theexpenses not maintained by theexpenses not maintained by the assesseeassesseeassesseeassessee TDS returns could not be verified by with the booksTDS returns could not be verified by with the booksTDS returns could not be verified by with the booksTDS returns could not be verified by with the books of accountof accountof accountof account.... Records produced for verification of paymentsRecords produced for verification of paymentsRecords produced for verification of paymentsRecords produced for verification of payments through account payeethrough account payeethrough account payeethrough account payee chequechequechequecheque were notwere notwere notwere not sufficientsufficientsufficientsufficient Amount of expense related to exempted incomeAmount of expense related to exempted incomeAmount of expense related to exempted incomeAmount of expense related to exempted income u/s 14A of Income tax Act, 1961 could not beu/s 14A of Income tax Act, 1961 could not beu/s 14A of Income tax Act, 1961 could not beu/s 14A of Income tax Act, 1961 could not be ascertainedascertainedascertainedascertained Lunawat & Co.
QUALIFICATIONS IN REPORTQUALIFICATIONS IN REPORTQUALIFICATIONS IN REPORTQUALIFICATIONS IN REPORT ---- 3333 Creditors under Micro, Small and MediumCreditors under Micro, Small and MediumCreditors under Micro, Small and MediumCreditors under Micro, Small and Medium Enterprises Development Act, 2006 are notEnterprises Development Act, 2006 are notEnterprises Development Act, 2006 are notEnterprises Development Act, 2006 are not ascertainableascertainableascertainableascertainable Prior period expenses are not ascertainable fromPrior period expenses are not ascertainable fromPrior period expenses are not ascertainable fromPrior period expenses are not ascertainable from books ofbooks ofbooks ofbooks of accountaccountaccountaccount Fair market value of shares u/s 56(2) (Fair market value of shares u/s 56(2) (Fair market value of shares u/s 56(2) (Fair market value of shares u/s 56(2) (viiaviiaviiaviia) / () / () / () / (viibviibviibviib)))) is not ascertainableis not ascertainableis not ascertainableis not ascertainable.... Reports of audits carried by Excise/Service taxReports of audits carried by Excise/Service taxReports of audits carried by Excise/Service taxReports of audits carried by Excise/Service tax Department were not madeDepartment were not madeDepartment were not madeDepartment were not made availableavailableavailableavailable GP ratio is not ascertainable from the financialGP ratio is not ascertainable from the financialGP ratio is not ascertainable from the financialGP ratio is not ascertainable from the financial statements prepared by the assessee.statements prepared by the assessee.statements prepared by the assessee.statements prepared by the assessee. Lunawat & Co.
QUALIFICATIONS IN REPORTQUALIFICATIONS IN REPORTQUALIFICATIONS IN REPORTQUALIFICATIONS IN REPORT ---- 4444 Information regarding demand raised or refundInformation regarding demand raised or refundInformation regarding demand raised or refundInformation regarding demand raised or refund issued during the previous year under any tax lawsissued during the previous year under any tax lawsissued during the previous year under any tax lawsissued during the previous year under any tax laws other than Incomeother than Incomeother than Incomeother than Income----tax act, 1961 and Wealth taxtax act, 1961 and Wealth taxtax act, 1961 and Wealth taxtax act, 1961 and Wealth tax Act, 1957 were not madeAct, 1957 were not madeAct, 1957 were not madeAct, 1957 were not made availableavailableavailableavailable OthersOthersOthersOthers Mandatory that observations in 3CD on whichMandatory that observations in 3CD on whichMandatory that observations in 3CD on whichMandatory that observations in 3CD on which opinion cannot be given be reported in Form 3CA /opinion cannot be given be reported in Form 3CA /opinion cannot be given be reported in Form 3CA /opinion cannot be given be reported in Form 3CA / Form 3CBForm 3CBForm 3CBForm 3CB Lunawat & Co.
FORM 3CDFORM 3CDFORM 3CDFORM 3CD –––– OVERVIEWOVERVIEWOVERVIEWOVERVIEW Lunawat & Co. 3CD3CD3CD3CD Part APart APart APart A 1111----8888 2 New2 New2 New2 New Part BPart BPart BPart B 9999----41414141 5 New5 New5 New5 New AmendmeAmendmeAmendmeAmendme ntsntsntsnts
FORM 3CDFORM 3CDFORM 3CDFORM 3CD –––– OVERVIEWOVERVIEWOVERVIEWOVERVIEW Purpose was to facilitate determination ofPurpose was to facilitate determination ofPurpose was to facilitate determination ofPurpose was to facilitate determination of income from business or professionincome from business or professionincome from business or professionincome from business or profession Now Capital GainNow Capital GainNow Capital GainNow Capital Gain –––– 50C and other sources50C and other sources50C and other sources50C and other sources also coveredalso coveredalso coveredalso covered –––– 56 (shares)56 (shares)56 (shares)56 (shares) Read and understand all clauses andRead and understand all clauses andRead and understand all clauses andRead and understand all clauses and relevant sectionsrelevant sectionsrelevant sectionsrelevant sections Obtain Form 3CD duly authenticated byObtain Form 3CD duly authenticated byObtain Form 3CD duly authenticated byObtain Form 3CD duly authenticated by assesseeassesseeassesseeassessee New 143(1)New 143(1)New 143(1)New 143(1) –––– Tax Audit Report adjustmentTax Audit Report adjustmentTax Audit Report adjustmentTax Audit Report adjustment Lunawat & Co.
FORM 3CDFORM 3CDFORM 3CDFORM 3CD –––– NEW CLAUSENEW CLAUSENEW CLAUSENEW CLAUSE ---- 4444 Indirect Tax RegistrationIndirect Tax RegistrationIndirect Tax RegistrationIndirect Tax Registration NosNosNosNos to be givento be givento be givento be given if liable toif liable toif liable toif liable to paypaypaypay i.e.,i.e.,i.e.,i.e., CentralCentralCentralCentral Excise Duty,Excise Duty,Excise Duty,Excise Duty, Central Customs Duty,Central Customs Duty,Central Customs Duty,Central Customs Duty, Service Tax,Service Tax,Service Tax,Service Tax, Sales Tax /VATSales Tax /VATSales Tax /VATSales Tax /VAT –––– State Wise,State Wise,State Wise,State Wise, State Excise DutyState Excise DutyState Excise DutyState Excise Duty –––– State WiseState WiseState WiseState Wise Others Indirect tax.Others Indirect tax.Others Indirect tax.Others Indirect tax. Is it indirect tax audit?Is it indirect tax audit?Is it indirect tax audit?Is it indirect tax audit? Lunawat & Co.
FORM 3CDFORM 3CDFORM 3CDFORM 3CD –––– NEW CLAUSENEW CLAUSENEW CLAUSENEW CLAUSE ---- 8888 RRRRelevant clause u/s 44AB under which auditelevant clause u/s 44AB under which auditelevant clause u/s 44AB under which auditelevant clause u/s 44AB under which audit is done to be givenis done to be givenis done to be givenis done to be given a)a)a)a) BusinessBusinessBusinessBusiness –––– exceedsexceedsexceedsexceeds RsRsRsRs. 1 Cr.. 1 Cr.. 1 Cr.. 1 Cr. b)b)b)b) ProfessionProfessionProfessionProfession –––– exceedsexceedsexceedsexceeds RsRsRsRs. 25. 25. 25. 25 LacsLacsLacsLacs c)c)c)c) Lower deemed profits u/sLower deemed profits u/sLower deemed profits u/sLower deemed profits u/s 1)1)1)1) 44AE,44AE,44AE,44AE, 2)2)2)2) 44BB,44BB,44BB,44BB, 3)3)3)3) 44BBB44BBB44BBB44BBB d)d)d)d) Lower deemed profits u/s 44AD and incomeLower deemed profits u/s 44AD and incomeLower deemed profits u/s 44AD and incomeLower deemed profits u/s 44AD and income exceeds maximum amount not chargeable toexceeds maximum amount not chargeable toexceeds maximum amount not chargeable toexceeds maximum amount not chargeable to taxtaxtaxtax Lunawat & Co.
FORM 3CDFORM 3CDFORM 3CDFORM 3CD ––––CLAUSECLAUSECLAUSECLAUSE ---- 11111111 Whether books prescribed u/s 44AA? If yes, list ofWhether books prescribed u/s 44AA? If yes, list ofWhether books prescribed u/s 44AA? If yes, list ofWhether books prescribed u/s 44AA? If yes, list of books prescribed.books prescribed.books prescribed.books prescribed. List of books maintained &address at which maintainedList of books maintained &address at which maintainedList of books maintained &address at which maintainedList of books maintained &address at which maintained List of books of a/List of books of a/List of books of a/List of books of a/cscscscs & nature of relevant documents& nature of relevant documents& nature of relevant documents& nature of relevant documents examined.examined.examined.examined. S. 2(12A)S. 2(12A)S. 2(12A)S. 2(12A) ---- booksbooksbooksbooks or books ofor books ofor books ofor books of a/ca/ca/ca/c includes ledgers, dayincludes ledgers, dayincludes ledgers, dayincludes ledgers, day---- books, cash books, accountbooks, cash books, accountbooks, cash books, accountbooks, cash books, account----booksbooksbooksbooks &&&& other books,other books,other books,other books, whether kept inwhether kept inwhether kept inwhether kept in writtenwrittenwrittenwritten form or ..electronic.form or ..electronic.form or ..electronic.form or ..electronic. Relevant documentsRelevant documentsRelevant documentsRelevant documents ---- directlydirectlydirectlydirectly related to transactionsrelated to transactionsrelated to transactionsrelated to transactions reflectedreflectedreflectedreflected inininin books ofbooks ofbooks ofbooks of a/a/a/a/cscscscs like invoicelike invoicelike invoicelike invoice,,,, bankbankbankbank statementsstatementsstatementsstatements,,,, vouchers,vouchers,vouchers,vouchers, dr. notedr. notedr. notedr. note,,,, cr. notecr. notecr. notecr. note, inventory register, inventory register, inventory register, inventory register,,,, agreements /contractsagreements /contractsagreements /contractsagreements /contracts or any other document onor any other document onor any other document onor any other document on basisbasisbasisbasis of which preliminary entries are passed inof which preliminary entries are passed inof which preliminary entries are passed inof which preliminary entries are passed in booksbooksbooksbooks ofofofof a/a/a/a/cscscscs Lunawat & Co.
FORM 3CDFORM 3CDFORM 3CDFORM 3CD ––––CLAUSECLAUSECLAUSECLAUSE ---- 13131313 Method of accounting employed in previous yearMethod of accounting employed in previous yearMethod of accounting employed in previous yearMethod of accounting employed in previous year Change in method of accounting appliedChange in method of accounting appliedChange in method of accounting appliedChange in method of accounting applied If, yes, effect thereof on profit / lossIf, yes, effect thereof on profit / lossIf, yes, effect thereof on profit / lossIf, yes, effect thereof on profit / loss Deviation in method of accounting fromDeviation in method of accounting fromDeviation in method of accounting fromDeviation in method of accounting from accounting standards prescribed u/s 145 andaccounting standards prescribed u/s 145 andaccounting standards prescribed u/s 145 andaccounting standards prescribed u/s 145 and effect thereof on P/Leffect thereof on P/Leffect thereof on P/Leffect thereof on P/L Change in method of valuation of inventories toChange in method of valuation of inventories toChange in method of valuation of inventories toChange in method of valuation of inventories to be reported?be reported?be reported?be reported? Change in accounting policy to be reported?Change in accounting policy to be reported?Change in accounting policy to be reported?Change in accounting policy to be reported? ICDS?ICDS?ICDS?ICDS? Lunawat & Co.
FORM 3CDFORM 3CDFORM 3CDFORM 3CD ––––CLAUSECLAUSECLAUSECLAUSE ---- 14141414 Method of valuation of closing stockMethod of valuation of closing stockMethod of valuation of closing stockMethod of valuation of closing stock Lunawat & Co. S. NS. NS. NS. N ParticularsParticularsParticularsParticulars + in profit+ in profit+ in profit+ in profit ---- in profitin profitin profitin profit 1111 Increase in cost of opening stock on inclusion of excise dutyIncrease in cost of opening stock on inclusion of excise dutyIncrease in cost of opening stock on inclusion of excise dutyIncrease in cost of opening stock on inclusion of excise duty on which CENVAT credit ison which CENVAT credit ison which CENVAT credit ison which CENVAT credit is available/availedavailable/availedavailable/availedavailable/availed 20202020 2222 Increase in purchase cost of RM onIncrease in purchase cost of RM onIncrease in purchase cost of RM onIncrease in purchase cost of RM on inclusion of excise dutyinclusion of excise dutyinclusion of excise dutyinclusion of excise duty on which CEN VAT credit ison which CEN VAT credit ison which CEN VAT credit ison which CEN VAT credit is available/availedavailable/availedavailable/availedavailable/availed 180180180180 3333 Increase in sales of FG on inclusionIncrease in sales of FG on inclusionIncrease in sales of FG on inclusionIncrease in sales of FG on inclusion of excise dutyof excise dutyof excise dutyof excise duty 180180180180 4444 Excise duty paidExcise duty paidExcise duty paidExcise duty paid ---- sale of FG as result of its inclusion in salessale of FG as result of its inclusion in salessale of FG as result of its inclusion in salessale of FG as result of its inclusion in sales ---- 180180180180 5555 Increase in closing stock of RM on inclusion of excise dutyIncrease in closing stock of RM on inclusion of excise dutyIncrease in closing stock of RM on inclusion of excise dutyIncrease in closing stock of RM on inclusion of excise duty 40404040 ---- 6666 Increase in closing stock of FG on inclusion of excise dutyIncrease in closing stock of FG on inclusion of excise dutyIncrease in closing stock of FG on inclusion of excise dutyIncrease in closing stock of FG on inclusion of excise duty 60606060 ---- 7777 Increase in excise duty on closing stock of FG as a result ofIncrease in excise duty on closing stock of FG as a result ofIncrease in excise duty on closing stock of FG as a result ofIncrease in excise duty on closing stock of FG as a result of its inclusion in closing stock of FGits inclusion in closing stock of FGits inclusion in closing stock of FGits inclusion in closing stock of FG ---- 60606060 8888 Accounting of CENVT credit availed andAccounting of CENVT credit availed andAccounting of CENVT credit availed andAccounting of CENVT credit availed and utilisedutilisedutilisedutilised on RMon RMon RMon RM consumed in payment of excise duty on FG accounted onconsumed in payment of excise duty on FG accounted onconsumed in payment of excise duty on FG accounted onconsumed in payment of excise duty on FG accounted on basis of RM consumedbasis of RM consumedbasis of RM consumedbasis of RM consumed 160160160160 ---- TotalTotalTotalTotal 440440440440 440440440440
FORM 3CDFORM 3CDFORM 3CDFORM 3CD –––– NEW CLAUSENEW CLAUSENEW CLAUSENEW CLAUSE ---- 15151515 Conversion of capital asset into stock inConversion of capital asset into stock inConversion of capital asset into stock inConversion of capital asset into stock in tradetradetradetrade Accounting of inventories in books?Accounting of inventories in books?Accounting of inventories in books?Accounting of inventories in books? At Carrying costAt Carrying costAt Carrying costAt Carrying cost FMVFMVFMVFMV If other than carrying cost thenIf other than carrying cost thenIf other than carrying cost thenIf other than carrying cost then qualification regarding nonqualification regarding nonqualification regarding nonqualification regarding non---- compliancecompliancecompliancecompliance of ASof ASof ASof AS----2222 Lunawat & Co.
FORM 3CDFORM 3CDFORM 3CDFORM 3CD –––– NEW CLAUSENEW CLAUSENEW CLAUSENEW CLAUSE ---- 17171717 LLLLand or building or both transferred atand or building or both transferred atand or building or both transferred atand or building or both transferred at less that the circle rate u/s 43CA or 50C.less that the circle rate u/s 43CA or 50C.less that the circle rate u/s 43CA or 50C.less that the circle rate u/s 43CA or 50C. Detail to be given:Detail to be given:Detail to be given:Detail to be given: Detail of property with complete addressDetail of property with complete addressDetail of property with complete addressDetail of property with complete address Consideration received or accruedConsideration received or accruedConsideration received or accruedConsideration received or accrued Value adopted or assessed / assessableValue adopted or assessed / assessableValue adopted or assessed / assessableValue adopted or assessed / assessable Builders !!!Builders !!!Builders !!!Builders !!! Lunawat & Co.
FORM 3CDFORM 3CDFORM 3CDFORM 3CD –––– CLAUSECLAUSECLAUSECLAUSE ---- 18181818 Depreciation allowableDepreciation allowableDepreciation allowableDepreciation allowable –––– Additional Dep.Additional Dep.Additional Dep.Additional Dep. Actual Cost or WDVActual Cost or WDVActual Cost or WDVActual Cost or WDV Car 1Car 1Car 1Car 1stststst InsuranceInsuranceInsuranceInsurance InterestInterestInterestInterest uptouptouptoupto asset put to useasset put to useasset put to useasset put to use S. 35 capital assets not to be includedS. 35 capital assets not to be includedS. 35 capital assets not to be includedS. 35 capital assets not to be included Additions/deductions duringAdditions/deductions duringAdditions/deductions duringAdditions/deductions during yearyearyearyear with dates ; inwith dates ; inwith dates ; inwith dates ; in case of any addition of an asset, date put to use;case of any addition of an asset, date put to use;case of any addition of an asset, date put to use;case of any addition of an asset, date put to use; including adjustments onincluding adjustments onincluding adjustments onincluding adjustments on a/ca/ca/ca/c ofofofof CENVAT / VAT creditsCENVAT / VAT creditsCENVAT / VAT creditsCENVAT / VAT credits claimedclaimedclaimedclaimed & allowed& allowed& allowed& allowed ---- reconcilereconcilereconcilereconcile Change in rate of exchange ofChange in rate of exchange ofChange in rate of exchange ofChange in rate of exchange of currencycurrencycurrencycurrency –––– AS 11/43AAS 11/43AAS 11/43AAS 11/43A SubsidySubsidySubsidySubsidy //// grant /grant /grant /grant / reimbursement,reimbursement,reimbursement,reimbursement, etcetcetcetc Lunawat & Co.
FORM 3CDFORM 3CDFORM 3CDFORM 3CD –––– CLAUSECLAUSECLAUSECLAUSE ---- 19191919 Amounts admissible. Details:Amounts admissible. Details:Amounts admissible. Details:Amounts admissible. Details: Amounts debited to PLAmounts debited to PLAmounts debited to PLAmounts debited to PL Amounts admissible under IT provisions andAmounts admissible under IT provisions andAmounts admissible under IT provisions andAmounts admissible under IT provisions and also fulfils conditionsalso fulfils conditionsalso fulfils conditionsalso fulfils conditions S. 32AC (investment in new Plant & Mach)S. 32AC (investment in new Plant & Mach)S. 32AC (investment in new Plant & Mach)S. 32AC (investment in new Plant & Mach) addedaddedaddedadded S. 35AD(specified business) addedS. 35AD(specified business) addedS. 35AD(specified business) addedS. 35AD(specified business) added S. 35CCC (agricultural extension project)S. 35CCC (agricultural extension project)S. 35CCC (agricultural extension project)S. 35CCC (agricultural extension project) addedaddedaddedadded S. 35CCD (skill development project) addedS. 35CCD (skill development project) addedS. 35CCD (skill development project) addedS. 35CCD (skill development project) added Lunawat & Co.
FORM 3CDFORM 3CDFORM 3CDFORM 3CD –––– CLAUSECLAUSECLAUSECLAUSE ---- 19191919 S. 35 (scientific research) bifurcated intoS. 35 (scientific research) bifurcated intoS. 35 (scientific research) bifurcated intoS. 35 (scientific research) bifurcated into –––– 35(1)(35(1)(35(1)(35(1)(iiii)))) –––– revenue expenditurerevenue expenditurerevenue expenditurerevenue expenditure 35(1)(ii)35(1)(ii)35(1)(ii)35(1)(ii) –––– 175% of amount paid to University,175% of amount paid to University,175% of amount paid to University,175% of amount paid to University, etcetcetcetc 35(1)(35(1)(35(1)(35(1)(iiaiiaiiaiia)))) –––– 125% of amount paid to company…125% of amount paid to company…125% of amount paid to company…125% of amount paid to company… 35(1)(iii)35(1)(iii)35(1)(iii)35(1)(iii) –––– 125% of amount paid for research in125% of amount paid for research in125% of amount paid for research in125% of amount paid for research in social science or statistical research…..social science or statistical research…..social science or statistical research…..social science or statistical research….. 35(1)(iv)35(1)(iv)35(1)(iv)35(1)(iv) –––– Capital expenditureCapital expenditureCapital expenditureCapital expenditure 35(2AA)35(2AA)35(2AA)35(2AA) –––– 200% of sum paid to National200% of sum paid to National200% of sum paid to National200% of sum paid to National Laboratory….Laboratory….Laboratory….Laboratory…. 35(2AB)35(2AB)35(2AB)35(2AB) –––– Company in bio technology or Mfg..200%Company in bio technology or Mfg..200%Company in bio technology or Mfg..200%Company in bio technology or Mfg..200% Lunawat & Co.
FORM 3CDFORM 3CDFORM 3CDFORM 3CD –––– CLAUSECLAUSECLAUSECLAUSE –––– 21(A)21(A)21(A)21(A) FurnishFurnishFurnishFurnish the details of amounts debitedthe details of amounts debitedthe details of amounts debitedthe details of amounts debited to the profit and loss account, being into the profit and loss account, being into the profit and loss account, being into the profit and loss account, being in the nature of Capital, personal,the nature of Capital, personal,the nature of Capital, personal,the nature of Capital, personal, advertisement expenditureadvertisement expenditureadvertisement expenditureadvertisement expenditure club fee,club fee,club fee,club fee, etcetcetcetc:::: Loss on sale of AssetsLoss on sale of AssetsLoss on sale of AssetsLoss on sale of Assets Fee for increase in authorised CapitalFee for increase in authorised CapitalFee for increase in authorised CapitalFee for increase in authorised Capital Loss on sale of investmentsLoss on sale of investmentsLoss on sale of investmentsLoss on sale of investments Lunawat & Co.
FORM 3CDFORM 3CDFORM 3CDFORM 3CD –––– CLAUSECLAUSECLAUSECLAUSE –––– 21(B)21(B)21(B)21(B) S. 40(a) bifurcated into (S. 40(a) bifurcated into (S. 40(a) bifurcated into (S. 40(a) bifurcated into (iiii), (), (), (), (iaiaiaia), (), (), (), (icicicic), (), (), (), (iiaiiaiiaiia), (), (), (), (iibiibiibiib),),),), (iii), (iv), (v).(iii), (iv), (v).(iii), (iv), (v).(iii), (iv), (v). 40(a)(40(a)(40(a)(40(a)(iiii)))) ---- details:details:details:details: PaymentPaymentPaymentPayment on whichon whichon whichon which tax not deductedtax not deductedtax not deductedtax not deducted PPPPayment on whichayment on whichayment on whichayment on which tax has been deducted but has not beentax has been deducted but has not beentax has been deducted but has not beentax has been deducted but has not been paidpaidpaidpaid during P.Y. or in subsequent year before the expiry ofduring P.Y. or in subsequent year before the expiry ofduring P.Y. or in subsequent year before the expiry ofduring P.Y. or in subsequent year before the expiry of time prescribed u/s 200(1)time prescribed u/s 200(1)time prescribed u/s 200(1)time prescribed u/s 200(1) Apart from date, amount and nature of paymentApart from date, amount and nature of paymentApart from date, amount and nature of paymentApart from date, amount and nature of payment,,,, name &name &name &name & address of payee, PAN if availableaddress of payee, PAN if availableaddress of payee, PAN if availableaddress of payee, PAN if available also to be givenalso to be givenalso to be givenalso to be given AmountAmountAmountAmount of tax deducted (when deducted) also to be givenof tax deducted (when deducted) also to be givenof tax deducted (when deducted) also to be givenof tax deducted (when deducted) also to be given FullFullFullFull amountamountamountamount disallowabledisallowabledisallowabledisallowable–––– 139(1139(1139(1139(1) ??) ??) ??) ??–––– 15CA /15CB reliance15CA /15CB reliance15CA /15CB reliance15CA /15CB reliance AmountsAmountsAmountsAmounts inadmissible u/s 40(inadmissible u/s 40(inadmissible u/s 40(inadmissible u/s 40(iaiaiaia)))) –––– 30303030%%%% ---- allallallall payments covered nowpayments covered nowpayments covered nowpayments covered now Lunawat & Co.
FORM 3CDFORM 3CDFORM 3CDFORM 3CD –––– CLAUSECLAUSECLAUSECLAUSE –––– 21(B)21(B)21(B)21(B) S. 40(a)(S. 40(a)(S. 40(a)(S. 40(a)(icicicic)))) ---- FBTFBTFBTFBT S. 40(a)(S. 40(a)(S. 40(a)(S. 40(a)(iiaiiaiiaiia)))) ---- WTWTWTWT S. 40(a)(S. 40(a)(S. 40(a)(S. 40(a)(iibiibiibiib)))) –––– Royalty etc. to SGRoyalty etc. to SGRoyalty etc. to SGRoyalty etc. to SG S. 40(a)(iii)S. 40(a)(iii)S. 40(a)(iii)S. 40(a)(iii) –––– Salaries paid outside India or toSalaries paid outside India or toSalaries paid outside India or toSalaries paid outside India or to NonNonNonNon---- residents if tax not paid on it or notresidents if tax not paid on it or notresidents if tax not paid on it or notresidents if tax not paid on it or not deducted u/C XVIIBdeducted u/C XVIIBdeducted u/C XVIIBdeducted u/C XVIIB –––– details to be givendetails to be givendetails to be givendetails to be given S. 40(a)(iv)S. 40(a)(iv)S. 40(a)(iv)S. 40(a)(iv) –––– Payment to PF or other fundPayment to PF or other fundPayment to PF or other fundPayment to PF or other fund unlessunlessunlessunless assesseeassesseeassesseeassessee has made effectivehas made effectivehas made effectivehas made effective arrangement for TDS if chargeable under headarrangement for TDS if chargeable under headarrangement for TDS if chargeable under headarrangement for TDS if chargeable under head salariessalariessalariessalaries Lunawat & Co.
FORM 3CDFORM 3CDFORM 3CDFORM 3CD –––– CLAUSECLAUSECLAUSECLAUSE –––– 21(B)21(B)21(B)21(B) S. 40(a)(v)S. 40(a)(v)S. 40(a)(v)S. 40(a)(v) –––– Tax paid by employer u/sTax paid by employer u/sTax paid by employer u/sTax paid by employer u/s 10(10CC)10(10CC)10(10CC)10(10CC) Disallowance u/s 40A(3)Disallowance u/s 40A(3)Disallowance u/s 40A(3)Disallowance u/s 40A(3) No certificate required now.No certificate required now.No certificate required now.No certificate required now. However to be obtained and mention in 3CD & 3CBHowever to be obtained and mention in 3CD & 3CBHowever to be obtained and mention in 3CD & 3CBHowever to be obtained and mention in 3CD & 3CB Detail to be given:Detail to be given:Detail to be given:Detail to be given: Date of paymentDate of paymentDate of paymentDate of payment Nature of paymentNature of paymentNature of paymentNature of payment AmountAmountAmountAmount Name of PayeeName of PayeeName of PayeeName of Payee PAN (if available)PAN (if available)PAN (if available)PAN (if available) 40A(3A) also covered40A(3A) also covered40A(3A) also covered40A(3A) also covered –––– same detailssame detailssame detailssame details Lunawat & Co.
FORM 3CDFORM 3CDFORM 3CDFORM 3CD –––– CLAUSECLAUSECLAUSECLAUSE –––– 25252525 Profit chargeable u/s 41Profit chargeable u/s 41Profit chargeable u/s 41Profit chargeable u/s 41 –––– details required:details required:details required:details required: Name of person; Amount of income; relevant subName of person; Amount of income; relevant subName of person; Amount of income; relevant subName of person; Amount of income; relevant sub----sectionsectionsectionsection Description of transaction; Computation, if anyDescription of transaction; Computation, if anyDescription of transaction; Computation, if anyDescription of transaction; Computation, if any S. 41(1)(a)S. 41(1)(a)S. 41(1)(a)S. 41(1)(a) –––– Cessation of trading liability byCessation of trading liability byCessation of trading liability byCessation of trading liability by assesseeassesseeassesseeassessee S. 41(1)(b)S. 41(1)(b)S. 41(1)(b)S. 41(1)(b) ---- Cessation of tradingCessation of tradingCessation of tradingCessation of trading liabliabliabliab. by successor. by successor. by successor. by successor assesseeassesseeassesseeassessee S. 41(2)S. 41(2)S. 41(2)S. 41(2) –––– Balancing ChargeBalancing ChargeBalancing ChargeBalancing Charge S. 41(3)S. 41(3)S. 41(3)S. 41(3) –––– Asset used u/s 35 soldAsset used u/s 35 soldAsset used u/s 35 soldAsset used u/s 35 sold –––– to extent of deductionto extent of deductionto extent of deductionto extent of deduction claimedclaimedclaimedclaimed S. 41(4)S. 41(4)S. 41(4)S. 41(4) –––– Recovery of bad debtsRecovery of bad debtsRecovery of bad debtsRecovery of bad debts S. 41(4A)S. 41(4A)S. 41(4A)S. 41(4A) –––– Amount withdrawn from special reserve u/sAmount withdrawn from special reserve u/sAmount withdrawn from special reserve u/sAmount withdrawn from special reserve u/s 36(1)(viii)36(1)(viii)36(1)(viii)36(1)(viii) S. 41 (5)S. 41 (5)S. 41 (5)S. 41 (5) –––– After closure of business if income u/After closure of business if income u/After closure of business if income u/After closure of business if income u/ssssssss 1,3,4,1,3,4,1,3,4,1,3,4, 4A, then can be set off against loss4A, then can be set off against loss4A, then can be set off against loss4A, then can be set off against loss Lunawat & Co.
FORM 3CDFORM 3CDFORM 3CDFORM 3CD –––– CLAUSECLAUSECLAUSECLAUSE –––– 26262626 S. 43B. Amounts covered:S. 43B. Amounts covered:S. 43B. Amounts covered:S. 43B. Amounts covered: CST, VAT, Excise,CST, VAT, Excise,CST, VAT, Excise,CST, VAT, Excise, ServiceTaxServiceTaxServiceTaxServiceTax, Customs,, Customs,, Customs,, Customs, PropertytaxPropertytaxPropertytaxPropertytax etcetcetcetc SumSumSumSum payable as an employer by way of contributionpayable as an employer by way of contributionpayable as an employer by way of contributionpayable as an employer by way of contribution to anyto anyto anyto any PF orPF orPF orPF or superannuation fund or gratuity fundsuperannuation fund or gratuity fundsuperannuation fund or gratuity fundsuperannuation fund or gratuity fund etcetcetcetc BBBBonusonusonusonus or commission payableor commission payableor commission payableor commission payable bybybyby assesseeassesseeassesseeassessee to itsto itsto itsto its employees for services rendered, whereemployees for services rendered, whereemployees for services rendered, whereemployees for services rendered, where such sumsuch sumsuch sumsuch sum would not have been payable to him as profitswould not have been payable to him as profitswould not have been payable to him as profitswould not have been payable to him as profits ............ Interest on any loan from PFI, a state financialInterest on any loan from PFI, a state financialInterest on any loan from PFI, a state financialInterest on any loan from PFI, a state financial corporation or a statecorporation or a statecorporation or a statecorporation or a state indsindsindsinds. investment corp., Banks.. investment corp., Banks.. investment corp., Banks.. investment corp., Banks. Sum payable by theSum payable by theSum payable by theSum payable by the assesseeassesseeassesseeassessee as an employer in lieuas an employer in lieuas an employer in lieuas an employer in lieu of any leave at the credit of his employee.of any leave at the credit of his employee.of any leave at the credit of his employee.of any leave at the credit of his employee. Interest converted into loan. Allowed u/s 43B??Interest converted into loan. Allowed u/s 43B??Interest converted into loan. Allowed u/s 43B??Interest converted into loan. Allowed u/s 43B?? Lunawat & Co.
FORM 3CDFORM 3CDFORM 3CDFORM 3CD –––– CLAUSECLAUSECLAUSECLAUSE –––– 27(A)27(A)27(A)27(A) CENVAT CreditCENVAT CreditCENVAT CreditCENVAT Credit –––– reconcile with registers andreconcile with registers andreconcile with registers andreconcile with registers and booksbooksbooksbooks Lunawat & Co. CENVATCENVATCENVATCENVAT AmountAmountAmountAmount Treatment inTreatment inTreatment inTreatment in Profit & LossProfit & LossProfit & LossProfit & Loss /Accounts/Accounts/Accounts/Accounts Opening balanceOpening balanceOpening balanceOpening balance CENVAT AvailedCENVAT AvailedCENVAT AvailedCENVAT Availed CENVAT utilizedCENVAT utilizedCENVAT utilizedCENVAT utilized Closing/outstandingClosing/outstandingClosing/outstandingClosing/outstanding BalanceBalanceBalanceBalance
RELATED PARTYRELATED PARTYRELATED PARTYRELATED PARTY AccountingAccountingAccountingAccounting StandardsStandardsStandardsStandards AS 18AS 18AS 18AS 18 CompaniesCompaniesCompaniesCompanies ActActActAct S. 2(76)S. 2(76)S. 2(76)S. 2(76) S. 184S. 184S. 184S. 184 S. 188S. 188S. 188S. 188 Income TaxIncome TaxIncome TaxIncome Tax 40A(2)(b)40A(2)(b)40A(2)(b)40A(2)(b) Lunawat & Co.
FORM 3CDFORM 3CDFORM 3CDFORM 3CD –––– NEW CLAUSENEW CLAUSENEW CLAUSENEW CLAUSE ---- 28282828 DDDDetails of shares received without / inadequateetails of shares received without / inadequateetails of shares received without / inadequateetails of shares received without / inadequate consideration u/s 56(2)(consideration u/s 56(2)(consideration u/s 56(2)(consideration u/s 56(2)(viiaviiaviiaviia).).).). Is it for all assesses?Is it for all assesses?Is it for all assesses?Is it for all assesses? Take care of transactions not regarded as transfer for this purposeTake care of transactions not regarded as transfer for this purposeTake care of transactions not regarded as transfer for this purposeTake care of transactions not regarded as transfer for this purpose –––– 47 (via), (47 (via), (47 (via), (47 (via), (vicvicvicvic), (), (), (), (vicbvicbvicbvicb), (vid) & (vii)), (vid) & (vii)), (vid) & (vii)), (vid) & (vii) NotNotNotNot stated in Form,stated in Form,stated in Form,stated in Form, requiredrequiredrequiredrequired inininin UtilityUtilityUtilityUtility –––– Name of the person from whom shares are receivedName of the person from whom shares are receivedName of the person from whom shares are receivedName of the person from whom shares are received PAN, if availablePAN, if availablePAN, if availablePAN, if available Name of company whose shares are receivedName of company whose shares are receivedName of company whose shares are receivedName of company whose shares are received CINCINCINCIN No. of SharesNo. of SharesNo. of SharesNo. of Shares Amount of consideration paidAmount of consideration paidAmount of consideration paidAmount of consideration paid FMV of sharesFMV of sharesFMV of sharesFMV of shares IfIfIfIf without consideration, it may not be accounted in books.without consideration, it may not be accounted in books.without consideration, it may not be accounted in books.without consideration, it may not be accounted in books. Reporting to be made.Reporting to be made.Reporting to be made.Reporting to be made. Reporting only difference exceedsReporting only difference exceedsReporting only difference exceedsReporting only difference exceeds RsRsRsRs. 50K. 50K. 50K. 50K Lunawat & Co.
FORM 3CDFORM 3CDFORM 3CDFORM 3CD –––– NEW CLAUSENEW CLAUSENEW CLAUSENEW CLAUSE ---- 29292929 Details of consideration received in excess of fairDetails of consideration received in excess of fairDetails of consideration received in excess of fairDetails of consideration received in excess of fair value for issue of shares u/s 56(2)(value for issue of shares u/s 56(2)(value for issue of shares u/s 56(2)(value for issue of shares u/s 56(2)(viibviibviibviib)))) –––– only foronly foronly foronly for companiescompaniescompaniescompanies Details not given in Form, but in Utility:Details not given in Form, but in Utility:Details not given in Form, but in Utility:Details not given in Form, but in Utility: Name of the person from whomName of the person from whomName of the person from whomName of the person from whom consideration receivedconsideration receivedconsideration receivedconsideration received for issue of sharesfor issue of sharesfor issue of sharesfor issue of shares PAN, if availablePAN, if availablePAN, if availablePAN, if available NoNoNoNo. of. of. of. of Shares receivedShares receivedShares receivedShares received Amount of considerationAmount of considerationAmount of considerationAmount of consideration receivedreceivedreceivedreceived FMV ofFMV ofFMV ofFMV of sharessharessharesshares Would anything be reported under this?Would anything be reported under this?Would anything be reported under this?Would anything be reported under this? Use SA 620Use SA 620Use SA 620Use SA 620 –––– Using the work of an Auditor’s ExpertUsing the work of an Auditor’s ExpertUsing the work of an Auditor’s ExpertUsing the work of an Auditor’s Expert Lunawat & Co.
CLAUSE 31CLAUSE 31CLAUSE 31CLAUSE 31 ---- S. 269SS/TS. 269SS/TS. 269SS/TS. 269SS/T Advance against immovable property in cash forAdvance against immovable property in cash forAdvance against immovable property in cash forAdvance against immovable property in cash for RsRsRsRs.... 20000/20000/20000/20000/---- covered? Reportable in Form 3CD?covered? Reportable in Form 3CD?covered? Reportable in Form 3CD?covered? Reportable in Form 3CD? Yes, NoYes, NoYes, NoYes, No Loan received by NEFT / RTGS??Loan received by NEFT / RTGS??Loan received by NEFT / RTGS??Loan received by NEFT / RTGS?? NoNoNoNo Share application money advance??Share application money advance??Share application money advance??Share application money advance?? No if adequate documentsNo if adequate documentsNo if adequate documentsNo if adequate documents Sale proceeds collected by selling agent?Sale proceeds collected by selling agent?Sale proceeds collected by selling agent?Sale proceeds collected by selling agent? NoNoNoNo Advance received against sale of goods?? CompaniesAdvance received against sale of goods?? CompaniesAdvance received against sale of goods?? CompaniesAdvance received against sale of goods?? Companies Act 2013??Act 2013??Act 2013??Act 2013?? NoNoNoNo Lunawat & Co.
CLAUSE 31CLAUSE 31CLAUSE 31CLAUSE 31 ---- S. 269SS/TS. 269SS/TS. 269SS/TS. 269SS/T ABC P. Ltd receives cash fromABC P. Ltd receives cash fromABC P. Ltd receives cash fromABC P. Ltd receives cash from Mr. A anMr. A anMr. A anMr. A an agriculturist?agriculturist?agriculturist?agriculturist? YesYesYesYes Security deposit received against contracts?Security deposit received against contracts?Security deposit received against contracts?Security deposit received against contracts? YesYesYesYes –––– depositdepositdepositdeposit Amount retained byAmount retained byAmount retained byAmount retained by contracteecontracteecontracteecontractee againstagainstagainstagainst performance??performance??performance??performance?? No as amount not receivedNo as amount not receivedNo as amount not receivedNo as amount not received ABC P. Ltd repays loan payable on demand in cash?ABC P. Ltd repays loan payable on demand in cash?ABC P. Ltd repays loan payable on demand in cash?ABC P. Ltd repays loan payable on demand in cash? NoNoNoNo Loan in name of Mr A transferred in name of Mr BLoan in name of Mr A transferred in name of Mr BLoan in name of Mr A transferred in name of Mr BLoan in name of Mr A transferred in name of Mr B by accounting entry?by accounting entry?by accounting entry?by accounting entry? YesYesYesYes Lunawat & Co.
FORM 3CDFORM 3CDFORM 3CDFORM 3CD –––– AMENDMENTAMENDMENTAMENDMENTAMENDMENT ---- 34343434 TDSTDSTDSTDS –––– TotalTotalTotalTotal revamped.revamped.revamped.revamped. TCS added.TCS added.TCS added.TCS added. Reconcile it with:Reconcile it with:Reconcile it with:Reconcile it with: TDS ReturnsTDS ReturnsTDS ReturnsTDS Returns Financial StatementsFinancial StatementsFinancial StatementsFinancial Statements Clause 21(b)Clause 21(b)Clause 21(b)Clause 21(b) –––– 40(a) / 40(40(a) / 40(40(a) / 40(40(a) / 40(iaiaiaia)))) 34(a) if required to34(a) if required to34(a) if required to34(a) if required to deduct or collect taxdeduct or collect taxdeduct or collect taxdeduct or collect tax as peras peras peras per provisions of Chapter XVIIB or XVIIBB furnish:provisions of Chapter XVIIB or XVIIBB furnish:provisions of Chapter XVIIB or XVIIBB furnish:provisions of Chapter XVIIB or XVIIBB furnish: 1.1.1.1. TANTANTANTAN 2.2.2.2. SectionSectionSectionSection 3.3.3.3. Nature of payment or receiptNature of payment or receiptNature of payment or receiptNature of payment or receipt Lunawat & Co.
FORM 3CDFORM 3CDFORM 3CDFORM 3CD –––– AMENDMENTAMENDMENTAMENDMENTAMENDMENT ---- 34343434 34343434 ((((b)b)b)b) –––– If TDSIf TDSIf TDSIf TDS / TCS/ TCS/ TCS/ TCS StatementStatementStatementStatement notnotnotnot furnishedfurnishedfurnishedfurnished within prescribedwithin prescribedwithin prescribedwithin prescribed timetimetimetime,,,, furnish:furnish:furnish:furnish: TANTANTANTAN Type of FormType of FormType of FormType of Form Due date of furnishingDue date of furnishingDue date of furnishingDue date of furnishing Date of furnishing, if furnishedDate of furnishing, if furnishedDate of furnishing, if furnishedDate of furnishing, if furnished WhetherWhetherWhetherWhether thethethethe TDS / TCS StatementTDS / TCS StatementTDS / TCS StatementTDS / TCS Statement contains informationcontains informationcontains informationcontains information about all transactionsabout all transactionsabout all transactionsabout all transactions whichwhichwhichwhich are required toare required toare required toare required to bebebebe reportedreportedreportedreported –––– Transporters???Transporters???Transporters???Transporters??? –––– yes / no??yes / no??yes / no??yes / no?? Lunawat & Co.
FORM 3CDFORM 3CDFORM 3CDFORM 3CD –––– AMENDMENTAMENDMENTAMENDMENTAMENDMENT ---- 34343434 4.4.4.4. TotalTotalTotalTotal amount of payment or receipt specified in 3amount of payment or receipt specified in 3amount of payment or receipt specified in 3amount of payment or receipt specified in 3 5.5.5.5. Total amount on which tax was required to beTotal amount on which tax was required to beTotal amount on which tax was required to beTotal amount on which tax was required to be deducted / collected under 4deducted / collected under 4deducted / collected under 4deducted / collected under 4 6.6.6.6. Total amount on which tax was deducted / collected atTotal amount on which tax was deducted / collected atTotal amount on which tax was deducted / collected atTotal amount on which tax was deducted / collected at specified rate out ofspecified rate out ofspecified rate out ofspecified rate out of 5555 7.7.7.7. AmountAmountAmountAmount of tax deducted or collected out ofof tax deducted or collected out ofof tax deducted or collected out ofof tax deducted or collected out of 6666 8.8.8.8. Amount on which tax was deducted / collected at lessAmount on which tax was deducted / collected at lessAmount on which tax was deducted / collected at lessAmount on which tax was deducted / collected at less than specified rate out of 7than specified rate out of 7than specified rate out of 7than specified rate out of 7 9.9.9.9. Amount of tax deducted or collected on 8Amount of tax deducted or collected on 8Amount of tax deducted or collected on 8Amount of tax deducted or collected on 8 10.10.10.10. Amount of tax deducted or collected but not depositedAmount of tax deducted or collected but not depositedAmount of tax deducted or collected but not depositedAmount of tax deducted or collected but not deposited out of 6 & 8out of 6 & 8out of 6 & 8out of 6 & 8 Lunawat & Co.
TDS EXAMPLETDS EXAMPLETDS EXAMPLETDS EXAMPLE SectionSectionSectionSection (2)(2)(2)(2) NatureNatureNatureNature ofofofof PaymenPaymenPaymenPaymen tttt (3)(3)(3)(3) TotalTotalTotalTotal amtamtamtamt ofofofof paymenpaymenpaymenpaymen t ort ort ort or receiptreceiptreceiptreceipt (4)(4)(4)(4) TotalTotalTotalTotal amtamtamtamt onononon whichwhichwhichwhich tax wastax wastax wastax was requiredrequiredrequiredrequired to beto beto beto be deductedeductedeductededucte d out ofd out ofd out ofd out of 4444 (5)(5)(5)(5) TotalTotalTotalTotal amtamtamtamt onononon whichwhichwhichwhich tax wastax wastax wastax was deddeddedded. /. /. /. / coll.coll.coll.coll. atatatat specifiespecifiespecifiespecifie d rated rated rated rate out of 5out of 5out of 5out of 5 (6)(6)(6)(6) AmouAmouAmouAmou nt ofnt ofnt ofnt of taxtaxtaxtax deductdeductdeductdeduct ed outed outed outed out of 6of 6of 6of 6 (7)(7)(7)(7) AmtAmtAmtAmt onononon which taxwhich taxwhich taxwhich tax waswaswaswas deddeddedded.... //// collcollcollcoll/ at/ at/ at/ at < than< than< than< than specifiedspecifiedspecifiedspecified rate outrate outrate outrate out of 7of 7of 7of 7 (8)(8)(8)(8) AmountAmountAmountAmount of taxof taxof taxof tax deductedeductedeductededucte d ord ord ord or collectecollectecollectecollecte d on 8d on 8d on 8d on 8 (9)(9)(9)(9) AmtAmtAmtAmt ofofofof taxtaxtaxtax deddeddedded.... or coll.or coll.or coll.or coll. but notbut notbut notbut not depositdepositdepositdeposit ed outed outed outed out of 6 & 8of 6 & 8of 6 & 8of 6 & 8 (10)(10)(10)(10) 194 C194 C194 C194 C TptTptTptTpt.... 15 Cr15 Cr15 Cr15 Cr 0000 0000 0000 0000 0000 0000 194 C194 C194 C194 C Cont.Cont.Cont.Cont. 25 L25 L25 L25 L 15 L15 L15 L15 L 10 L10 L10 L10 L 10000100001000010000 5555 LacsLacsLacsLacs 5000500050005000 0000 194A194A194A194A InttInttInttIntt.... 5555 CrsCrsCrsCrs 6666 LacsLacsLacsLacs 5555 LacsLacsLacsLacs 50K50K50K50K 1111 LacLacLacLac 5000500050005000 0000 194I194I194I194I RentRentRentRent 25 L25 L25 L25 L 20 L20 L20 L20 L 15 L15 L15 L15 L 1.5 L1.5 L1.5 L1.5 L 5 L5 L5 L5 L 10000100001000010000 10000100001000010000 194J194J194J194J FTSFTSFTSFTS 1 L1 L1 L1 L 1 L1 L1 L1 L 0000 0000 0000 0000 0000 Lunawat & Co.
FORM 3CDFORM 3CDFORM 3CDFORM 3CD –––– AMENDMENTAMENDMENTAMENDMENTAMENDMENT ---- 34343434 34343434 (c)(c)(c)(c) –––– Whether theWhether theWhether theWhether the assesseeassesseeassesseeassessee is liable to payis liable to payis liable to payis liable to pay u/s 201(1A) or section 206C(7), if yes, pleaseu/s 201(1A) or section 206C(7), if yes, pleaseu/s 201(1A) or section 206C(7), if yes, pleaseu/s 201(1A) or section 206C(7), if yes, please furnish :furnish :furnish :furnish :---- Lunawat & Co. TANTANTANTAN Amount ofAmount ofAmount ofAmount of Interest PayableInterest PayableInterest PayableInterest Payable Amount paidAmount paidAmount paidAmount paid out of Col. (2)out of Col. (2)out of Col. (2)out of Col. (2) Date ofDate ofDate ofDate of PaymentPaymentPaymentPayment (1)(1)(1)(1) (2)(2)(2)(2) (3)(3)(3)(3) (4)(4)(4)(4) NA.NA.NA.NA. Check TRACESCheck TRACESCheck TRACESCheck TRACES
FORM 3CDFORM 3CDFORM 3CDFORM 3CD –––– NEW CLAUSESNEW CLAUSESNEW CLAUSESNEW CLAUSES 39393939 ---- DDDDetailsetailsetailsetails, if any, of disqualification, if any, of disqualification, if any, of disqualification, if any, of disqualification orororor disagreementdisagreementdisagreementdisagreement on anyon anyon anyon any matter / item /matter / item /matter / item /matter / item / value / quantityvalue / quantityvalue / quantityvalue / quantity as mayas mayas mayas may be reported /be reported /be reported /be reported / identifiedidentifiedidentifiedidentified by theby theby theby the auditor in audit under s.auditor in audit under s.auditor in audit under s.auditor in audit under s. 72A72A72A72A –––– service taxservice taxservice taxservice tax 41414141 ---- DDDDetailsetailsetailsetails of demand raisedof demand raisedof demand raisedof demand raised //// refundrefundrefundrefund issued underissued underissued underissued under any tax laws other thanany tax laws other thanany tax laws other thanany tax laws other than IT &IT &IT &IT & WT with relevant proceedingsWT with relevant proceedingsWT with relevant proceedingsWT with relevant proceedings Lunawat & Co.
REVIEWINGREVIEWINGREVIEWINGREVIEWING StatutoryStatutoryStatutoryStatutory audit reportaudit reportaudit reportaudit report qualification,qualification,qualification,qualification, notes to accounts, adverse remarksnotes to accounts, adverse remarksnotes to accounts, adverse remarksnotes to accounts, adverse remarks andandandand disclaimers in reportdisclaimers in reportdisclaimers in reportdisclaimers in report QualificationsQualificationsQualificationsQualifications inininin costcostcostcost auditauditauditaudit reportreportreportreport AuditAuditAuditAudit u/su/su/su/s 72727272AAAA ofofofof serviceserviceserviceservice taxtaxtaxtax DemandDemandDemandDemand raisedraisedraisedraised orororor refundrefundrefundrefund issuedissuedissuedissued inininin anyanyanyany lawlawlawlaw.... OnlineOnlineOnlineOnline compliancecompliancecompliancecompliance websiteswebsiteswebsiteswebsites forforforfor dues,dues,dues,dues, compliances,compliances,compliances,compliances, etcetcetcetc Lunawat & Co.
DISCLAIMERSDISCLAIMERSDISCLAIMERSDISCLAIMERS It is not possible to verify whether the taking orIt is not possible to verify whether the taking orIt is not possible to verify whether the taking orIt is not possible to verify whether the taking or accepting of loan or deposit or repayment of theaccepting of loan or deposit or repayment of theaccepting of loan or deposit or repayment of theaccepting of loan or deposit or repayment of the same have been made otherwise than by accountsame have been made otherwise than by accountsame have been made otherwise than by accountsame have been made otherwise than by account payeepayeepayeepayee chequechequechequecheque or bank draft as necessary evidence isor bank draft as necessary evidence isor bank draft as necessary evidence isor bank draft as necessary evidence is not in the possession of thenot in the possession of thenot in the possession of thenot in the possession of the assesseeassesseeassesseeassessee.... We have verified the compliance with the provisionsWe have verified the compliance with the provisionsWe have verified the compliance with the provisionsWe have verified the compliance with the provisions of Chapter XVIIof Chapter XVIIof Chapter XVIIof Chapter XVII----B and XVIIB and XVIIB and XVIIB and XVII----BB regarding deduction /BB regarding deduction /BB regarding deduction /BB regarding deduction / collection of tax at source and regarding the paymentcollection of tax at source and regarding the paymentcollection of tax at source and regarding the paymentcollection of tax at source and regarding the payment thereof to the credit of the Central Government inthereof to the credit of the Central Government inthereof to the credit of the Central Government inthereof to the credit of the Central Government in accordance with the Auditing Standards generallyaccordance with the Auditing Standards generallyaccordance with the Auditing Standards generallyaccordance with the Auditing Standards generally accepted in India which include test checks and theaccepted in India which include test checks and theaccepted in India which include test checks and theaccepted in India which include test checks and the concept of materialityconcept of materialityconcept of materialityconcept of materiality ………….... Lunawat & Co.
AUDIT PROCEDUREAUDIT PROCEDUREAUDIT PROCEDUREAUDIT PROCEDURE AppointmentAppointmentAppointmentAppointment Engagement LetterEngagement LetterEngagement LetterEngagement Letter Understanding of ClientUnderstanding of ClientUnderstanding of ClientUnderstanding of Client Understanding the EngagementUnderstanding the EngagementUnderstanding the EngagementUnderstanding the Engagement AuthorizationsAuthorizationsAuthorizationsAuthorizations ConfirmationsConfirmationsConfirmationsConfirmations Management RepresentationsManagement RepresentationsManagement RepresentationsManagement Representations CertificatesCertificatesCertificatesCertificates ReportsReportsReportsReports Lunawat & Co.
Lunawat & Co.
Lunawat & Co.
CA. Pramod JainCA. Pramod JainCA. Pramod JainCA. Pramod Jain pramodjain@lunawat.compramodjain@lunawat.compramodjain@lunawat.compramodjain@lunawat.com +91 9811073867+91 9811073867+91 9811073867+91 9811073867 © 2016 CA. Pramod Jain, Lunawat & Co
CA. Pramod JainCA. Pramod JainCA. Pramod JainCA. Pramod Jain pramodjain@lunawat.compramodjain@lunawat.compramodjain@lunawat.compramodjain@lunawat.com +91 9811073867+91 9811073867+91 9811073867+91 9811073867 © 2016 CA. Pramod Jain, Lunawat & Co

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Tax audit

  • 1.
    CA. PRAMOD JAIN FCA,FCS, FCMA, LL.B, MIMA, DISA CA. PRAMOD JAIN FCA, FCS, FCMA, LL.B, MIMA, DISA LUNAWAT & CO. Chartered AccountantsChartered AccountantsChartered AccountantsChartered Accountants LUNAWAT & CO. Chartered AccountantsChartered AccountantsChartered AccountantsChartered Accountants 20202020thththth August 2016, BhopalAugust 2016, BhopalAugust 2016, BhopalAugust 2016, Bhopal20202020thththth August 2016, BhopalAugust 2016, BhopalAugust 2016, BhopalAugust 2016, Bhopal
  • 2.
    WHAT IS TAXAUDIT??WHAT IS TAX AUDIT??WHAT IS TAX AUDIT??WHAT IS TAX AUDIT?? S. 10 (23C) (iv), (v), (vi) or (via),S. 10 (23C) (iv), (v), (vi) or (via),S. 10 (23C) (iv), (v), (vi) or (via),S. 10 (23C) (iv), (v), (vi) or (via), Section 10A,Section 10A,Section 10A,Section 10A, Section 12A(1)(b),Section 12A(1)(b),Section 12A(1)(b),Section 12A(1)(b), Section 44ABSection 44ABSection 44ABSection 44AB Section 80Section 80Section 80Section 80----IA,IA,IA,IA, Section 80Section 80Section 80Section 80----IB,IB,IB,IB, Section 80Section 80Section 80Section 80----IC,IC,IC,IC, Section 80Section 80Section 80Section 80----ID,ID,ID,ID, Section 80JJAA,Section 80JJAA,Section 80JJAA,Section 80JJAA, Section 80LA,Section 80LA,Section 80LA,Section 80LA, Section 92ESection 92ESection 92ESection 92E Section 115JBSection 115JBSection 115JBSection 115JB Lunawat & Co.
  • 3.
    LEGISLATION ON TARAY 2016LEGISLATION ON TAR AY 2016LEGISLATION ON TAR AY 2016LEGISLATION ON TAR AY 2016----17171717 •BusinessBusinessBusinessBusiness –––– exceeds 1 Croreexceeds 1 Croreexceeds 1 Croreexceeds 1 Crore •ProfessionProfessionProfessionProfession –––– exceeds 25 Lacsexceeds 25 Lacsexceeds 25 Lacsexceeds 25 Lacs •Business u/s 44AD; deemed profit < 8% and TI >ANCTBusiness u/s 44AD; deemed profit < 8% and TI >ANCTBusiness u/s 44AD; deemed profit < 8% and TI >ANCTBusiness u/s 44AD; deemed profit < 8% and TI >ANCT •Business u/s 44AE / 44BB / 44BBB; income is <Business u/s 44AE / 44BB / 44BBB; income is <Business u/s 44AE / 44BB / 44BBB; income is <Business u/s 44AE / 44BB / 44BBB; income is < deemed profitsdeemed profitsdeemed profitsdeemed profits S. 44ABS. 44ABS. 44ABS. 44AB •Prescribing the Forms for Report u/sPrescribing the Forms for Report u/sPrescribing the Forms for Report u/sPrescribing the Forms for Report u/s 44AB44AB44AB44ABRule 6GRule 6GRule 6GRule 6G • Report in case of a person who is required toReport in case of a person who is required toReport in case of a person who is required toReport in case of a person who is required to get his A/get his A/get his A/get his A/cscscscs audited under any lawaudited under any lawaudited under any lawaudited under any lawForm 3CAForm 3CAForm 3CAForm 3CA •Report in any other caseReport in any other caseReport in any other caseReport in any other caseForm 3CBForm 3CBForm 3CBForm 3CB •Particulars as required u/F 3CA orParticulars as required u/F 3CA orParticulars as required u/F 3CA orParticulars as required u/F 3CA or 3CB3CB3CB3CBForm 3CDForm 3CDForm 3CDForm 3CD Lunawat & Co.
  • 4.
    TAR CEILINGTAR CEILINGTARCEILINGTAR CEILING ICAI clarified in 2011 that auditICAI clarified in 2011 that auditICAI clarified in 2011 that auditICAI clarified in 2011 that audit prescribed under any statute (like DVAT,prescribed under any statute (like DVAT,prescribed under any statute (like DVAT,prescribed under any statute (like DVAT, 2004), not covered2004), not covered2004), not covered2004), not covered 44AD / 44AE audit not covered in limit44AD / 44AE audit not covered in limit44AD / 44AE audit not covered in limit44AD / 44AE audit not covered in limit Lunawat & Co. 30 45 60
  • 5.
    APPLICABILITY OF 44AD/44AB FOR AY 2016APPLICABILITY OF 44AD /44AB FOR AY 2016APPLICABILITY OF 44AD /44AB FOR AY 2016APPLICABILITY OF 44AD /44AB FOR AY 2016----17171717 • ADADADAD ---- NoNoNoNo • ABABABAB ---- YesYesYesYes Mfg.Mfg.Mfg.Mfg. ---- TurnoverTurnoverTurnoverTurnover –––– 120L; NP120L; NP120L; NP120L; NP ----5L; 805L; 805L; 805L; 80----IAIAIAIA –––– 3 L; TI3 L; TI3 L; TI3 L; TI---- 2.40L2.40L2.40L2.40L • ADADADAD ---- NoNoNoNo • ABABABAB ---- YesYesYesYes TradingTradingTradingTrading---- TurnoverTurnoverTurnoverTurnover –––– 110L; NP110L; NP110L; NP110L; NP ----3L; Architect3L; Architect3L; Architect3L; Architect –––– FeeFeeFeeFee –––– 30 L; NP30 L; NP30 L; NP30 L; NP---- 5 L; TI5 L; TI5 L; TI5 L; TI----7L7L7L7L • ADADADAD ---- NoNoNoNo • ABABABAB ---- YesYesYesYes DoctorDoctorDoctorDoctor –––– Trading TurnoverTrading TurnoverTrading TurnoverTrading Turnover –––– 80L80L80L80L ---- NPNPNPNP –––– 3L; Fee3L; Fee3L; Fee3L; Fee –––– 27 L27 L27 L27 L –––– NP 5 L; TINP 5 L; TINP 5 L; TINP 5 L; TI---- 8 L8 L8 L8 L • ADADADAD ---- NoNoNoNo • ABABABAB ---- YesYesYesYes TradingTradingTradingTrading –––– TurnoverTurnoverTurnoverTurnover –––– 150 L; NP 1.5 L150 L; NP 1.5 L150 L; NP 1.5 L150 L; NP 1.5 L –––– DoesDoesDoesDoes not file ITRnot file ITRnot file ITRnot file ITR Lunawat & Co.
  • 6.
    •ADADADAD ---- NoNoNoNo •ABABABAB---- NoNoNoNo Trading; TurnoverTrading; TurnoverTrading; TurnoverTrading; Turnover –––– 50L; NP50L; NP50L; NP50L; NP –––– 3L; TI3L; TI3L; TI3L; TI---- ((((----)1.5L.)1.5L.)1.5L.)1.5L. Files ITRFiles ITRFiles ITRFiles ITR •ADADADAD ---- NoNoNoNo •ABABABAB ---- NoNoNoNo Manufacturing; TurnoverManufacturing; TurnoverManufacturing; TurnoverManufacturing; Turnover –––– 80L; NP80L; NP80L; NP80L; NP ---- 9L;9L;9L;9L; 80IC80IC80IC80IC ---- 4L; TI4L; TI4L; TI4L; TI----4L4L4L4L •ADADADAD ---- NoNoNoNo •ABABABAB ---- YesYesYesYes MfgMfgMfgMfg –––– TOTOTOTO –––– 40 L, NP40 L, NP40 L, NP40 L, NP –––– 1 L; Trading1 L; Trading1 L; Trading1 L; Trading----TOTOTOTO –––– 40404040 L, NPL, NPL, NPL, NP----1 L; Exports1 L; Exports1 L; Exports1 L; Exports –––– TOTOTOTO –––– 50 L, NP50 L, NP50 L, NP50 L, NP –––– 1 L1 L1 L1 L •ADADADAD –––– NoNoNoNo •ABABABAB ---- NoNoNoNo Trading; TurnoverTrading; TurnoverTrading; TurnoverTrading; Turnover ----60L; Commission60L; Commission60L; Commission60L; Commission ---- 2L; NP2L; NP2L; NP2L; NP---- 3L; TI 4L3L; TI 4L3L; TI 4L3L; TI 4L Lunawat & Co. APPLICABILITY OF 44AD /44AB FOR AY 2016APPLICABILITY OF 44AD /44AB FOR AY 2016APPLICABILITY OF 44AD /44AB FOR AY 2016APPLICABILITY OF 44AD /44AB FOR AY 2016----17171717
  • 7.
    APPLICABILITY OF 44AD/ 44AB FOR AY 2016APPLICABILITY OF 44AD / 44AB FOR AY 2016APPLICABILITY OF 44AD / 44AB FOR AY 2016APPLICABILITY OF 44AD / 44AB FOR AY 2016----17171717 ManufactManufactManufactManufact uringuringuringuring –––– 80L ; NP80L ; NP80L ; NP80L ; NP –––– 8L8L8L8L TradingTradingTradingTrading –––– 25 L ; NP25 L ; NP25 L ; NP25 L ; NP---- 3 L3 L3 L3 L CommissiCommissiCommissiCommissi onononon –––– 2 L;2 L;2 L;2 L; NPNPNPNP---- 1L1L1L1L ProfessioProfessioProfessioProfessio nnnn –––– 21 L ;21 L ;21 L ;21 L ; NPNPNPNP –––– 5 L5 L5 L5 L Lunawat & Co.
  • 8.
    Lunawat & Co. SECTION44AB CHANGESSECTION 44AB CHANGESSECTION 44AB CHANGESSECTION 44AB CHANGES–––– AY 2017AY 2017AY 2017AY 2017----18181818 • 44AB limit for profession increased to 50Lacs44AB limit for profession increased to 50Lacs44AB limit for profession increased to 50Lacs44AB limit for profession increased to 50Lacs • Audit of professionals below fifty lacs if receiptAudit of professionals below fifty lacs if receiptAudit of professionals below fifty lacs if receiptAudit of professionals below fifty lacs if receipt below 50 Lacs and s. 44ADA benefit not takenbelow 50 Lacs and s. 44ADA benefit not takenbelow 50 Lacs and s. 44ADA benefit not takenbelow 50 Lacs and s. 44ADA benefit not taken • If benefit u/s 44AD not claimed in 1 year thenIf benefit u/s 44AD not claimed in 1 year thenIf benefit u/s 44AD not claimed in 1 year thenIf benefit u/s 44AD not claimed in 1 year then cannot claim in next 5 years. In such case tocannot claim in next 5 years. In such case tocannot claim in next 5 years. In such case tocannot claim in next 5 years. In such case to maintain books if income exceeds maximummaintain books if income exceeds maximummaintain books if income exceeds maximummaintain books if income exceeds maximum amount not chargeable to taxamount not chargeable to taxamount not chargeable to taxamount not chargeable to tax • Provision for assesses covered u/s 44AD(4)Provision for assesses covered u/s 44AD(4)Provision for assesses covered u/s 44AD(4)Provision for assesses covered u/s 44AD(4)
  • 9.
    APPLICABILITYAPPLICABILITYAPPLICABILITYAPPLICABILITY----44AD /44AB FORAY 201744AD /44AB FOR AY 201744AD /44AB FOR AY 201744AD /44AB FOR AY 2017----18181818 •Y/N AY 2017AY 2017AY 2017AY 2017----18181818 –––– TTTT –––– RsRsRsRs. 120 Lacs . P. 120 Lacs . P. 120 Lacs . P. 120 Lacs . P –––– 10 L, TI10 L, TI10 L, TI10 L, TI –––– 9 L9 L9 L9 L •N/Y AY 2018AY 2018AY 2018AY 2018----19191919 –––– TTTT –––– RsRsRsRs. 120 Lacs . P. 120 Lacs . P. 120 Lacs . P. 120 Lacs . P –––– 8 L, TI8 L, TI8 L, TI8 L, TI –––– 6 L6 L6 L6 L •N/Y AY 2019AY 2019AY 2019AY 2019----20202020 –––– TTTT –––– RsRsRsRs. 70 Lacs . P. 70 Lacs . P. 70 Lacs . P. 70 Lacs . P –––– 10 L, TI10 L, TI10 L, TI10 L, TI –––– 9 L9 L9 L9 L •N/N AY 2020AY 2020AY 2020AY 2020----21212121 –––– TTTT –––– RsRsRsRs. 60 Lacs . P. 60 Lacs . P. 60 Lacs . P. 60 Lacs . P –––– 10 L, TI10 L, TI10 L, TI10 L, TI –––– 2 L2 L2 L2 L Lunawat & Co.
  • 10.
  • 11.
    WHO CAN CONDUCTAUDITWHO CAN CONDUCT AUDITWHO CAN CONDUCT AUDITWHO CAN CONDUCT AUDIT W.e.fW.e.fW.e.fW.e.f. 1. 1. 1. 1stststst June 2015June 2015June 2015June 2015 AccountantAccountantAccountantAccountant as defined in Explanationas defined in Explanationas defined in Explanationas defined in Explanation below S. 288 (2)below S. 288 (2)below S. 288 (2)below S. 288 (2) AAAA CCCChartered Accountanthartered Accountanthartered Accountanthartered Accountant as defined inas defined inas defined inas defined in sectionsectionsectionsection 2222 (1) (b) of(1) (b) of(1) (b) of(1) (b) of the Charteredthe Charteredthe Charteredthe Chartered Accountants Act, 1949 who holds a validAccountants Act, 1949 who holds a validAccountants Act, 1949 who holds a validAccountants Act, 1949 who holds a valid certificate of practicecertificate of practicecertificate of practicecertificate of practice u/su/su/su/s 6666 (1) of(1) of(1) of(1) of thatthatthatthat ActActActAct CA in practice (can represent)CA in practice (can represent)CA in practice (can represent)CA in practice (can represent) Lunawat & Co.
  • 12.
    QUALIFICATIONQUALIFICATIONQUALIFICATIONQUALIFICATION ---- CACACACA T.D.T.D.T.D.T.D.VenkataVenkataVenkataVenkata Rao v. Union of India [1999]Rao v. Union of India [1999]Rao v. Union of India [1999]Rao v. Union of India [1999] 237 ITR 315 (SC237 ITR 315 (SC237 ITR 315 (SC237 ITR 315 (SC):):):): CharteredCharteredCharteredChartered Accountants, by reason of their trainingAccountants, by reason of their trainingAccountants, by reason of their trainingAccountants, by reason of their training have special aptitude in the matter of audits. It ishave special aptitude in the matter of audits. It ishave special aptitude in the matter of audits. It ishave special aptitude in the matter of audits. It is reasonable that they, who form a class byreasonable that they, who form a class byreasonable that they, who form a class byreasonable that they, who form a class by themselves, should be required to audit the accountsthemselves, should be required to audit the accountsthemselves, should be required to audit the accountsthemselves, should be required to audit the accounts of businesses…. There is no material on record andof businesses…. There is no material on record andof businesses…. There is no material on record andof businesses…. There is no material on record and indeed in our view, there cannot be that an incomeindeed in our view, there cannot be that an incomeindeed in our view, there cannot be that an incomeindeed in our view, there cannot be that an income---- tax practitioner has the same expertise as charteredtax practitioner has the same expertise as charteredtax practitioner has the same expertise as charteredtax practitioner has the same expertise as chartered accountants in the matter of accounts. …and it mustaccountants in the matter of accounts. …and it mustaccountants in the matter of accounts. …and it mustaccountants in the matter of accounts. …and it must be pointed out that these incomebe pointed out that these incomebe pointed out that these incomebe pointed out that these income----tax practitionerstax practitionerstax practitionerstax practitioners are still entitled to be authorised representatives ofare still entitled to be authorised representatives ofare still entitled to be authorised representatives ofare still entitled to be authorised representatives of assesseesassesseesassesseesassessees.” Lunawat & Co.
  • 13.
  • 14.
    DISQUALIFICATIONDISQUALIFICATIONDISQUALIFICATIONDISQUALIFICATION –––– OTHERSOTHERSOTHERSOTHERS AssesseeAssesseeAssesseeAssesseehimselfhimselfhimselfhimself InInInIn case ofcase ofcase ofcase of aaaa firmfirmfirmfirm ---- any partner of theany partner of theany partner of theany partner of the firmfirmfirmfirm In case of AOPIn case of AOPIn case of AOPIn case of AOP ---- membermembermembermember of the associationof the associationof the associationof the association In case of HUFIn case of HUFIn case of HUFIn case of HUF ---- member of the familymember of the familymember of the familymember of the family PersonPersonPersonPerson referred to inreferred to inreferred to inreferred to in section 13(3)(a),(b),(c),section 13(3)(a),(b),(c),section 13(3)(a),(b),(c),section 13(3)(a),(b),(c), (cc);(cc);(cc);(cc); Relative of any of above personsRelative of any of above personsRelative of any of above personsRelative of any of above persons Other than above, personOther than above, personOther than above, personOther than above, person who is competentwho is competentwho is competentwho is competent to verifyto verifyto verifyto verify return u/s 139/140;return u/s 139/140;return u/s 139/140;return u/s 139/140; OfficerOfficerOfficerOfficer or employee ofor employee ofor employee ofor employee of assesseeassesseeassesseeassessee;;;; Lunawat & Co.
  • 15.
    RELATIVERELATIVERELATIVERELATIVE –––– INCOMETAX AUDITORINCOME TAX AUDITORINCOME TAX AUDITORINCOME TAX AUDITOR SSSSpousepousepousepouse of the individual;of the individual;of the individual;of the individual; BBBBrotherrotherrotherrother or sister of the individual;or sister of the individual;or sister of the individual;or sister of the individual; BBBBrotherrotherrotherrother or sister of the spouse of the individual;or sister of the spouse of the individual;or sister of the spouse of the individual;or sister of the spouse of the individual; AAAAnynynyny lineal ascendant or descendant of thelineal ascendant or descendant of thelineal ascendant or descendant of thelineal ascendant or descendant of the individual;individual;individual;individual; AAAAnynynyny lineal ascendant or descendant of thelineal ascendant or descendant of thelineal ascendant or descendant of thelineal ascendant or descendant of the spouse of the individual;spouse of the individual;spouse of the individual;spouse of the individual; SSSSpousepousepousepouse of a person referredof a person referredof a person referredof a person referred aboveaboveaboveabove AAAAnynynyny lineal descendant of a brother or sister oflineal descendant of a brother or sister oflineal descendant of a brother or sister oflineal descendant of a brother or sister of either the individual or ofeither the individual or ofeither the individual or ofeither the individual or of spouse of individualspouse of individualspouse of individualspouse of individual Lunawat & Co.
  • 16.
    DISQUALIFICATIONSDISQUALIFICATIONSDISQUALIFICATIONSDISQUALIFICATIONS ---- OTHERSOTHERSOTHERSOTHERS WWWWhohohohois a partner, or who is in employment, of anis a partner, or who is in employment, of anis a partner, or who is in employment, of anis a partner, or who is in employment, of an officer or employee ofofficer or employee ofofficer or employee ofofficer or employee of assesseeassesseeassesseeassessee;;;; WWWWhohohoho has been convicted by a court of an offencehas been convicted by a court of an offencehas been convicted by a court of an offencehas been convicted by a court of an offence involving fraud and a period of 10 years has notinvolving fraud and a period of 10 years has notinvolving fraud and a period of 10 years has notinvolving fraud and a period of 10 years has not elapsed from the date of such convictionelapsed from the date of such convictionelapsed from the date of such convictionelapsed from the date of such conviction AnAnAnAn individual who, or his relative or partnerindividual who, or his relative or partnerindividual who, or his relative or partnerindividual who, or his relative or partner IsIsIsIs holding any security of or interest inholding any security of or interest inholding any security of or interest inholding any security of or interest in assesseeassesseeassesseeassessee–––– RelativeRelativeRelativeRelative face valueface valueface valueface value ---- RsRsRsRs. 1 L. 1 L. 1 L. 1 L Is indebted to theIs indebted to theIs indebted to theIs indebted to the assesseeassesseeassesseeassessee. Relative. Relative. Relative. Relative –––– RsRsRsRs. l. l. l. l LLLL Has given a guarantee /provided securityHas given a guarantee /provided securityHas given a guarantee /provided securityHas given a guarantee /provided security . Relative. Relative. Relative. Relative –––– 1111 LLLL Lunawat & Co.
  • 17.
    AAAA person ora firm who, whether directly orperson or a firm who, whether directly orperson or a firm who, whether directly orperson or a firm who, whether directly or indirectly, has business relationship withindirectly, has business relationship withindirectly, has business relationship withindirectly, has business relationship with assesseeassesseeassesseeassessee. i.e.,. i.e.,. i.e.,. i.e., any transaction entered into forany transaction entered into forany transaction entered into forany transaction entered into for commercial purpose except:commercial purpose except:commercial purpose except:commercial purpose except: In nature of professional services permittedIn nature of professional services permittedIn nature of professional services permittedIn nature of professional services permitted IIIInnnn thethethethe ordinary course of business ofordinary course of business ofordinary course of business ofordinary course of business of cocococo.... atatatat ALPALPALPALP likelikelikelike salesalesalesale of products orof products orof products orof products or servicesservicesservicesservices TTTToooo auditorauditorauditorauditor, as customer, in the ordinary course of, as customer, in the ordinary course of, as customer, in the ordinary course of, as customer, in the ordinary course of businessbusinessbusinessbusiness, by companies engaged in, by companies engaged in, by companies engaged in, by companies engaged in businessbusinessbusinessbusiness ofofofof telecommunications, airlines, hospitals, hotelstelecommunications, airlines, hospitals, hotelstelecommunications, airlines, hospitals, hotelstelecommunications, airlines, hospitals, hotels &&&& such other similar businessessuch other similar businessessuch other similar businessessuch other similar businesses Lunawat & Co. DISQUALIFICATIONSDISQUALIFICATIONSDISQUALIFICATIONSDISQUALIFICATIONS –––– TAX AUDITORTAX AUDITORTAX AUDITORTAX AUDITOR
  • 18.
    ???????????? Can a CAin practice who is givingCan a CA in practice who is givingCan a CA in practice who is givingCan a CA in practice who is giving accounting services to a company conductaccounting services to a company conductaccounting services to a company conductaccounting services to a company conduct tax audit of that company?tax audit of that company?tax audit of that company?tax audit of that company? Can an internal auditor of a company issueCan an internal auditor of a company issueCan an internal auditor of a company issueCan an internal auditor of a company issue Form 15CB certificate for that company?Form 15CB certificate for that company?Form 15CB certificate for that company?Form 15CB certificate for that company? Can a CA in practice who is givingCan a CA in practice who is givingCan a CA in practice who is givingCan a CA in practice who is giving accounting services to a companyaccounting services to a companyaccounting services to a companyaccounting services to a company issueissueissueissue certificate in Form 29B for MATcertificate in Form 29B for MATcertificate in Form 29B for MATcertificate in Form 29B for MAT calculation?calculation?calculation?calculation? Lunawat & Co.
  • 19.
    Lunawat & Co. AuditReportsAudit ReportsAudit ReportsAudit Reports CompaniesCompaniesCompaniesCompanies ActActActAct CAROCAROCAROCARO NonNonNonNon---- CAROCAROCAROCARO Other ActsOther ActsOther ActsOther Acts TaxTaxTaxTax AuditAuditAuditAudit FormFormFormForm 3CA3CA3CA3CA FormFormFormForm 3CB3CB3CB3CB LLPLLPLLPLLP SocietySocietySocietySociety
  • 20.
    FORM 3CAFORM 3CAFORM3CAFORM 3CA Reporting period for PL amended from 31Reporting period for PL amended from 31Reporting period for PL amended from 31Reporting period for PL amended from 31stststst March toMarch toMarch toMarch to period wise.period wise.period wise.period wise. Examination of books by auditor included beforeExamination of books by auditor included beforeExamination of books by auditor included beforeExamination of books by auditor included before giving opiniongiving opiniongiving opiniongiving opinion Opinion now to be given subject to observations /Opinion now to be given subject to observations /Opinion now to be given subject to observations /Opinion now to be given subject to observations / qualifications, no annexuresqualifications, no annexuresqualifications, no annexuresqualifications, no annexures Stamp / Seal of auditor requiredStamp / Seal of auditor requiredStamp / Seal of auditor requiredStamp / Seal of auditor required Name of signatory to be given. FRN??Name of signatory to be given. FRN??Name of signatory to be given. FRN??Name of signatory to be given. FRN?? To be signed by person eligible as per s. 44ABTo be signed by person eligible as per s. 44ABTo be signed by person eligible as per s. 44ABTo be signed by person eligible as per s. 44AB (earlier CA, auditor as per Companies Act, other(earlier CA, auditor as per Companies Act, other(earlier CA, auditor as per Companies Act, other(earlier CA, auditor as per Companies Act, other person entitled to auditperson entitled to auditperson entitled to auditperson entitled to audit Lunawat & Co.
  • 21.
    FORM 3CBFORM 3CBFORM3CBFORM 3CB Same as Form 3CA except examinationSame as Form 3CA except examinationSame as Form 3CA except examinationSame as Form 3CA except examination of booksof booksof booksof books Opinion subject to observations /Opinion subject to observations /Opinion subject to observations /Opinion subject to observations / qualifications to be given:qualifications to be given:qualifications to be given:qualifications to be given: Financial StatementsFinancial StatementsFinancial StatementsFinancial Statements –––– 3(a)3(a)3(a)3(a) Form 3CDForm 3CDForm 3CDForm 3CD –––– 5555 SA 700?SA 700?SA 700?SA 700? Lunawat & Co.
  • 22.
    SA 700SA 700SA700SA 700 Assessee’sAssessee’sAssessee’sAssessee’s Responsibility for the Financial StatementsResponsibility for the Financial StatementsResponsibility for the Financial StatementsResponsibility for the Financial Statements andandandand the Statementthe Statementthe Statementthe Statement of Particulars in Form 3CDof Particulars in Form 3CDof Particulars in Form 3CDof Particulars in Form 3CD 1.1.1.1. TheTheTheThe assessee is responsible for the preparation of theassessee is responsible for the preparation of theassessee is responsible for the preparation of theassessee is responsible for the preparation of the aforesaid financialaforesaid financialaforesaid financialaforesaid financial statementsstatementsstatementsstatements that give a true and fairthat give a true and fairthat give a true and fairthat give a true and fair view of theview of theview of theview of the financial positionfinancial positionfinancial positionfinancial position and financial performanceand financial performanceand financial performanceand financial performance (if applicable) in accordance(if applicable) in accordance(if applicable) in accordance(if applicable) in accordance with thewith thewith thewith the applicableapplicableapplicableapplicable Accounting Standards issued by the InstituteAccounting Standards issued by the InstituteAccounting Standards issued by the InstituteAccounting Standards issued by the Institute ofofofof CharteredCharteredCharteredChartered Accountants ofAccountants ofAccountants ofAccountants of India.India.India.India. This responsibilityThis responsibilityThis responsibilityThis responsibility includesincludesincludesincludes the designthe designthe designthe design, implementation and maintenance, implementation and maintenance, implementation and maintenance, implementation and maintenance of internal control relevantof internal control relevantof internal control relevantof internal control relevant to theto theto theto the preparation andpreparation andpreparation andpreparation and presentation of the financial statements thatpresentation of the financial statements thatpresentation of the financial statements thatpresentation of the financial statements that give agive agive agive a truetruetruetrue and fair view and are free from material misstatement,and fair view and are free from material misstatement,and fair view and are free from material misstatement,and fair view and are free from material misstatement, whether duewhether duewhether duewhether due to fraud or error.to fraud or error.to fraud or error.to fraud or error. Lunawat & Co.
  • 23.
    SA 700SA 700SA700SA 700 2.2.2.2. TheTheTheThe assessee is also responsible for theassessee is also responsible for theassessee is also responsible for theassessee is also responsible for the preparation of thepreparation of thepreparation of thepreparation of the statement ofstatement ofstatement ofstatement of particularsparticularsparticularsparticulars required to be furnished under section 44ABrequired to be furnished under section 44ABrequired to be furnished under section 44ABrequired to be furnished under section 44AB ofofofof thethethethe IncomeIncomeIncomeIncome----tax Act, 1961 annexed herewith intax Act, 1961 annexed herewith intax Act, 1961 annexed herewith intax Act, 1961 annexed herewith in Form No. 3CD readForm No. 3CD readForm No. 3CD readForm No. 3CD read with Rulewith Rulewith Rulewith Rule 6G(1)(b) of6G(1)(b) of6G(1)(b) of6G(1)(b) of Income Tax Rules, 1962 that give true andIncome Tax Rules, 1962 that give true andIncome Tax Rules, 1962 that give true andIncome Tax Rules, 1962 that give true and correct particularscorrect particularscorrect particularscorrect particulars as per the provisions of theas per the provisions of theas per the provisions of theas per the provisions of the IncomeIncomeIncomeIncome----tax Act, 1961 readtax Act, 1961 readtax Act, 1961 readtax Act, 1961 read with Ruleswith Ruleswith Ruleswith Rules,,,, Notifications , circularsNotifications , circularsNotifications , circularsNotifications , circulars etcetcetcetc that are to bethat are to bethat are to bethat are to be included inincluded inincluded inincluded in the Statementthe Statementthe Statementthe Statement.... Lunawat & Co.
  • 24.
    SA 700SA 700SA700SA 700 Tax Auditor’s ResponsibilityTax Auditor’s ResponsibilityTax Auditor’s ResponsibilityTax Auditor’s Responsibility 3.3.3.3. OurOurOurOur responsibility is to express an opinion onresponsibility is to express an opinion onresponsibility is to express an opinion onresponsibility is to express an opinion on thesethesethesethese financial statementsfinancial statementsfinancial statementsfinancial statements based onbased onbased onbased on ourourourour audit.audit.audit.audit. WeWeWeWe have conducted this audithave conducted this audithave conducted this audithave conducted this audit in accordancein accordancein accordancein accordance with the Standards on Auditing issued by thewith the Standards on Auditing issued by thewith the Standards on Auditing issued by thewith the Standards on Auditing issued by the InstituteInstituteInstituteInstitute of Charteredof Charteredof Charteredof Chartered Accountants of India.Accountants of India.Accountants of India.Accountants of India. Those Standards require thatThose Standards require thatThose Standards require thatThose Standards require that we complywe complywe complywe comply withwithwithwith ethical requirements and plan and perform theethical requirements and plan and perform theethical requirements and plan and perform theethical requirements and plan and perform the auditauditauditaudit to obtainto obtainto obtainto obtain reasonable assurance aboutreasonable assurance aboutreasonable assurance aboutreasonable assurance about whether the financialwhether the financialwhether the financialwhether the financial statements arestatements arestatements arestatements are free fromfree fromfree fromfree from material misstatementmaterial misstatementmaterial misstatementmaterial misstatement.... Lunawat & Co.
  • 25.
    SA 700SA 700SA700SA 700 4.4.4.4. An audit involves performing procedures to obtain auditAn audit involves performing procedures to obtain auditAn audit involves performing procedures to obtain auditAn audit involves performing procedures to obtain audit evidenceevidenceevidenceevidence aboutaboutaboutabout the amounts and disclosures in the financialthe amounts and disclosures in the financialthe amounts and disclosures in the financialthe amounts and disclosures in the financial statements.statements.statements.statements. The proceduresThe proceduresThe proceduresThe procedures selected depend on the auditor’sselected depend on the auditor’sselected depend on the auditor’sselected depend on the auditor’s judgment, includingjudgment, includingjudgment, includingjudgment, including the assessmentthe assessmentthe assessmentthe assessment of the risks of materialof the risks of materialof the risks of materialof the risks of material misstatement of themisstatement of themisstatement of themisstatement of the financial statementsfinancial statementsfinancial statementsfinancial statements, whether due to, whether due to, whether due to, whether due to fraud or error. In making thosefraud or error. In making thosefraud or error. In making thosefraud or error. In making those risk assessmentsrisk assessmentsrisk assessmentsrisk assessments, the auditor, the auditor, the auditor, the auditor considers internal control relevant toconsiders internal control relevant toconsiders internal control relevant toconsiders internal control relevant to the preparationthe preparationthe preparationthe preparation and fairand fairand fairand fair presentation of the financial statements in orderpresentation of the financial statements in orderpresentation of the financial statements in orderpresentation of the financial statements in order to designto designto designto design audit procedures that are appropriate in theaudit procedures that are appropriate in theaudit procedures that are appropriate in theaudit procedures that are appropriate in the circumstances butcircumstances butcircumstances butcircumstances but notnotnotnot for the purposes of expressing an opinion on thefor the purposes of expressing an opinion on thefor the purposes of expressing an opinion on thefor the purposes of expressing an opinion on the effectivenesseffectivenesseffectivenesseffectiveness of theof theof theof the entity’s internal control. An audit alsoentity’s internal control. An audit alsoentity’s internal control. An audit alsoentity’s internal control. An audit also includes evaluatingincludes evaluatingincludes evaluatingincludes evaluating the appropriatenessthe appropriatenessthe appropriatenessthe appropriateness of accounting policiesof accounting policiesof accounting policiesof accounting policies used and theused and theused and theused and the reasonableness ofreasonableness ofreasonableness ofreasonableness of the accounting estimatesthe accounting estimatesthe accounting estimatesthe accounting estimates made by management, as wellmade by management, as wellmade by management, as wellmade by management, as well as evaluatingas evaluatingas evaluatingas evaluating the overallthe overallthe overallthe overall presentation of the financial statements.presentation of the financial statements.presentation of the financial statements.presentation of the financial statements. Lunawat & Co.
  • 26.
    SA 700SA 700SA700SA 700 5.5.5.5. WeWeWeWe believe that thebelieve that thebelieve that thebelieve that the audit evidenceaudit evidenceaudit evidenceaudit evidence wewewewe have obtainedhave obtainedhave obtainedhave obtained isisisis sufficient andsufficient andsufficient andsufficient and appropriateappropriateappropriateappropriate to provide a basis forto provide a basis forto provide a basis forto provide a basis for ourourourour audit opinion.audit opinion.audit opinion.audit opinion. 6.6.6.6. WeWeWeWe are alsoare alsoare alsoare also responsible for verifying the statementresponsible for verifying the statementresponsible for verifying the statementresponsible for verifying the statement ofofofof particulars requiredparticulars requiredparticulars requiredparticulars required to be furnished under sectionto be furnished under sectionto be furnished under sectionto be furnished under section 44AB44AB44AB44AB of the Incomeof the Incomeof the Incomeof the Income----taxtaxtaxtax Act, 1961Act, 1961Act, 1961Act, 1961 annexed herewithannexed herewithannexed herewithannexed herewith in Form No. 3CD read with Rule 6G (1) (b)in Form No. 3CD read with Rule 6G (1) (b)in Form No. 3CD read with Rule 6G (1) (b)in Form No. 3CD read with Rule 6G (1) (b) of Incomeof Incomeof Incomeof Income---- taxtaxtaxtax Rules, 1962.Rules, 1962.Rules, 1962.Rules, 1962. WeWeWeWe havehavehavehave conducted my/ourconducted my/ourconducted my/ourconducted my/our verificationverificationverificationverification of theof theof theof the statement in accordance withstatement in accordance withstatement in accordance withstatement in accordance with Guidance Note on Tax AuditGuidance Note on Tax AuditGuidance Note on Tax AuditGuidance Note on Tax Audit under sectionunder sectionunder sectionunder section 44AB of44AB of44AB of44AB of the Incomethe Incomethe Incomethe Income----tax Act, 1961, issued by the Institutetax Act, 1961, issued by the Institutetax Act, 1961, issued by the Institutetax Act, 1961, issued by the Institute ofofofof CharteredCharteredCharteredChartered Accountants of IndiaAccountants of IndiaAccountants of IndiaAccountants of India.... Lunawat & Co.
  • 27.
    QUALIFICATIONS IN REPORTQUALIFICATIONSIN REPORTQUALIFICATIONS IN REPORTQUALIFICATIONS IN REPORT ----1111 Proper books of account, to enable reporting inProper books of account, to enable reporting inProper books of account, to enable reporting inProper books of account, to enable reporting in form 3CD, have not been maintained by theform 3CD, have not been maintained by theform 3CD, have not been maintained by theform 3CD, have not been maintained by the assesseeassesseeassesseeassessee.... All the information and explanations which to theAll the information and explanations which to theAll the information and explanations which to theAll the information and explanations which to the best of my/our knowledge and belief werebest of my/our knowledge and belief werebest of my/our knowledge and belief werebest of my/our knowledge and belief were necessary for the purpose of my/our audit hasnecessary for the purpose of my/our audit hasnecessary for the purpose of my/our audit hasnecessary for the purpose of my/our audit has been provided by the assesseebeen provided by the assesseebeen provided by the assesseebeen provided by the assessee.... Documents necessary to verify the reportableDocuments necessary to verify the reportableDocuments necessary to verify the reportableDocuments necessary to verify the reportable transaction were not made availabletransaction were not made availabletransaction were not made availabletransaction were not made available.... Proper stock records are not maintained by theProper stock records are not maintained by theProper stock records are not maintained by theProper stock records are not maintained by the assessee.assessee.assessee.assessee. Lunawat & Co.
  • 28.
    QUALIFICATIONS IN REPORTQUALIFICATIONSIN REPORTQUALIFICATIONS IN REPORTQUALIFICATIONS IN REPORT ---- 2222 Valuation of closing stock is not possibleValuation of closing stock is not possibleValuation of closing stock is not possibleValuation of closing stock is not possible.... Yield/percentage of wastage is not ascertainableYield/percentage of wastage is not ascertainableYield/percentage of wastage is not ascertainableYield/percentage of wastage is not ascertainable.... Records necessary to verify personal nature ofRecords necessary to verify personal nature ofRecords necessary to verify personal nature ofRecords necessary to verify personal nature of expenses not maintained by theexpenses not maintained by theexpenses not maintained by theexpenses not maintained by the assesseeassesseeassesseeassessee TDS returns could not be verified by with the booksTDS returns could not be verified by with the booksTDS returns could not be verified by with the booksTDS returns could not be verified by with the books of accountof accountof accountof account.... Records produced for verification of paymentsRecords produced for verification of paymentsRecords produced for verification of paymentsRecords produced for verification of payments through account payeethrough account payeethrough account payeethrough account payee chequechequechequecheque were notwere notwere notwere not sufficientsufficientsufficientsufficient Amount of expense related to exempted incomeAmount of expense related to exempted incomeAmount of expense related to exempted incomeAmount of expense related to exempted income u/s 14A of Income tax Act, 1961 could not beu/s 14A of Income tax Act, 1961 could not beu/s 14A of Income tax Act, 1961 could not beu/s 14A of Income tax Act, 1961 could not be ascertainedascertainedascertainedascertained Lunawat & Co.
  • 29.
    QUALIFICATIONS IN REPORTQUALIFICATIONSIN REPORTQUALIFICATIONS IN REPORTQUALIFICATIONS IN REPORT ---- 3333 Creditors under Micro, Small and MediumCreditors under Micro, Small and MediumCreditors under Micro, Small and MediumCreditors under Micro, Small and Medium Enterprises Development Act, 2006 are notEnterprises Development Act, 2006 are notEnterprises Development Act, 2006 are notEnterprises Development Act, 2006 are not ascertainableascertainableascertainableascertainable Prior period expenses are not ascertainable fromPrior period expenses are not ascertainable fromPrior period expenses are not ascertainable fromPrior period expenses are not ascertainable from books ofbooks ofbooks ofbooks of accountaccountaccountaccount Fair market value of shares u/s 56(2) (Fair market value of shares u/s 56(2) (Fair market value of shares u/s 56(2) (Fair market value of shares u/s 56(2) (viiaviiaviiaviia) / () / () / () / (viibviibviibviib)))) is not ascertainableis not ascertainableis not ascertainableis not ascertainable.... Reports of audits carried by Excise/Service taxReports of audits carried by Excise/Service taxReports of audits carried by Excise/Service taxReports of audits carried by Excise/Service tax Department were not madeDepartment were not madeDepartment were not madeDepartment were not made availableavailableavailableavailable GP ratio is not ascertainable from the financialGP ratio is not ascertainable from the financialGP ratio is not ascertainable from the financialGP ratio is not ascertainable from the financial statements prepared by the assessee.statements prepared by the assessee.statements prepared by the assessee.statements prepared by the assessee. Lunawat & Co.
  • 30.
    QUALIFICATIONS IN REPORTQUALIFICATIONSIN REPORTQUALIFICATIONS IN REPORTQUALIFICATIONS IN REPORT ---- 4444 Information regarding demand raised or refundInformation regarding demand raised or refundInformation regarding demand raised or refundInformation regarding demand raised or refund issued during the previous year under any tax lawsissued during the previous year under any tax lawsissued during the previous year under any tax lawsissued during the previous year under any tax laws other than Incomeother than Incomeother than Incomeother than Income----tax act, 1961 and Wealth taxtax act, 1961 and Wealth taxtax act, 1961 and Wealth taxtax act, 1961 and Wealth tax Act, 1957 were not madeAct, 1957 were not madeAct, 1957 were not madeAct, 1957 were not made availableavailableavailableavailable OthersOthersOthersOthers Mandatory that observations in 3CD on whichMandatory that observations in 3CD on whichMandatory that observations in 3CD on whichMandatory that observations in 3CD on which opinion cannot be given be reported in Form 3CA /opinion cannot be given be reported in Form 3CA /opinion cannot be given be reported in Form 3CA /opinion cannot be given be reported in Form 3CA / Form 3CBForm 3CBForm 3CBForm 3CB Lunawat & Co.
  • 31.
    FORM 3CDFORM 3CDFORM3CDFORM 3CD –––– OVERVIEWOVERVIEWOVERVIEWOVERVIEW Lunawat & Co. 3CD3CD3CD3CD Part APart APart APart A 1111----8888 2 New2 New2 New2 New Part BPart BPart BPart B 9999----41414141 5 New5 New5 New5 New AmendmeAmendmeAmendmeAmendme ntsntsntsnts
  • 32.
    FORM 3CDFORM 3CDFORM3CDFORM 3CD –––– OVERVIEWOVERVIEWOVERVIEWOVERVIEW Purpose was to facilitate determination ofPurpose was to facilitate determination ofPurpose was to facilitate determination ofPurpose was to facilitate determination of income from business or professionincome from business or professionincome from business or professionincome from business or profession Now Capital GainNow Capital GainNow Capital GainNow Capital Gain –––– 50C and other sources50C and other sources50C and other sources50C and other sources also coveredalso coveredalso coveredalso covered –––– 56 (shares)56 (shares)56 (shares)56 (shares) Read and understand all clauses andRead and understand all clauses andRead and understand all clauses andRead and understand all clauses and relevant sectionsrelevant sectionsrelevant sectionsrelevant sections Obtain Form 3CD duly authenticated byObtain Form 3CD duly authenticated byObtain Form 3CD duly authenticated byObtain Form 3CD duly authenticated by assesseeassesseeassesseeassessee New 143(1)New 143(1)New 143(1)New 143(1) –––– Tax Audit Report adjustmentTax Audit Report adjustmentTax Audit Report adjustmentTax Audit Report adjustment Lunawat & Co.
  • 33.
    FORM 3CDFORM 3CDFORM3CDFORM 3CD –––– NEW CLAUSENEW CLAUSENEW CLAUSENEW CLAUSE ---- 4444 Indirect Tax RegistrationIndirect Tax RegistrationIndirect Tax RegistrationIndirect Tax Registration NosNosNosNos to be givento be givento be givento be given if liable toif liable toif liable toif liable to paypaypaypay i.e.,i.e.,i.e.,i.e., CentralCentralCentralCentral Excise Duty,Excise Duty,Excise Duty,Excise Duty, Central Customs Duty,Central Customs Duty,Central Customs Duty,Central Customs Duty, Service Tax,Service Tax,Service Tax,Service Tax, Sales Tax /VATSales Tax /VATSales Tax /VATSales Tax /VAT –––– State Wise,State Wise,State Wise,State Wise, State Excise DutyState Excise DutyState Excise DutyState Excise Duty –––– State WiseState WiseState WiseState Wise Others Indirect tax.Others Indirect tax.Others Indirect tax.Others Indirect tax. Is it indirect tax audit?Is it indirect tax audit?Is it indirect tax audit?Is it indirect tax audit? Lunawat & Co.
  • 34.
    FORM 3CDFORM 3CDFORM3CDFORM 3CD –––– NEW CLAUSENEW CLAUSENEW CLAUSENEW CLAUSE ---- 8888 RRRRelevant clause u/s 44AB under which auditelevant clause u/s 44AB under which auditelevant clause u/s 44AB under which auditelevant clause u/s 44AB under which audit is done to be givenis done to be givenis done to be givenis done to be given a)a)a)a) BusinessBusinessBusinessBusiness –––– exceedsexceedsexceedsexceeds RsRsRsRs. 1 Cr.. 1 Cr.. 1 Cr.. 1 Cr. b)b)b)b) ProfessionProfessionProfessionProfession –––– exceedsexceedsexceedsexceeds RsRsRsRs. 25. 25. 25. 25 LacsLacsLacsLacs c)c)c)c) Lower deemed profits u/sLower deemed profits u/sLower deemed profits u/sLower deemed profits u/s 1)1)1)1) 44AE,44AE,44AE,44AE, 2)2)2)2) 44BB,44BB,44BB,44BB, 3)3)3)3) 44BBB44BBB44BBB44BBB d)d)d)d) Lower deemed profits u/s 44AD and incomeLower deemed profits u/s 44AD and incomeLower deemed profits u/s 44AD and incomeLower deemed profits u/s 44AD and income exceeds maximum amount not chargeable toexceeds maximum amount not chargeable toexceeds maximum amount not chargeable toexceeds maximum amount not chargeable to taxtaxtaxtax Lunawat & Co.
  • 35.
    FORM 3CDFORM 3CDFORM3CDFORM 3CD ––––CLAUSECLAUSECLAUSECLAUSE ---- 11111111 Whether books prescribed u/s 44AA? If yes, list ofWhether books prescribed u/s 44AA? If yes, list ofWhether books prescribed u/s 44AA? If yes, list ofWhether books prescribed u/s 44AA? If yes, list of books prescribed.books prescribed.books prescribed.books prescribed. List of books maintained &address at which maintainedList of books maintained &address at which maintainedList of books maintained &address at which maintainedList of books maintained &address at which maintained List of books of a/List of books of a/List of books of a/List of books of a/cscscscs & nature of relevant documents& nature of relevant documents& nature of relevant documents& nature of relevant documents examined.examined.examined.examined. S. 2(12A)S. 2(12A)S. 2(12A)S. 2(12A) ---- booksbooksbooksbooks or books ofor books ofor books ofor books of a/ca/ca/ca/c includes ledgers, dayincludes ledgers, dayincludes ledgers, dayincludes ledgers, day---- books, cash books, accountbooks, cash books, accountbooks, cash books, accountbooks, cash books, account----booksbooksbooksbooks &&&& other books,other books,other books,other books, whether kept inwhether kept inwhether kept inwhether kept in writtenwrittenwrittenwritten form or ..electronic.form or ..electronic.form or ..electronic.form or ..electronic. Relevant documentsRelevant documentsRelevant documentsRelevant documents ---- directlydirectlydirectlydirectly related to transactionsrelated to transactionsrelated to transactionsrelated to transactions reflectedreflectedreflectedreflected inininin books ofbooks ofbooks ofbooks of a/a/a/a/cscscscs like invoicelike invoicelike invoicelike invoice,,,, bankbankbankbank statementsstatementsstatementsstatements,,,, vouchers,vouchers,vouchers,vouchers, dr. notedr. notedr. notedr. note,,,, cr. notecr. notecr. notecr. note, inventory register, inventory register, inventory register, inventory register,,,, agreements /contractsagreements /contractsagreements /contractsagreements /contracts or any other document onor any other document onor any other document onor any other document on basisbasisbasisbasis of which preliminary entries are passed inof which preliminary entries are passed inof which preliminary entries are passed inof which preliminary entries are passed in booksbooksbooksbooks ofofofof a/a/a/a/cscscscs Lunawat & Co.
  • 36.
    FORM 3CDFORM 3CDFORM3CDFORM 3CD ––––CLAUSECLAUSECLAUSECLAUSE ---- 13131313 Method of accounting employed in previous yearMethod of accounting employed in previous yearMethod of accounting employed in previous yearMethod of accounting employed in previous year Change in method of accounting appliedChange in method of accounting appliedChange in method of accounting appliedChange in method of accounting applied If, yes, effect thereof on profit / lossIf, yes, effect thereof on profit / lossIf, yes, effect thereof on profit / lossIf, yes, effect thereof on profit / loss Deviation in method of accounting fromDeviation in method of accounting fromDeviation in method of accounting fromDeviation in method of accounting from accounting standards prescribed u/s 145 andaccounting standards prescribed u/s 145 andaccounting standards prescribed u/s 145 andaccounting standards prescribed u/s 145 and effect thereof on P/Leffect thereof on P/Leffect thereof on P/Leffect thereof on P/L Change in method of valuation of inventories toChange in method of valuation of inventories toChange in method of valuation of inventories toChange in method of valuation of inventories to be reported?be reported?be reported?be reported? Change in accounting policy to be reported?Change in accounting policy to be reported?Change in accounting policy to be reported?Change in accounting policy to be reported? ICDS?ICDS?ICDS?ICDS? Lunawat & Co.
  • 37.
    FORM 3CDFORM 3CDFORM3CDFORM 3CD ––––CLAUSECLAUSECLAUSECLAUSE ---- 14141414 Method of valuation of closing stockMethod of valuation of closing stockMethod of valuation of closing stockMethod of valuation of closing stock Lunawat & Co. S. NS. NS. NS. N ParticularsParticularsParticularsParticulars + in profit+ in profit+ in profit+ in profit ---- in profitin profitin profitin profit 1111 Increase in cost of opening stock on inclusion of excise dutyIncrease in cost of opening stock on inclusion of excise dutyIncrease in cost of opening stock on inclusion of excise dutyIncrease in cost of opening stock on inclusion of excise duty on which CENVAT credit ison which CENVAT credit ison which CENVAT credit ison which CENVAT credit is available/availedavailable/availedavailable/availedavailable/availed 20202020 2222 Increase in purchase cost of RM onIncrease in purchase cost of RM onIncrease in purchase cost of RM onIncrease in purchase cost of RM on inclusion of excise dutyinclusion of excise dutyinclusion of excise dutyinclusion of excise duty on which CEN VAT credit ison which CEN VAT credit ison which CEN VAT credit ison which CEN VAT credit is available/availedavailable/availedavailable/availedavailable/availed 180180180180 3333 Increase in sales of FG on inclusionIncrease in sales of FG on inclusionIncrease in sales of FG on inclusionIncrease in sales of FG on inclusion of excise dutyof excise dutyof excise dutyof excise duty 180180180180 4444 Excise duty paidExcise duty paidExcise duty paidExcise duty paid ---- sale of FG as result of its inclusion in salessale of FG as result of its inclusion in salessale of FG as result of its inclusion in salessale of FG as result of its inclusion in sales ---- 180180180180 5555 Increase in closing stock of RM on inclusion of excise dutyIncrease in closing stock of RM on inclusion of excise dutyIncrease in closing stock of RM on inclusion of excise dutyIncrease in closing stock of RM on inclusion of excise duty 40404040 ---- 6666 Increase in closing stock of FG on inclusion of excise dutyIncrease in closing stock of FG on inclusion of excise dutyIncrease in closing stock of FG on inclusion of excise dutyIncrease in closing stock of FG on inclusion of excise duty 60606060 ---- 7777 Increase in excise duty on closing stock of FG as a result ofIncrease in excise duty on closing stock of FG as a result ofIncrease in excise duty on closing stock of FG as a result ofIncrease in excise duty on closing stock of FG as a result of its inclusion in closing stock of FGits inclusion in closing stock of FGits inclusion in closing stock of FGits inclusion in closing stock of FG ---- 60606060 8888 Accounting of CENVT credit availed andAccounting of CENVT credit availed andAccounting of CENVT credit availed andAccounting of CENVT credit availed and utilisedutilisedutilisedutilised on RMon RMon RMon RM consumed in payment of excise duty on FG accounted onconsumed in payment of excise duty on FG accounted onconsumed in payment of excise duty on FG accounted onconsumed in payment of excise duty on FG accounted on basis of RM consumedbasis of RM consumedbasis of RM consumedbasis of RM consumed 160160160160 ---- TotalTotalTotalTotal 440440440440 440440440440
  • 38.
    FORM 3CDFORM 3CDFORM3CDFORM 3CD –––– NEW CLAUSENEW CLAUSENEW CLAUSENEW CLAUSE ---- 15151515 Conversion of capital asset into stock inConversion of capital asset into stock inConversion of capital asset into stock inConversion of capital asset into stock in tradetradetradetrade Accounting of inventories in books?Accounting of inventories in books?Accounting of inventories in books?Accounting of inventories in books? At Carrying costAt Carrying costAt Carrying costAt Carrying cost FMVFMVFMVFMV If other than carrying cost thenIf other than carrying cost thenIf other than carrying cost thenIf other than carrying cost then qualification regarding nonqualification regarding nonqualification regarding nonqualification regarding non---- compliancecompliancecompliancecompliance of ASof ASof ASof AS----2222 Lunawat & Co.
  • 39.
    FORM 3CDFORM 3CDFORM3CDFORM 3CD –––– NEW CLAUSENEW CLAUSENEW CLAUSENEW CLAUSE ---- 17171717 LLLLand or building or both transferred atand or building or both transferred atand or building or both transferred atand or building or both transferred at less that the circle rate u/s 43CA or 50C.less that the circle rate u/s 43CA or 50C.less that the circle rate u/s 43CA or 50C.less that the circle rate u/s 43CA or 50C. Detail to be given:Detail to be given:Detail to be given:Detail to be given: Detail of property with complete addressDetail of property with complete addressDetail of property with complete addressDetail of property with complete address Consideration received or accruedConsideration received or accruedConsideration received or accruedConsideration received or accrued Value adopted or assessed / assessableValue adopted or assessed / assessableValue adopted or assessed / assessableValue adopted or assessed / assessable Builders !!!Builders !!!Builders !!!Builders !!! Lunawat & Co.
  • 40.
    FORM 3CDFORM 3CDFORM3CDFORM 3CD –––– CLAUSECLAUSECLAUSECLAUSE ---- 18181818 Depreciation allowableDepreciation allowableDepreciation allowableDepreciation allowable –––– Additional Dep.Additional Dep.Additional Dep.Additional Dep. Actual Cost or WDVActual Cost or WDVActual Cost or WDVActual Cost or WDV Car 1Car 1Car 1Car 1stststst InsuranceInsuranceInsuranceInsurance InterestInterestInterestInterest uptouptouptoupto asset put to useasset put to useasset put to useasset put to use S. 35 capital assets not to be includedS. 35 capital assets not to be includedS. 35 capital assets not to be includedS. 35 capital assets not to be included Additions/deductions duringAdditions/deductions duringAdditions/deductions duringAdditions/deductions during yearyearyearyear with dates ; inwith dates ; inwith dates ; inwith dates ; in case of any addition of an asset, date put to use;case of any addition of an asset, date put to use;case of any addition of an asset, date put to use;case of any addition of an asset, date put to use; including adjustments onincluding adjustments onincluding adjustments onincluding adjustments on a/ca/ca/ca/c ofofofof CENVAT / VAT creditsCENVAT / VAT creditsCENVAT / VAT creditsCENVAT / VAT credits claimedclaimedclaimedclaimed & allowed& allowed& allowed& allowed ---- reconcilereconcilereconcilereconcile Change in rate of exchange ofChange in rate of exchange ofChange in rate of exchange ofChange in rate of exchange of currencycurrencycurrencycurrency –––– AS 11/43AAS 11/43AAS 11/43AAS 11/43A SubsidySubsidySubsidySubsidy //// grant /grant /grant /grant / reimbursement,reimbursement,reimbursement,reimbursement, etcetcetcetc Lunawat & Co.
  • 41.
    FORM 3CDFORM 3CDFORM3CDFORM 3CD –––– CLAUSECLAUSECLAUSECLAUSE ---- 19191919 Amounts admissible. Details:Amounts admissible. Details:Amounts admissible. Details:Amounts admissible. Details: Amounts debited to PLAmounts debited to PLAmounts debited to PLAmounts debited to PL Amounts admissible under IT provisions andAmounts admissible under IT provisions andAmounts admissible under IT provisions andAmounts admissible under IT provisions and also fulfils conditionsalso fulfils conditionsalso fulfils conditionsalso fulfils conditions S. 32AC (investment in new Plant & Mach)S. 32AC (investment in new Plant & Mach)S. 32AC (investment in new Plant & Mach)S. 32AC (investment in new Plant & Mach) addedaddedaddedadded S. 35AD(specified business) addedS. 35AD(specified business) addedS. 35AD(specified business) addedS. 35AD(specified business) added S. 35CCC (agricultural extension project)S. 35CCC (agricultural extension project)S. 35CCC (agricultural extension project)S. 35CCC (agricultural extension project) addedaddedaddedadded S. 35CCD (skill development project) addedS. 35CCD (skill development project) addedS. 35CCD (skill development project) addedS. 35CCD (skill development project) added Lunawat & Co.
  • 42.
    FORM 3CDFORM 3CDFORM3CDFORM 3CD –––– CLAUSECLAUSECLAUSECLAUSE ---- 19191919 S. 35 (scientific research) bifurcated intoS. 35 (scientific research) bifurcated intoS. 35 (scientific research) bifurcated intoS. 35 (scientific research) bifurcated into –––– 35(1)(35(1)(35(1)(35(1)(iiii)))) –––– revenue expenditurerevenue expenditurerevenue expenditurerevenue expenditure 35(1)(ii)35(1)(ii)35(1)(ii)35(1)(ii) –––– 175% of amount paid to University,175% of amount paid to University,175% of amount paid to University,175% of amount paid to University, etcetcetcetc 35(1)(35(1)(35(1)(35(1)(iiaiiaiiaiia)))) –––– 125% of amount paid to company…125% of amount paid to company…125% of amount paid to company…125% of amount paid to company… 35(1)(iii)35(1)(iii)35(1)(iii)35(1)(iii) –––– 125% of amount paid for research in125% of amount paid for research in125% of amount paid for research in125% of amount paid for research in social science or statistical research…..social science or statistical research…..social science or statistical research…..social science or statistical research….. 35(1)(iv)35(1)(iv)35(1)(iv)35(1)(iv) –––– Capital expenditureCapital expenditureCapital expenditureCapital expenditure 35(2AA)35(2AA)35(2AA)35(2AA) –––– 200% of sum paid to National200% of sum paid to National200% of sum paid to National200% of sum paid to National Laboratory….Laboratory….Laboratory….Laboratory…. 35(2AB)35(2AB)35(2AB)35(2AB) –––– Company in bio technology or Mfg..200%Company in bio technology or Mfg..200%Company in bio technology or Mfg..200%Company in bio technology or Mfg..200% Lunawat & Co.
  • 43.
    FORM 3CDFORM 3CDFORM3CDFORM 3CD –––– CLAUSECLAUSECLAUSECLAUSE –––– 21(A)21(A)21(A)21(A) FurnishFurnishFurnishFurnish the details of amounts debitedthe details of amounts debitedthe details of amounts debitedthe details of amounts debited to the profit and loss account, being into the profit and loss account, being into the profit and loss account, being into the profit and loss account, being in the nature of Capital, personal,the nature of Capital, personal,the nature of Capital, personal,the nature of Capital, personal, advertisement expenditureadvertisement expenditureadvertisement expenditureadvertisement expenditure club fee,club fee,club fee,club fee, etcetcetcetc:::: Loss on sale of AssetsLoss on sale of AssetsLoss on sale of AssetsLoss on sale of Assets Fee for increase in authorised CapitalFee for increase in authorised CapitalFee for increase in authorised CapitalFee for increase in authorised Capital Loss on sale of investmentsLoss on sale of investmentsLoss on sale of investmentsLoss on sale of investments Lunawat & Co.
  • 44.
    FORM 3CDFORM 3CDFORM3CDFORM 3CD –––– CLAUSECLAUSECLAUSECLAUSE –––– 21(B)21(B)21(B)21(B) S. 40(a) bifurcated into (S. 40(a) bifurcated into (S. 40(a) bifurcated into (S. 40(a) bifurcated into (iiii), (), (), (), (iaiaiaia), (), (), (), (icicicic), (), (), (), (iiaiiaiiaiia), (), (), (), (iibiibiibiib),),),), (iii), (iv), (v).(iii), (iv), (v).(iii), (iv), (v).(iii), (iv), (v). 40(a)(40(a)(40(a)(40(a)(iiii)))) ---- details:details:details:details: PaymentPaymentPaymentPayment on whichon whichon whichon which tax not deductedtax not deductedtax not deductedtax not deducted PPPPayment on whichayment on whichayment on whichayment on which tax has been deducted but has not beentax has been deducted but has not beentax has been deducted but has not beentax has been deducted but has not been paidpaidpaidpaid during P.Y. or in subsequent year before the expiry ofduring P.Y. or in subsequent year before the expiry ofduring P.Y. or in subsequent year before the expiry ofduring P.Y. or in subsequent year before the expiry of time prescribed u/s 200(1)time prescribed u/s 200(1)time prescribed u/s 200(1)time prescribed u/s 200(1) Apart from date, amount and nature of paymentApart from date, amount and nature of paymentApart from date, amount and nature of paymentApart from date, amount and nature of payment,,,, name &name &name &name & address of payee, PAN if availableaddress of payee, PAN if availableaddress of payee, PAN if availableaddress of payee, PAN if available also to be givenalso to be givenalso to be givenalso to be given AmountAmountAmountAmount of tax deducted (when deducted) also to be givenof tax deducted (when deducted) also to be givenof tax deducted (when deducted) also to be givenof tax deducted (when deducted) also to be given FullFullFullFull amountamountamountamount disallowabledisallowabledisallowabledisallowable–––– 139(1139(1139(1139(1) ??) ??) ??) ??–––– 15CA /15CB reliance15CA /15CB reliance15CA /15CB reliance15CA /15CB reliance AmountsAmountsAmountsAmounts inadmissible u/s 40(inadmissible u/s 40(inadmissible u/s 40(inadmissible u/s 40(iaiaiaia)))) –––– 30303030%%%% ---- allallallall payments covered nowpayments covered nowpayments covered nowpayments covered now Lunawat & Co.
  • 45.
    FORM 3CDFORM 3CDFORM3CDFORM 3CD –––– CLAUSECLAUSECLAUSECLAUSE –––– 21(B)21(B)21(B)21(B) S. 40(a)(S. 40(a)(S. 40(a)(S. 40(a)(icicicic)))) ---- FBTFBTFBTFBT S. 40(a)(S. 40(a)(S. 40(a)(S. 40(a)(iiaiiaiiaiia)))) ---- WTWTWTWT S. 40(a)(S. 40(a)(S. 40(a)(S. 40(a)(iibiibiibiib)))) –––– Royalty etc. to SGRoyalty etc. to SGRoyalty etc. to SGRoyalty etc. to SG S. 40(a)(iii)S. 40(a)(iii)S. 40(a)(iii)S. 40(a)(iii) –––– Salaries paid outside India or toSalaries paid outside India or toSalaries paid outside India or toSalaries paid outside India or to NonNonNonNon---- residents if tax not paid on it or notresidents if tax not paid on it or notresidents if tax not paid on it or notresidents if tax not paid on it or not deducted u/C XVIIBdeducted u/C XVIIBdeducted u/C XVIIBdeducted u/C XVIIB –––– details to be givendetails to be givendetails to be givendetails to be given S. 40(a)(iv)S. 40(a)(iv)S. 40(a)(iv)S. 40(a)(iv) –––– Payment to PF or other fundPayment to PF or other fundPayment to PF or other fundPayment to PF or other fund unlessunlessunlessunless assesseeassesseeassesseeassessee has made effectivehas made effectivehas made effectivehas made effective arrangement for TDS if chargeable under headarrangement for TDS if chargeable under headarrangement for TDS if chargeable under headarrangement for TDS if chargeable under head salariessalariessalariessalaries Lunawat & Co.
  • 46.
    FORM 3CDFORM 3CDFORM3CDFORM 3CD –––– CLAUSECLAUSECLAUSECLAUSE –––– 21(B)21(B)21(B)21(B) S. 40(a)(v)S. 40(a)(v)S. 40(a)(v)S. 40(a)(v) –––– Tax paid by employer u/sTax paid by employer u/sTax paid by employer u/sTax paid by employer u/s 10(10CC)10(10CC)10(10CC)10(10CC) Disallowance u/s 40A(3)Disallowance u/s 40A(3)Disallowance u/s 40A(3)Disallowance u/s 40A(3) No certificate required now.No certificate required now.No certificate required now.No certificate required now. However to be obtained and mention in 3CD & 3CBHowever to be obtained and mention in 3CD & 3CBHowever to be obtained and mention in 3CD & 3CBHowever to be obtained and mention in 3CD & 3CB Detail to be given:Detail to be given:Detail to be given:Detail to be given: Date of paymentDate of paymentDate of paymentDate of payment Nature of paymentNature of paymentNature of paymentNature of payment AmountAmountAmountAmount Name of PayeeName of PayeeName of PayeeName of Payee PAN (if available)PAN (if available)PAN (if available)PAN (if available) 40A(3A) also covered40A(3A) also covered40A(3A) also covered40A(3A) also covered –––– same detailssame detailssame detailssame details Lunawat & Co.
  • 47.
    FORM 3CDFORM 3CDFORM3CDFORM 3CD –––– CLAUSECLAUSECLAUSECLAUSE –––– 25252525 Profit chargeable u/s 41Profit chargeable u/s 41Profit chargeable u/s 41Profit chargeable u/s 41 –––– details required:details required:details required:details required: Name of person; Amount of income; relevant subName of person; Amount of income; relevant subName of person; Amount of income; relevant subName of person; Amount of income; relevant sub----sectionsectionsectionsection Description of transaction; Computation, if anyDescription of transaction; Computation, if anyDescription of transaction; Computation, if anyDescription of transaction; Computation, if any S. 41(1)(a)S. 41(1)(a)S. 41(1)(a)S. 41(1)(a) –––– Cessation of trading liability byCessation of trading liability byCessation of trading liability byCessation of trading liability by assesseeassesseeassesseeassessee S. 41(1)(b)S. 41(1)(b)S. 41(1)(b)S. 41(1)(b) ---- Cessation of tradingCessation of tradingCessation of tradingCessation of trading liabliabliabliab. by successor. by successor. by successor. by successor assesseeassesseeassesseeassessee S. 41(2)S. 41(2)S. 41(2)S. 41(2) –––– Balancing ChargeBalancing ChargeBalancing ChargeBalancing Charge S. 41(3)S. 41(3)S. 41(3)S. 41(3) –––– Asset used u/s 35 soldAsset used u/s 35 soldAsset used u/s 35 soldAsset used u/s 35 sold –––– to extent of deductionto extent of deductionto extent of deductionto extent of deduction claimedclaimedclaimedclaimed S. 41(4)S. 41(4)S. 41(4)S. 41(4) –––– Recovery of bad debtsRecovery of bad debtsRecovery of bad debtsRecovery of bad debts S. 41(4A)S. 41(4A)S. 41(4A)S. 41(4A) –––– Amount withdrawn from special reserve u/sAmount withdrawn from special reserve u/sAmount withdrawn from special reserve u/sAmount withdrawn from special reserve u/s 36(1)(viii)36(1)(viii)36(1)(viii)36(1)(viii) S. 41 (5)S. 41 (5)S. 41 (5)S. 41 (5) –––– After closure of business if income u/After closure of business if income u/After closure of business if income u/After closure of business if income u/ssssssss 1,3,4,1,3,4,1,3,4,1,3,4, 4A, then can be set off against loss4A, then can be set off against loss4A, then can be set off against loss4A, then can be set off against loss Lunawat & Co.
  • 48.
    FORM 3CDFORM 3CDFORM3CDFORM 3CD –––– CLAUSECLAUSECLAUSECLAUSE –––– 26262626 S. 43B. Amounts covered:S. 43B. Amounts covered:S. 43B. Amounts covered:S. 43B. Amounts covered: CST, VAT, Excise,CST, VAT, Excise,CST, VAT, Excise,CST, VAT, Excise, ServiceTaxServiceTaxServiceTaxServiceTax, Customs,, Customs,, Customs,, Customs, PropertytaxPropertytaxPropertytaxPropertytax etcetcetcetc SumSumSumSum payable as an employer by way of contributionpayable as an employer by way of contributionpayable as an employer by way of contributionpayable as an employer by way of contribution to anyto anyto anyto any PF orPF orPF orPF or superannuation fund or gratuity fundsuperannuation fund or gratuity fundsuperannuation fund or gratuity fundsuperannuation fund or gratuity fund etcetcetcetc BBBBonusonusonusonus or commission payableor commission payableor commission payableor commission payable bybybyby assesseeassesseeassesseeassessee to itsto itsto itsto its employees for services rendered, whereemployees for services rendered, whereemployees for services rendered, whereemployees for services rendered, where such sumsuch sumsuch sumsuch sum would not have been payable to him as profitswould not have been payable to him as profitswould not have been payable to him as profitswould not have been payable to him as profits ............ Interest on any loan from PFI, a state financialInterest on any loan from PFI, a state financialInterest on any loan from PFI, a state financialInterest on any loan from PFI, a state financial corporation or a statecorporation or a statecorporation or a statecorporation or a state indsindsindsinds. investment corp., Banks.. investment corp., Banks.. investment corp., Banks.. investment corp., Banks. Sum payable by theSum payable by theSum payable by theSum payable by the assesseeassesseeassesseeassessee as an employer in lieuas an employer in lieuas an employer in lieuas an employer in lieu of any leave at the credit of his employee.of any leave at the credit of his employee.of any leave at the credit of his employee.of any leave at the credit of his employee. Interest converted into loan. Allowed u/s 43B??Interest converted into loan. Allowed u/s 43B??Interest converted into loan. Allowed u/s 43B??Interest converted into loan. Allowed u/s 43B?? Lunawat & Co.
  • 49.
    FORM 3CDFORM 3CDFORM3CDFORM 3CD –––– CLAUSECLAUSECLAUSECLAUSE –––– 27(A)27(A)27(A)27(A) CENVAT CreditCENVAT CreditCENVAT CreditCENVAT Credit –––– reconcile with registers andreconcile with registers andreconcile with registers andreconcile with registers and booksbooksbooksbooks Lunawat & Co. CENVATCENVATCENVATCENVAT AmountAmountAmountAmount Treatment inTreatment inTreatment inTreatment in Profit & LossProfit & LossProfit & LossProfit & Loss /Accounts/Accounts/Accounts/Accounts Opening balanceOpening balanceOpening balanceOpening balance CENVAT AvailedCENVAT AvailedCENVAT AvailedCENVAT Availed CENVAT utilizedCENVAT utilizedCENVAT utilizedCENVAT utilized Closing/outstandingClosing/outstandingClosing/outstandingClosing/outstanding BalanceBalanceBalanceBalance
  • 50.
    RELATED PARTYRELATED PARTYRELATEDPARTYRELATED PARTY AccountingAccountingAccountingAccounting StandardsStandardsStandardsStandards AS 18AS 18AS 18AS 18 CompaniesCompaniesCompaniesCompanies ActActActAct S. 2(76)S. 2(76)S. 2(76)S. 2(76) S. 184S. 184S. 184S. 184 S. 188S. 188S. 188S. 188 Income TaxIncome TaxIncome TaxIncome Tax 40A(2)(b)40A(2)(b)40A(2)(b)40A(2)(b) Lunawat & Co.
  • 51.
    FORM 3CDFORM 3CDFORM3CDFORM 3CD –––– NEW CLAUSENEW CLAUSENEW CLAUSENEW CLAUSE ---- 28282828 DDDDetails of shares received without / inadequateetails of shares received without / inadequateetails of shares received without / inadequateetails of shares received without / inadequate consideration u/s 56(2)(consideration u/s 56(2)(consideration u/s 56(2)(consideration u/s 56(2)(viiaviiaviiaviia).).).). Is it for all assesses?Is it for all assesses?Is it for all assesses?Is it for all assesses? Take care of transactions not regarded as transfer for this purposeTake care of transactions not regarded as transfer for this purposeTake care of transactions not regarded as transfer for this purposeTake care of transactions not regarded as transfer for this purpose –––– 47 (via), (47 (via), (47 (via), (47 (via), (vicvicvicvic), (), (), (), (vicbvicbvicbvicb), (vid) & (vii)), (vid) & (vii)), (vid) & (vii)), (vid) & (vii) NotNotNotNot stated in Form,stated in Form,stated in Form,stated in Form, requiredrequiredrequiredrequired inininin UtilityUtilityUtilityUtility –––– Name of the person from whom shares are receivedName of the person from whom shares are receivedName of the person from whom shares are receivedName of the person from whom shares are received PAN, if availablePAN, if availablePAN, if availablePAN, if available Name of company whose shares are receivedName of company whose shares are receivedName of company whose shares are receivedName of company whose shares are received CINCINCINCIN No. of SharesNo. of SharesNo. of SharesNo. of Shares Amount of consideration paidAmount of consideration paidAmount of consideration paidAmount of consideration paid FMV of sharesFMV of sharesFMV of sharesFMV of shares IfIfIfIf without consideration, it may not be accounted in books.without consideration, it may not be accounted in books.without consideration, it may not be accounted in books.without consideration, it may not be accounted in books. Reporting to be made.Reporting to be made.Reporting to be made.Reporting to be made. Reporting only difference exceedsReporting only difference exceedsReporting only difference exceedsReporting only difference exceeds RsRsRsRs. 50K. 50K. 50K. 50K Lunawat & Co.
  • 52.
    FORM 3CDFORM 3CDFORM3CDFORM 3CD –––– NEW CLAUSENEW CLAUSENEW CLAUSENEW CLAUSE ---- 29292929 Details of consideration received in excess of fairDetails of consideration received in excess of fairDetails of consideration received in excess of fairDetails of consideration received in excess of fair value for issue of shares u/s 56(2)(value for issue of shares u/s 56(2)(value for issue of shares u/s 56(2)(value for issue of shares u/s 56(2)(viibviibviibviib)))) –––– only foronly foronly foronly for companiescompaniescompaniescompanies Details not given in Form, but in Utility:Details not given in Form, but in Utility:Details not given in Form, but in Utility:Details not given in Form, but in Utility: Name of the person from whomName of the person from whomName of the person from whomName of the person from whom consideration receivedconsideration receivedconsideration receivedconsideration received for issue of sharesfor issue of sharesfor issue of sharesfor issue of shares PAN, if availablePAN, if availablePAN, if availablePAN, if available NoNoNoNo. of. of. of. of Shares receivedShares receivedShares receivedShares received Amount of considerationAmount of considerationAmount of considerationAmount of consideration receivedreceivedreceivedreceived FMV ofFMV ofFMV ofFMV of sharessharessharesshares Would anything be reported under this?Would anything be reported under this?Would anything be reported under this?Would anything be reported under this? Use SA 620Use SA 620Use SA 620Use SA 620 –––– Using the work of an Auditor’s ExpertUsing the work of an Auditor’s ExpertUsing the work of an Auditor’s ExpertUsing the work of an Auditor’s Expert Lunawat & Co.
  • 53.
    CLAUSE 31CLAUSE 31CLAUSE31CLAUSE 31 ---- S. 269SS/TS. 269SS/TS. 269SS/TS. 269SS/T Advance against immovable property in cash forAdvance against immovable property in cash forAdvance against immovable property in cash forAdvance against immovable property in cash for RsRsRsRs.... 20000/20000/20000/20000/---- covered? Reportable in Form 3CD?covered? Reportable in Form 3CD?covered? Reportable in Form 3CD?covered? Reportable in Form 3CD? Yes, NoYes, NoYes, NoYes, No Loan received by NEFT / RTGS??Loan received by NEFT / RTGS??Loan received by NEFT / RTGS??Loan received by NEFT / RTGS?? NoNoNoNo Share application money advance??Share application money advance??Share application money advance??Share application money advance?? No if adequate documentsNo if adequate documentsNo if adequate documentsNo if adequate documents Sale proceeds collected by selling agent?Sale proceeds collected by selling agent?Sale proceeds collected by selling agent?Sale proceeds collected by selling agent? NoNoNoNo Advance received against sale of goods?? CompaniesAdvance received against sale of goods?? CompaniesAdvance received against sale of goods?? CompaniesAdvance received against sale of goods?? Companies Act 2013??Act 2013??Act 2013??Act 2013?? NoNoNoNo Lunawat & Co.
  • 54.
    CLAUSE 31CLAUSE 31CLAUSE31CLAUSE 31 ---- S. 269SS/TS. 269SS/TS. 269SS/TS. 269SS/T ABC P. Ltd receives cash fromABC P. Ltd receives cash fromABC P. Ltd receives cash fromABC P. Ltd receives cash from Mr. A anMr. A anMr. A anMr. A an agriculturist?agriculturist?agriculturist?agriculturist? YesYesYesYes Security deposit received against contracts?Security deposit received against contracts?Security deposit received against contracts?Security deposit received against contracts? YesYesYesYes –––– depositdepositdepositdeposit Amount retained byAmount retained byAmount retained byAmount retained by contracteecontracteecontracteecontractee againstagainstagainstagainst performance??performance??performance??performance?? No as amount not receivedNo as amount not receivedNo as amount not receivedNo as amount not received ABC P. Ltd repays loan payable on demand in cash?ABC P. Ltd repays loan payable on demand in cash?ABC P. Ltd repays loan payable on demand in cash?ABC P. Ltd repays loan payable on demand in cash? NoNoNoNo Loan in name of Mr A transferred in name of Mr BLoan in name of Mr A transferred in name of Mr BLoan in name of Mr A transferred in name of Mr BLoan in name of Mr A transferred in name of Mr B by accounting entry?by accounting entry?by accounting entry?by accounting entry? YesYesYesYes Lunawat & Co.
  • 55.
    FORM 3CDFORM 3CDFORM3CDFORM 3CD –––– AMENDMENTAMENDMENTAMENDMENTAMENDMENT ---- 34343434 TDSTDSTDSTDS –––– TotalTotalTotalTotal revamped.revamped.revamped.revamped. TCS added.TCS added.TCS added.TCS added. Reconcile it with:Reconcile it with:Reconcile it with:Reconcile it with: TDS ReturnsTDS ReturnsTDS ReturnsTDS Returns Financial StatementsFinancial StatementsFinancial StatementsFinancial Statements Clause 21(b)Clause 21(b)Clause 21(b)Clause 21(b) –––– 40(a) / 40(40(a) / 40(40(a) / 40(40(a) / 40(iaiaiaia)))) 34(a) if required to34(a) if required to34(a) if required to34(a) if required to deduct or collect taxdeduct or collect taxdeduct or collect taxdeduct or collect tax as peras peras peras per provisions of Chapter XVIIB or XVIIBB furnish:provisions of Chapter XVIIB or XVIIBB furnish:provisions of Chapter XVIIB or XVIIBB furnish:provisions of Chapter XVIIB or XVIIBB furnish: 1.1.1.1. TANTANTANTAN 2.2.2.2. SectionSectionSectionSection 3.3.3.3. Nature of payment or receiptNature of payment or receiptNature of payment or receiptNature of payment or receipt Lunawat & Co.
  • 56.
    FORM 3CDFORM 3CDFORM3CDFORM 3CD –––– AMENDMENTAMENDMENTAMENDMENTAMENDMENT ---- 34343434 34343434 ((((b)b)b)b) –––– If TDSIf TDSIf TDSIf TDS / TCS/ TCS/ TCS/ TCS StatementStatementStatementStatement notnotnotnot furnishedfurnishedfurnishedfurnished within prescribedwithin prescribedwithin prescribedwithin prescribed timetimetimetime,,,, furnish:furnish:furnish:furnish: TANTANTANTAN Type of FormType of FormType of FormType of Form Due date of furnishingDue date of furnishingDue date of furnishingDue date of furnishing Date of furnishing, if furnishedDate of furnishing, if furnishedDate of furnishing, if furnishedDate of furnishing, if furnished WhetherWhetherWhetherWhether thethethethe TDS / TCS StatementTDS / TCS StatementTDS / TCS StatementTDS / TCS Statement contains informationcontains informationcontains informationcontains information about all transactionsabout all transactionsabout all transactionsabout all transactions whichwhichwhichwhich are required toare required toare required toare required to bebebebe reportedreportedreportedreported –––– Transporters???Transporters???Transporters???Transporters??? –––– yes / no??yes / no??yes / no??yes / no?? Lunawat & Co.
  • 57.
    FORM 3CDFORM 3CDFORM3CDFORM 3CD –––– AMENDMENTAMENDMENTAMENDMENTAMENDMENT ---- 34343434 4.4.4.4. TotalTotalTotalTotal amount of payment or receipt specified in 3amount of payment or receipt specified in 3amount of payment or receipt specified in 3amount of payment or receipt specified in 3 5.5.5.5. Total amount on which tax was required to beTotal amount on which tax was required to beTotal amount on which tax was required to beTotal amount on which tax was required to be deducted / collected under 4deducted / collected under 4deducted / collected under 4deducted / collected under 4 6.6.6.6. Total amount on which tax was deducted / collected atTotal amount on which tax was deducted / collected atTotal amount on which tax was deducted / collected atTotal amount on which tax was deducted / collected at specified rate out ofspecified rate out ofspecified rate out ofspecified rate out of 5555 7.7.7.7. AmountAmountAmountAmount of tax deducted or collected out ofof tax deducted or collected out ofof tax deducted or collected out ofof tax deducted or collected out of 6666 8.8.8.8. Amount on which tax was deducted / collected at lessAmount on which tax was deducted / collected at lessAmount on which tax was deducted / collected at lessAmount on which tax was deducted / collected at less than specified rate out of 7than specified rate out of 7than specified rate out of 7than specified rate out of 7 9.9.9.9. Amount of tax deducted or collected on 8Amount of tax deducted or collected on 8Amount of tax deducted or collected on 8Amount of tax deducted or collected on 8 10.10.10.10. Amount of tax deducted or collected but not depositedAmount of tax deducted or collected but not depositedAmount of tax deducted or collected but not depositedAmount of tax deducted or collected but not deposited out of 6 & 8out of 6 & 8out of 6 & 8out of 6 & 8 Lunawat & Co.
  • 58.
    TDS EXAMPLETDS EXAMPLETDSEXAMPLETDS EXAMPLE SectionSectionSectionSection (2)(2)(2)(2) NatureNatureNatureNature ofofofof PaymenPaymenPaymenPaymen tttt (3)(3)(3)(3) TotalTotalTotalTotal amtamtamtamt ofofofof paymenpaymenpaymenpaymen t ort ort ort or receiptreceiptreceiptreceipt (4)(4)(4)(4) TotalTotalTotalTotal amtamtamtamt onononon whichwhichwhichwhich tax wastax wastax wastax was requiredrequiredrequiredrequired to beto beto beto be deductedeductedeductededucte d out ofd out ofd out ofd out of 4444 (5)(5)(5)(5) TotalTotalTotalTotal amtamtamtamt onononon whichwhichwhichwhich tax wastax wastax wastax was deddeddedded. /. /. /. / coll.coll.coll.coll. atatatat specifiespecifiespecifiespecifie d rated rated rated rate out of 5out of 5out of 5out of 5 (6)(6)(6)(6) AmouAmouAmouAmou nt ofnt ofnt ofnt of taxtaxtaxtax deductdeductdeductdeduct ed outed outed outed out of 6of 6of 6of 6 (7)(7)(7)(7) AmtAmtAmtAmt onononon which taxwhich taxwhich taxwhich tax waswaswaswas deddeddedded.... //// collcollcollcoll/ at/ at/ at/ at < than< than< than< than specifiedspecifiedspecifiedspecified rate outrate outrate outrate out of 7of 7of 7of 7 (8)(8)(8)(8) AmountAmountAmountAmount of taxof taxof taxof tax deductedeductedeductededucte d ord ord ord or collectecollectecollectecollecte d on 8d on 8d on 8d on 8 (9)(9)(9)(9) AmtAmtAmtAmt ofofofof taxtaxtaxtax deddeddedded.... or coll.or coll.or coll.or coll. but notbut notbut notbut not depositdepositdepositdeposit ed outed outed outed out of 6 & 8of 6 & 8of 6 & 8of 6 & 8 (10)(10)(10)(10) 194 C194 C194 C194 C TptTptTptTpt.... 15 Cr15 Cr15 Cr15 Cr 0000 0000 0000 0000 0000 0000 194 C194 C194 C194 C Cont.Cont.Cont.Cont. 25 L25 L25 L25 L 15 L15 L15 L15 L 10 L10 L10 L10 L 10000100001000010000 5555 LacsLacsLacsLacs 5000500050005000 0000 194A194A194A194A InttInttInttIntt.... 5555 CrsCrsCrsCrs 6666 LacsLacsLacsLacs 5555 LacsLacsLacsLacs 50K50K50K50K 1111 LacLacLacLac 5000500050005000 0000 194I194I194I194I RentRentRentRent 25 L25 L25 L25 L 20 L20 L20 L20 L 15 L15 L15 L15 L 1.5 L1.5 L1.5 L1.5 L 5 L5 L5 L5 L 10000100001000010000 10000100001000010000 194J194J194J194J FTSFTSFTSFTS 1 L1 L1 L1 L 1 L1 L1 L1 L 0000 0000 0000 0000 0000 Lunawat & Co.
  • 59.
    FORM 3CDFORM 3CDFORM3CDFORM 3CD –––– AMENDMENTAMENDMENTAMENDMENTAMENDMENT ---- 34343434 34343434 (c)(c)(c)(c) –––– Whether theWhether theWhether theWhether the assesseeassesseeassesseeassessee is liable to payis liable to payis liable to payis liable to pay u/s 201(1A) or section 206C(7), if yes, pleaseu/s 201(1A) or section 206C(7), if yes, pleaseu/s 201(1A) or section 206C(7), if yes, pleaseu/s 201(1A) or section 206C(7), if yes, please furnish :furnish :furnish :furnish :---- Lunawat & Co. TANTANTANTAN Amount ofAmount ofAmount ofAmount of Interest PayableInterest PayableInterest PayableInterest Payable Amount paidAmount paidAmount paidAmount paid out of Col. (2)out of Col. (2)out of Col. (2)out of Col. (2) Date ofDate ofDate ofDate of PaymentPaymentPaymentPayment (1)(1)(1)(1) (2)(2)(2)(2) (3)(3)(3)(3) (4)(4)(4)(4) NA.NA.NA.NA. Check TRACESCheck TRACESCheck TRACESCheck TRACES
  • 60.
    FORM 3CDFORM 3CDFORM3CDFORM 3CD –––– NEW CLAUSESNEW CLAUSESNEW CLAUSESNEW CLAUSES 39393939 ---- DDDDetailsetailsetailsetails, if any, of disqualification, if any, of disqualification, if any, of disqualification, if any, of disqualification orororor disagreementdisagreementdisagreementdisagreement on anyon anyon anyon any matter / item /matter / item /matter / item /matter / item / value / quantityvalue / quantityvalue / quantityvalue / quantity as mayas mayas mayas may be reported /be reported /be reported /be reported / identifiedidentifiedidentifiedidentified by theby theby theby the auditor in audit under s.auditor in audit under s.auditor in audit under s.auditor in audit under s. 72A72A72A72A –––– service taxservice taxservice taxservice tax 41414141 ---- DDDDetailsetailsetailsetails of demand raisedof demand raisedof demand raisedof demand raised //// refundrefundrefundrefund issued underissued underissued underissued under any tax laws other thanany tax laws other thanany tax laws other thanany tax laws other than IT &IT &IT &IT & WT with relevant proceedingsWT with relevant proceedingsWT with relevant proceedingsWT with relevant proceedings Lunawat & Co.
  • 61.
    REVIEWINGREVIEWINGREVIEWINGREVIEWING StatutoryStatutoryStatutoryStatutory audit reportauditreportaudit reportaudit report qualification,qualification,qualification,qualification, notes to accounts, adverse remarksnotes to accounts, adverse remarksnotes to accounts, adverse remarksnotes to accounts, adverse remarks andandandand disclaimers in reportdisclaimers in reportdisclaimers in reportdisclaimers in report QualificationsQualificationsQualificationsQualifications inininin costcostcostcost auditauditauditaudit reportreportreportreport AuditAuditAuditAudit u/su/su/su/s 72727272AAAA ofofofof serviceserviceserviceservice taxtaxtaxtax DemandDemandDemandDemand raisedraisedraisedraised orororor refundrefundrefundrefund issuedissuedissuedissued inininin anyanyanyany lawlawlawlaw.... OnlineOnlineOnlineOnline compliancecompliancecompliancecompliance websiteswebsiteswebsiteswebsites forforforfor dues,dues,dues,dues, compliances,compliances,compliances,compliances, etcetcetcetc Lunawat & Co.
  • 62.
    DISCLAIMERSDISCLAIMERSDISCLAIMERSDISCLAIMERS It is notpossible to verify whether the taking orIt is not possible to verify whether the taking orIt is not possible to verify whether the taking orIt is not possible to verify whether the taking or accepting of loan or deposit or repayment of theaccepting of loan or deposit or repayment of theaccepting of loan or deposit or repayment of theaccepting of loan or deposit or repayment of the same have been made otherwise than by accountsame have been made otherwise than by accountsame have been made otherwise than by accountsame have been made otherwise than by account payeepayeepayeepayee chequechequechequecheque or bank draft as necessary evidence isor bank draft as necessary evidence isor bank draft as necessary evidence isor bank draft as necessary evidence is not in the possession of thenot in the possession of thenot in the possession of thenot in the possession of the assesseeassesseeassesseeassessee.... We have verified the compliance with the provisionsWe have verified the compliance with the provisionsWe have verified the compliance with the provisionsWe have verified the compliance with the provisions of Chapter XVIIof Chapter XVIIof Chapter XVIIof Chapter XVII----B and XVIIB and XVIIB and XVIIB and XVII----BB regarding deduction /BB regarding deduction /BB regarding deduction /BB regarding deduction / collection of tax at source and regarding the paymentcollection of tax at source and regarding the paymentcollection of tax at source and regarding the paymentcollection of tax at source and regarding the payment thereof to the credit of the Central Government inthereof to the credit of the Central Government inthereof to the credit of the Central Government inthereof to the credit of the Central Government in accordance with the Auditing Standards generallyaccordance with the Auditing Standards generallyaccordance with the Auditing Standards generallyaccordance with the Auditing Standards generally accepted in India which include test checks and theaccepted in India which include test checks and theaccepted in India which include test checks and theaccepted in India which include test checks and the concept of materialityconcept of materialityconcept of materialityconcept of materiality ………….... Lunawat & Co.
  • 63.
    AUDIT PROCEDUREAUDIT PROCEDUREAUDITPROCEDUREAUDIT PROCEDURE AppointmentAppointmentAppointmentAppointment Engagement LetterEngagement LetterEngagement LetterEngagement Letter Understanding of ClientUnderstanding of ClientUnderstanding of ClientUnderstanding of Client Understanding the EngagementUnderstanding the EngagementUnderstanding the EngagementUnderstanding the Engagement AuthorizationsAuthorizationsAuthorizationsAuthorizations ConfirmationsConfirmationsConfirmationsConfirmations Management RepresentationsManagement RepresentationsManagement RepresentationsManagement Representations CertificatesCertificatesCertificatesCertificates ReportsReportsReportsReports Lunawat & Co.
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    CA. Pramod JainCA.Pramod JainCA. Pramod JainCA. Pramod Jain pramodjain@lunawat.compramodjain@lunawat.compramodjain@lunawat.compramodjain@lunawat.com +91 9811073867+91 9811073867+91 9811073867+91 9811073867 © 2016 CA. Pramod Jain, Lunawat & Co
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    CA. Pramod JainCA.Pramod JainCA. Pramod JainCA. Pramod Jain pramodjain@lunawat.compramodjain@lunawat.compramodjain@lunawat.compramodjain@lunawat.com +91 9811073867+91 9811073867+91 9811073867+91 9811073867 © 2016 CA. Pramod Jain, Lunawat & Co