What is clause 30c of Form 3CD?
Requirement: This clause requires the assessee to give the following details of borrowings on Hundi or repayment thereof, otherwise, than through an account payee cheque, it also requires to comply with provisions of section 69d of the income tax act.
How many clauses are there in tax audit?
Tax Audit Report -List of Clauses in form 3CD
| Clause No. | Name |
|---|---|
| 9(a) | Particulars of members/partners and their Profit Sharing Ratio (PSR) |
| 9(b) | Particulars of change in members/partners or in their PSR, if any |
| 10(a) | Nature of business / profession |
| 10(b) | Particular of change in nature of business / profession, if any |
What is Clause 34 of Form 3CD?
Clause 34 of the Tax Audit Report (Form 3CD) requires Tax Auditors to comment on the overall Tax Deducted at Source (TDS) compliances by the tax payers. In accordance with the guidelines issued by ICAI on this clause, the auditors ask for a reconciliation of Financial statements with the TDS returns.
What is Clause 44 of Form 3cd?
Break-up of total expenditure of entities registered or not registered under the GST (This Clause is kept in abeyance till 31st March, 2022).
What is impermissible avoidance agreement?
Impermissible avoidance arrangement.—(1) An impermissible avoidance arrangement means an arrangement, the main purpose of which is to obtain a tax benefit, and it— (a) creates rights, or obligations, which are not ordinarily created between persons dealing at arm’s length; (b)
Which clauses are important in 3CD while sanctioning?
C H A P T E R.
What is clause 34b?
8. Clause 34(b) Whether the assessee is required to furnish the statement of tax deducted or tax collected. If yes please furnish the details. An auditor should obtain the receipts/acknowledgment of TDS / TCS Statement filed by the assessee during the year.
What is Section 40 a IA?
Section 40(a)(ia) deals with the disallowance of 30% of any sum payable to a resident on which TDS hasn’t been deducted or after deduction, not paid to Govt. on or before the due date of filing of ITR.
What is Section 40b?
Section 40(b) of Income Tax Act places some restrictions and conditions on the deduction of expenses available to an assessee assessable as a partnership firm in relation to the remuneration and interest payable to the partners of such firm.