21 Mar CBDT issues corrigendum to include sec. 43B(h) disallowance under clause 22 of Form 3CD
The Central Board of Direct Taxes (CBDT) introduced amendments to Form 3CD through Notification No. 27/2024 /F. No. 370142/3/2024-TPL, dated 05-03-2024. These amendments primarily focused on enhancing disclosures related to certain provisions of the Income Tax Act.
- Disclosure of Section 43B(h) Disallowance (Clause 26): The notification included a requirement for disclosure of disallowances under section 43B(h) within Clause 26 of Form 3CD. This amendment aimed to ensure transparency and comprehensive reporting of such disallowances in accordance with the Income Tax Act.
- Amendment of Clause 22: Notably, Clause 22 of Form 3CD, which pertains to interest restrictions under the MSME (Micro, Small, and Medium Enterprises) Development Act, was not initially amended in the notification. However, subsequent revisions have now been made to Clause 22 to incorporate the disclosure of amounts disallowed under section 43B(h).
No Comments