09 Jul ICAI Releases Implementation Guide on Revised Form No. 3CD & Form 3CEB – March 2024
In March 2024, the Institute of Chartered Accountants of India (ICAI) published an Implementation Guide on the revisions to Form No. 3CD and Form No. 3CEB.
Purpose of Tax Audit
Tax audits, conducted under Section 44AB of the Income-tax Act, 1961, are crucial for ensuring transparency and fairness in tax assessments. They promote compliance and help prevent tax evasion.
Recent Amendments
The Central Board of Direct Taxes (CBDT) amended Form No. 3CD and Form No. 3CEB in March 2024. These changes include updates to clauses related to special provisions under Section 115BAE, reporting requirements for micro and small enterprises, and details regarding brought forward losses and depreciation.
Need for Guidance
The recent amendments created a need for appropriate guidance to ensure accurate compliance.
Implementation Guide Release
To address this need, the Direct Taxes Committee of the ICAI released an Implementation Guide in March 2024. This guide provides specific instructions on the revisions to Form No. 3CD and Form No. 3CEB.
Value to Members
The guide aims to assist ICAI members and other stakeholders in effectively conducting tax audits and fulfilling reporting requirements, thereby upholding professional responsibility.
The Implementation Guide can be accessed at the following link:
https://www.nyca.in/wp-content/uploads/2024/07/3CD_3CEB_Implementation_Guide.pdf
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