Transcript Document

CA Manish Shah
Shah & Bhandari
Chartered Accountants
FORM 3 CA
OLD FORM 3 CA
• I/We report that the statu
tory audit of ..[mention
name and address of the
assessee with permanent
account number] was
conducted by * me/us/M/s.
…. in pursuance of the
provisions of the….Act, and
*I/we annex hereto a copy
of * my/our/their audit
report dated ….along with a
copy each of –
• a) the audited * profit and
loss account/income and
expenditure account for the
year ended on 31st
March,….;
• b) the audited balance sheet
as at 31st March,….
NEW FORM 3 CA
• I / we report that the
statutory audit of M/s….
(Name and address of th
e assessee) with
Permanent Account Numb
er) was conducted by
*me / us / M/s.….in
pursuance of the provisions
of the…. Act, and *I/we
annex hereto a copy of
* my / our / their audit
report dated ….along with a
copy of each of:• a) the audited *profit and
loss account / income and
expenditure account for
the period beginning
from….to ending on…
• b) the audited balance
sheet as at…
REMARKS
•
No change
•
Beginning and ending
of the period of P&L
a/c / Income and
expenditure account
should be provided
Balance sheet date as
at 31st March was
removed
•
OLD FORM 3 CA
NEW FORM 3 CA
• 3. In *my/ our opinion and
to the best of my/our
information and according
to explanations given to
*me/us, the particulars
given in the said Form no.
3CD and the annexure
thereto are true and correct.
• 3. In *my/our opinion and
to the best of *my/our
information and according
to the examination of
books of account including
other relevant documents
and explanations given to
*me/us, the particulars
given in the said Form no.
3CD are true and correct
subject to the following
observations/
qualifications, if any.
• ** Signed
• ** ( Signature and stamp/
seal of the signatory)
• Place,name, date, address
•
Place…name of the
signatory… date.. full
address
REMARKS
•
Insertion of words
“according to
examination of books
of account including
other relevant
documents” – which
increases the
verification scope of
the Auditor.
Observations if any
should be provided
•
New requirement to
provide Stamp/Seal of
the signatory
FORM 3 CB
OLD FORM 3 CB
• *I / We have examined the
Balance Sheet as at 31st
March…., and the *Profit
and Loss Account /Income
and Expenditure Account
for the year ended on that
date, attached herewith, of
…..[Mention Name and
Address of the Assessee
with permanent Account
Number]
• In *my/our opinion and to
the best of *my /our
information and according
to explanations given to
*me / us, the particulars
given in the said form no.
3CD and the annexures
thereto are true and correct
NEW FORM 3 CB
• *I / we have examined the
balance sheet as on,….,and
the *profit and loss
account / income and
Expenditure account for
the period beginning from
…. to ending
on….,attached herewith,
of ….(Name), (Address),
…. (Permanent Account
Number).
• In *my/our opinion and to
the best of *my / our
information and according
to explanations given to
*me / us , the particulars
given in the said form no 3
CD are true and correct
subject to following
observations/
qualifications, if any:
REMARKS
•
New requirement to
provide the period
beginning and to
ending on.
•
New requirement
observations/qualifica
tions if any
OLD FORM 3 CB
• ** Signed
• Place…. Name :….
Date….Address….
• **This report has to be
signed by-(i) a chartered
accountant within the
meaning of the Chartered
Accountants Act, 1949; or
(ii) any person who, in
relation to any State, is, by
virtue of the provisions of
sub-section (2) of section
226 of the Companies Act,
1956 (1 of 1956), entitled
to be appointed to act as
an auditor of companies
registered in that State; or
(iii) any person who is, by
virtue of any other law,
entitled to audit the
accounts of the assessee for
the relevant previous year.
NEW FORM 3 CB
• ** ( Signature and stamp/
seal of the signatory)
• Place … name of the
signatory.. date .. full
address
• *** this report has to be
signed by a person eligible
to sign the report as per
the provisions of section
44AB of the income tax act
1961
REMARKS
•
New requirement to
provide stamp/seal
of the signatory
•
New reference to Sec.
In Sec.44AB.Referring
to the explanation u/s
288 of “accountant
“means a chartered
accountant within the
meaning of the
Chartered
accountants act , (38
of 1949), and includes
, in relation to any
state , any person who
by virtue of the
provision of sub
section (2) of section
226 of the companies
act ,1956 (1 of 1956),
is entitled.
FORM 3 CD
OLD FORM 3 CD
• The old format had 32
clauses to report on.
• There are 41 clauses to
report on.
PART -A
• 4. whether the assessee is
liable to pay indirect tax
like excise duty, service tax
, sales tax, customs duty ,
etc, if yes, please furnish
the registration number or
any other identification
number allotted for the
same.
• 5. Previous year ended: 31st
March_____.
REMARKS
NEW FORM 3 CD
• 6. Previous year from …….
To ……..
• 8. Indicate the relevant
clause of section 44AB
under which audit has
been conducted.
•
Increase in
reporting clauses.
•
New inserted clause
•
Amended to include
the date of
commencement of
previous year for
newly started
business and also
relevant section
under audit
OLD FORM 3 CD
Part B
• 9(b). List of Books of
account maintained. (In case
Books of Account are
maintained in a computer
system, mention the books
of account generated by
such computer system)
• (c) List of books of account
examined
NEW FORM 3 CD
Part B
• 11(b) List of Books of
account maintained and
the address at which the
books of accounts are kept
(In case Books of Account
are maintained in a
computer system, mention
the books of account
generated by such
computer system. If the
books of account are not
kept at one location ,
please furnish the address
of the location along with
books of accounts
maintained at such
locations )
• (c)List of books of account
examined and nature of
relevant documents
examined.
REMARKS
•
All location where
books of accounts are
maintained are
required to be
furnished
•
Along with list of
books of accounts,
documents verified
shall also be
mentioned
OLD FORM 3 CD
• 10. Whether the profit and loss
account includes any profits and
gains assessable on
presumptive basis, if yes
indicate the amount and
relevant section (44AD, 44AE,
44AF, 44B, 44BB, 44BBA, 44BBB
or any other relevant section).
• 11.a)Method of accounting
employed in the previous year.
c)If answer to (b) (for change in
method of accounting) above is
in the affirmative, give details of
such change, and the effect
there of on the profit or loss.
NEW FORM 3 CD
REMARKS
• 12. Whether the profit and loss
account includes any profits
and gains assessable on
presumptive basis, if yes
indicate the amount and
relevant section (44AD, 44AE,
44AF, 44B, 44BB, 44BBA,
44BBB, Chapter XII-G, First
schedule or any other relevant
section).
• 13.(a) Method of accounting
employed in the previous year
• (c) If answer to (b)(for change in
method of accounting) above is
in the affirmative, give details
of such change, and the effect
thereof on the profit or loss in
tabular format:
• Serial
• number
• Particulars Increase in
• profit
• Decrease in profit
• Chapter XIIG, First
schedule.
• Required to
quantify the
effect on
profit and
loss account
in tabular
format with
mentioned
details.
OLD FORM 3 CD
• 12.a)Method of
valuation of closing stock
employed in the previous
year.
• b)Details of deviation, if
any, from the method of
valuation prescribed
under section 145A, and
the effect thereof on the
profit or loss.
NEW FORM 3 CD
REMARKS
• 14. (a) Method of valuation of closing
stock employed in the previous year.
• (b) In case of deviation from the
method of valuation prescribed under
• section 145A, and the effect thereof
on the profit or loss, please furnish
tabular format:
• Serial
• number
• Particulars Increase in
• profit
• Decrease in profit
• 17.Whether any land or building or
both is transferred during the
previous year for a consideration less
than value adopted or assessed or
assessable by any authority of a State
Government referred to in section
43CA or 50C, furnish (1). Details of
property.(2). Consideration received
or accrued.(3). Value adopted or
assessed or assessable.
• Now required
to quantify
the effect on
profit and
loss account
in tabular
format with
mentioned
details.
• Newly
inserted
clause.
OLD FORM 3 CD
NEW FORM 3 CD
• 14.Particulars of
depreciation allowable as
per the Income–Tax Act
• 18.Particulars of
depreciation allowable as
per the Income–Tax Act
(i) Modified Value Added Tax
Credit claimed and allowed
under the Central Excise Rules,
1944, in respect of assets
acquired on or after 1st March
1994,
(i) Central Value Added Tax
Credit claimed and allowed
under the Central Excise
Rules,1944, in respect of assets
acquired on or after 1st March
1994,
•
•
15.Amounts admissible
under sections- (a)33AB,
(b)33ABA, (c)33AC(wherever
applicable), (d)35, (e)35ABB,
(f)35AC, (g)35CCA, (h)35CCB,
(i)35D, (j)35DD, (k)35DDA,
(l)35E
19.Amounts admissible
under sections- Sections
added are: 32AC, 35(1)(i),
35(1)(ii), 35(1)(iia),
35(1)(iii),
35(1)(iv),35(2AA),35(2AB).
REMARKS
• Modified value
added tax has been
replaced with
central value added
tax.
• There is no change
in the other
reporting aspects
for depreciation.
• Addition is
reporting
requirement for
admissible sections.
OLD FORM 3 CD
NEW FORM 3 CD
• 17. Amounts debited to the
Profit and Loss Account,
being :–
(a)expenditure of capital nature;
(b)expenditure of personal
nature;
(c)expenditure on advertisement
in any souvenir, brochure, tract,
pamphlet or the like, published
by a political party;
(d)expenditure incurred at clubs,
(i) as entrance fees and
subscriptions.
(ii) as cost for club services and
facilities used;
(e) (i) expenditure by way of
penalty or fine
(ii) any other penalty or fine
(iii) expenditure incurred for any
purpose which is an offence or
which is prohibited by law
• 21. (a) please furnish the
details of amounts debited
to the profit and loss
account , being in the
nature of capital, personal,
advertisement expenditure
etc:
(a)Expenditure incurred at
clubs being cost for club
services and facilities used
(b) Expenditure by way of
penalty or fine for violation
of any law for the time
being force
(c) Expenditure by way of any
other penalty or fine not
covered above
(d)Expenditure incurred for
any purpose which is an
offence or which is
prohibited by law
REMARKS
• Nature of
advertisement
expenditure is not
given. Expense
relating to
subscription and
entrance fee for
club is deleted. the
words “not covered
above” as been
added.
• The presentation is
now to be done in a
tabular format.
OLD FORM 3 CD
• 17(f). amounts inadmissible
under section 40(a);
NEW FORM 3 CD
• 21. (b) Amounts
inadmissible under section
40(a):• (i) as payment to nonresident referred to in subclause (i)
• (A) Details of payment on
which tax is not deducted
• (I) date of payment
• (II) amount of payment
• (III) nature of payment
• (IV) name and address of
the payee
• (B) Details of payment on
which tax has been
deducted but has not been
paid during the previous
year or in the subsequent
year before the expiry of
time prescribed under
section 200(1)
(I) date of payment
(II) amount of payment
REMARKS
• The new form
requires detail
reporting.
OLD FORM 3 CD
NEW FORM 3 CD
21. (b) (III) nature of payment
(IV) name and address of the
payee
(V) amount of tax deducted
ii) as payment referred to in
sub-clause (ia)
(A) Details of payment on
which tax is not deducted:
(I) date of payment
(II) amount of payment
(III) nature of payment
(IV) name and address of the
payee
(B) Details of payment on
which tax has been deducted
but has not been paid on or
before the due date specified
in sub- section (1) of section
139.
(I) date of payment
(II) amount of payment
(III) nature of payment.
REMARKS
OLD FORM 3 CD
NEW FORM 3 CD
21. (b) (IV) name and address
of the payer
(V) amount of tax deducted
(VI) amount out of (V)
deposited, if any
(iii) under sub-clause (ic)
[Wherever applicable]
(iv) under sub-clause (iia)
(v) under sub-clause (iib)
(vi) under sub-clause (iii)
(A) date of payment
(B) amount of payment
(C) name and address of the
payee
(vii) under sub-clause (iv)
(viiii) under sub-clause (v)
REMARKS
OLD FORM 3 CD
• 17h(A).Whether a
certificate has been
obtained from the
assessee regarding
payments relating to any
expenditure covered
under section 40 A(3)
that the payments were
made by account payee
cheques drawn on bank
or account payee bank
draft, as the case may be
,
(YES /NO)
NEW FORM 3 CD
• 21. (d) Disallowance/deemed
income under section 40A(3):
(A) On the basis of the examination
of books of account and other
relevant documents/evidence,
whether the expenditure covered
under section 40A(3) read with rule
6DD were made by account payee
cheque drawn on a bank or account
payee bank draft. If not, please
furnish the details:
(B) On the basis of the examination
of books of account and other
relevant documents/evidence,
whether the payment referred to in
section 40A(3A) read with rule 6DD
were made by account payee
cheque drawn on a bank or account
payee bank draft If not, please
furnish the details of amount
deemed to be the profits and gains
of business or profession under
section 40A(3A
REMARKS
• The new form
required to
examine and
furnish the
following
details:
1. Date of
payment
2. Nature of
payment.
3. Amount
4. Name and
PAN of payee.
OLD FORM 3 CD
• 22. Amount of Modified
Value Added Tax credits
availed of or utilised during
the previous year and its
treatment in the Profit and
Loss Account and treatment
of outstanding Modified
Value Added Tax credits in
the accounts.
NEW FORM 3 CD
• 27. Amount of Central
Value Added Tax credits
availed of or utilised
during the previous year
and its treatment in the
profit and loss account ant
treatment of outstanding
Central Value Added Tax
credits in the account
• 28. Whether during the
previous year the assessee
has received any property,
being share of a company
not being a company in
which the public are
substantially interested,
without consideration or
for inadequate
consideration as referred
to in section 56(2)(viia), if
yes, please furnish the
details of the same.
REMARKS
• No change except
that MODVAT is
replaced with
CENVAT.
• Newly inserted
clause.
OLD FORM 3 CD
NEW FORM 3 CD
• 29. Whether during the
previous year the assessee
received any consideration
for issue of shares which
exceeds the fair market
value of the shares as
referred to in section
56(2)(viib), if yes, please
furnish the details of the
same.
• 24(c). Whether a certificate
has been obtained from the
assessee regarding taking or
accepting loan or deposit, or
repayment of the same
through an account payee
cheque or an account payee
bank draft
• 31(c). Whether the taking
or accepting loan or
deposit, or repayment of
the same were made by
account payee cheque
drawn on a bank or
account payee bank draft
based on the examination
of books of account and
other relevant documents
REMARKS
• Newly inserted
clause.
OLD FORM 3 CD
• 25(a)Details of brought
forward loss or depreciation
allowance, in the following
manner, to the extent
available:
• (b)Whether a change in
shareholding of the
company has taken place in
the previous year due to
which the losses incurred
prior to the previous year
cannot be allowed to be
carried forward in terms of
Section 79.
NEW FORM 3 CD
• 32(c) Whether the assessee
has incurred any
speculation loss referred to
in section 73 during the
previous year, If yes, please
furnish the details of the
same.
• (d) whether the assessee
has incurred any loss
referred to in section 73A in
respect of any specified
business during the previous
year, if yes, please furnish
details of the same.
• (e) In case of a company,
please state that whether
the company is deemed to
be carrying on a
speculation business as
referred in explanation to
section 73, if yes, please
furnish the details of
speculation loss if any
incurred during the
previous year.
REMARKS
• The sub clause (c) ,
(d) and (e) are
newly added.
OLD FORM 3 CD
• 26.Section-wise details of
deductions, if any,
admissible under Chapter
VI-A.
• 27. Whether the assessee
has complied with the
provisions of Chapter XVII-B
regarding deduction of tax
at source and regarding, the
payment thereof to the
credit of Central
Government.
• 28(b). In the case of a
Manufacturing Concern,
give quantitative details of
the principal items of Raw
Materials, Finished Products
and By–Products:
*Information may be given to
the extent available.
NEW FORM 3 CD
• 33. Section-wise details of
deductions, if any,
admissible under Chapter
VIA or Chapter III (Section
10A, Section 10AA).
• 34.Whether the assessee is
required to deduct or
collect tax as per the
provisions of Chapter XVIIB or Chapter XVII-BB, if yes
please furnish:
• 35(b). In the case of a
Manufacturing Concern,
give quantitative details of
the principal items of Raw
Materials, Finished
Products and By–Products :
REMARKS
• Deductions
admissible under
Chapter III are also
required to be
reported.
• Along with TDS, TCS
complied or not are
required to be
reported in a
detailed provided
format.
• Star mark and
relevant
explanation has
been removed
OLD FORM 3 CD
NEW FORM 3 CD
• 29.In the case of a domestic
company, details of tax on
distributed profits under
section 115-O in the
following form :a) Total amount of distributed
profits
b) Total tax paid thereon
c) Date of Payments with
Amount
• 36.In the case of a
domestic company, details
of tax on distributed profits
under section 115-O in
the following form :a) Total amount of
distributed profits
b) amount of reduction as
referred to in section 115O(1A)(i);
c) amount of reduction as
referred to in section 115O(1A)(ii);
d) Total tax paid thereon
e) Date of Payments with
Amount.
REMARKS
•
Insertion of 115O(1A)(i) and (ii).
OLD FORM 3 CD
• 30. Whether any Cost Audit
was carried out, if yes,
enclose a copy of the report
of such audit [See section
139(9)].
• 31. Whether any audit was
conducted under the
Central Excise Act, 1944, if
yes, enclose a copy of the
report of such audit.
NEW FORM 3 CD
REMARKS
• 37.Whether any Cost Audit
was carried out, if yes, give
the details, if any, of
disqualification or
disagreement on any
matter/item/value/quanti
ty as may be reported /
identified by the auditor.
• Inserted of
enclosing Cost
Audit Report,
disqualifications,
disagreements etc
to be reported
• 38. Whether any audit was
conducted under the
Central Excise Act, 1944, if
yes, give the details, if any,
of disqualification or
disagreement on any
matter/item/value/quanti
ty as may be reported /
identified by the auditor.
•
Inserted of enclosing
Excise Audit Report,
disqualifications,
disagreements etc to
be reported.
OLD FORM 3 CD
• There was no such
reporting clause.
• 32. Accounting ratios
with calculations as
follows: –
a. Gross Profit/Turnover;
b. Net Profit/Turnover;
c. Stock–in–Trade/Turnover;
d. Material Consumed /
Finished Goods produced
NEW FORM 3 CD
• 39. Whether any audit was
conducted under section 72A
of the Finance Act, 1994 in
relation to valuation of
taxable services. Finance Act,
1994 in relation to valuation of
taxable services. If yes, give the
details, if any, of
disqualification or
disagreement on any
matter/item/value/quantity
as may be reported / identified
by the auditor.
• 40.Details regarding turnover,
gross profit, etc., for the
previous year and preceding
previous year:
1) Total turnover of the assessee
2) Gross profit/turnover
3) Net profit/turnover
4) Stock-in-trade/ turnover
5) Material consumed/finished
goods produced
REMARKS
• Service Tax Audit
remarks also to be
enclosed.
• Preceding previous
year data also to be
submitted. Total
turnover in the
serial 1 has been
added. The term
“calculations” has
been dropped.
OLD FORM 3 CD
NEW FORM 3 CD
• There was no such reporting
clause.
• 41. Please furnish the
details of demand raised
or refund issued during the
previous year under any
tax laws other than
Income Tax Act, 1961 and
Wealth tax Act, 1957 along
with details of relevant
proceedings.
• ** Signed
• ** ( Signature and stamp/
seal of the signatory
REMARKS
•
Newly inserted
• New requirement to
provide Stamp/Seal
of the signatory