Tax Audit Report form revised, new disclosures mandated

The Central Board of Direct Taxes (CBDT) has revised the tax audit form (3CD), stipulating more disclosures of information including those on monies received for immovable property and advances received in cash beyond specified limits.

The revised form also specifically refers to information on use of electronic clearing system through a bank account in addition to payments by way of account payee cheque or bank draft.

Additional information would now be required to be given where the repayment of loan or deposit or any specified advance exceeding prescribed limit is received otherwise than by a cheque or bank draft or use of electronic clearing system through a bank account.

The changes to the Tax Audit (Form CD) will come into effect from July 19 this year. #casansaar (Source - PTI, The Hindu)

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