Major Changes in revised form 3CD for FY 17-18 | AY 18-19

.
Some of the major changes in revised form 3CD are given below for reference.
.

Major Changes in revised form 3CD for FY 17-18 | AY 18-19

.

1. Taxpayer to give GSTN number along with details of other indirect Tax registrations like Sales Tax, Service Tax etc.
   .
2. The New form 3CD seeks for information of Gifts that are chargeable to tax as per clause (x) of sub-section (2) of section 56 of Income Tax Act 1961.
   .
3. The revised form 3CD seeks for particulars of payment in amount exceeding limit specified in Section 269ST of Income Tax Act 1961.
   .
4. Assessee is required to provide details of expenditure in form 3CD whereby they need to provide Expenditure in respect of entities registered under GST  & entities not registered under GST.
   .

.
5. The new form 3CD will incorporate further reporting requirement related to Transfer pricing as per Section 92 CE and 94 B of Income Tax Act inserted vide Finance Act 2017
.

.
6. Further the assessee is required to inform that whether he is required to furnish Statement of Financial Transactions i.e. Form No.61 or Form No. 61A or Form No. 61B as per Income Tax Act.
.
7. Also the assessee is now required to inform if he has received any deemed dividend as per sub-clause (e) of clause (22) of section 2 of Income Tax Act 1961
.
8. The form has further added a reporting requirement of Investment in new plant or machinery in notified backward areas in certain States as per Section 32AD of Income Tax Act 1961
 .
.
You May Also Like: 

Click here to read the complete notification revising form 3CD of Income Tax