Critical issues in Presumptive Taxation & Tax Audit

CA. PRAMOD JAIN
FCA, FCS, FCMA, LL.B, MIMA, DISA
CA. PRAMOD JAIN
FCA, FCS, FCMA, LL.B, MIMA, DISA
LUNAWAT & CO.
Chartered AccountantsChartered AccountantsChartered AccountantsChartered Accountants
LUNAWAT & CO.
Chartered AccountantsChartered AccountantsChartered AccountantsChartered Accountants
23232323thththth March 2017,March 2017,March 2017,March 2017, AlwarAlwarAlwarAlwar23232323thththth March 2017,March 2017,March 2017,March 2017, AlwarAlwarAlwarAlwar
CRITICAL ISSUESCRITICAL ISSUES

WHAT IS TAX AUDIT??WHAT IS TAX AUDIT??WHAT IS TAX AUDIT??WHAT IS TAX AUDIT??
S. 10 (23C) (iv), (v), (vi) or (via),S. 10 (23C) (iv), (v), (vi) or (via),S. 10 (23C) (iv), (v), (vi) or (via),S. 10 (23C) (iv), (v), (vi) or (via),
Section 10A,Section 10A,Section 10A,Section 10A,
Section 12A(1)(b),Section 12A(1)(b),Section 12A(1)(b),Section 12A(1)(b),
Section 44ABSection 44ABSection 44ABSection 44AB
Section 80Section 80Section 80Section 80----IA,IA,IA,IA,
Section 80Section 80Section 80Section 80----IB,IB,IB,IB,
Section 80Section 80Section 80Section 80----IC,IC,IC,IC,
Section 80Section 80Section 80Section 80----ID,ID,ID,ID,
Section 80JJAA,Section 80JJAA,Section 80JJAA,Section 80JJAA,
Section 80LA,Section 80LA,Section 80LA,Section 80LA,
Section 92ESection 92ESection 92ESection 92E
Section 115JBSection 115JBSection 115JBSection 115JB
Section 115JCSection 115JCSection 115JCSection 115JC
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LEGISLATION FOR AY 2017LEGISLATION FOR AY 2017LEGISLATION FOR AY 2017LEGISLATION FOR AY 2017----18181818
•BusinessBusinessBusinessBusiness –––– exceedsexceedsexceedsexceeds RsRsRsRs. 1 Crore. 1 Crore. 1 Crore. 1 Crore
•ProfessionProfessionProfessionProfession –––– exceedsexceedsexceedsexceeds RsRsRsRs. 50 L. 50 L. 50 L. 50 L
•Business u/s 44AD; deemed profit < 8%Business u/s 44AD; deemed profit < 8%Business u/s 44AD; deemed profit < 8%Business u/s 44AD; deemed profit < 8% /6% &/6% &/6% &/6% & TI >ANCTTI >ANCTTI >ANCTTI >ANCT
•Business u/s 44AE / 44BB / 44BBB; income is <Business u/s 44AE / 44BB / 44BBB; income is <Business u/s 44AE / 44BB / 44BBB; income is <Business u/s 44AE / 44BB / 44BBB; income is <
deemed profitsdeemed profitsdeemed profitsdeemed profits
•Profession u/s 44ADA; deemed profit < 50% & TI >ANCTProfession u/s 44ADA; deemed profit < 50% & TI >ANCTProfession u/s 44ADA; deemed profit < 50% & TI >ANCTProfession u/s 44ADA; deemed profit < 50% & TI >ANCT
S. 44ABS. 44ABS. 44ABS. 44AB
•Prescribing the Forms for Report u/sPrescribing the Forms for Report u/sPrescribing the Forms for Report u/sPrescribing the Forms for Report u/s
44AB44AB44AB44ABRule 6GRule 6GRule 6GRule 6G
• Report in case of a person who is required toReport in case of a person who is required toReport in case of a person who is required toReport in case of a person who is required to
get his A/get his A/get his A/get his A/cscscscs audited under any lawaudited under any lawaudited under any lawaudited under any lawForm 3CAForm 3CAForm 3CAForm 3CA
•Report in any other caseReport in any other caseReport in any other caseReport in any other caseForm 3CBForm 3CBForm 3CBForm 3CB
•Particulars as required u/F 3CA orParticulars as required u/F 3CA orParticulars as required u/F 3CA orParticulars as required u/F 3CA or
3CB3CB3CB3CBForm 3CDForm 3CDForm 3CDForm 3CD
•Penalty ½% maximumPenalty ½% maximumPenalty ½% maximumPenalty ½% maximum RsRsRsRs. 1.50 L. 1.50 L. 1.50 L. 1.50 LS. 271BS. 271BS. 271BS. 271B
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TAR CEILINGTAR CEILINGTAR CEILINGTAR CEILING
ICAI clarified in 2011 that auditICAI clarified in 2011 that auditICAI clarified in 2011 that auditICAI clarified in 2011 that audit
prescribed under any statute (like DVAT,prescribed under any statute (like DVAT,prescribed under any statute (like DVAT,prescribed under any statute (like DVAT,
2004), not covered2004), not covered2004), not covered2004), not covered
44AD / 44AE audit not covered in limit44AD / 44AE audit not covered in limit44AD / 44AE audit not covered in limit44AD / 44AE audit not covered in limit
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30
45
60

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PRESUMPTIVE TAXATIONPRESUMPTIVE TAXATIONPRESUMPTIVE TAXATIONPRESUMPTIVE TAXATION
•PGBP other thanPGBP other thanPGBP other thanPGBP other than
professionals and agentsprofessionals and agentsprofessionals and agentsprofessionals and agents44AD44AD44AD44AD
•ProfessionalsProfessionalsProfessionalsProfessionals44ADA44ADA44ADA44ADA
•Goods CarriagesGoods CarriagesGoods CarriagesGoods Carriages44AE44AE44AE44AE

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PRESUMPTIVE TAXATIONPRESUMPTIVE TAXATIONPRESUMPTIVE TAXATIONPRESUMPTIVE TAXATION
• Section 44ADSection 44ADSection 44ADSection 44AD
• If incomeIf incomeIf incomeIf income CLAIMEDCLAIMEDCLAIMEDCLAIMED to be underto be underto be underto be under
presumptive taxation, then:presumptive taxation, then:presumptive taxation, then:presumptive taxation, then:
• No books of accounts u/s 44AANo books of accounts u/s 44AANo books of accounts u/s 44AANo books of accounts u/s 44AA
• No audit u/s 44ABNo audit u/s 44ABNo audit u/s 44ABNo audit u/s 44AB
• Deemed income of 8%/6%& aboveDeemed income of 8%/6%& aboveDeemed income of 8%/6%& aboveDeemed income of 8%/6%& above
• All deductions u/s 30 to 38All deductions u/s 30 to 38All deductions u/s 30 to 38All deductions u/s 30 to 38
deemed to have been given fulldeemed to have been given fulldeemed to have been given fulldeemed to have been given full
effect.effect.effect.effect.

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PRESUMPTIVE TAXATIONPRESUMPTIVE TAXATIONPRESUMPTIVE TAXATIONPRESUMPTIVE TAXATION ---- CHANGESCHANGESCHANGESCHANGES
• Limit u/s 44AD increased from 1 Cr to 2 CrLimit u/s 44AD increased from 1 Cr to 2 CrLimit u/s 44AD increased from 1 Cr to 2 CrLimit u/s 44AD increased from 1 Cr to 2 Cr
• S. 44ADA introduced for ProfessionalsS. 44ADA introduced for ProfessionalsS. 44ADA introduced for ProfessionalsS. 44ADA introduced for Professionals –––– LimitLimitLimitLimit
50 Lacs50 Lacs50 Lacs50 Lacs –––– Deemed IncomeDeemed IncomeDeemed IncomeDeemed Income ----50%50%50%50%
• For firmsFor firmsFor firmsFor firms ---- partners salary & interest notpartners salary & interest notpartners salary & interest notpartners salary & interest not
allowable for business as well as professionalallowable for business as well as professionalallowable for business as well as professionalallowable for business as well as professional
• If benefit u/s 44AD not claimed in 1 year thenIf benefit u/s 44AD not claimed in 1 year thenIf benefit u/s 44AD not claimed in 1 year thenIf benefit u/s 44AD not claimed in 1 year then
cannot claim in next 5 years. In such case tocannot claim in next 5 years. In such case tocannot claim in next 5 years. In such case tocannot claim in next 5 years. In such case to
maintain books if income > maximum amountmaintain books if income > maximum amountmaintain books if income > maximum amountmaintain books if income > maximum amount
not chargeable to tax and audit u/s 44ABnot chargeable to tax and audit u/s 44ABnot chargeable to tax and audit u/s 44ABnot chargeable to tax and audit u/s 44AB
• No similar clause for professionals u/s 44ADANo similar clause for professionals u/s 44ADANo similar clause for professionals u/s 44ADANo similar clause for professionals u/s 44ADA
• Advance Tax for 44AD /44ADAAdvance Tax for 44AD /44ADAAdvance Tax for 44AD /44ADAAdvance Tax for 44AD /44ADA–––– 15151515thththth MarchMarchMarchMarch

•ADADADAD ---- NoNoNoNo
•ABABABAB ---- NoNoNoNo
Trading; TurnoverTrading; TurnoverTrading; TurnoverTrading; Turnover –––– 50L; NP50L; NP50L; NP50L; NP –––– 3L; TI3L; TI3L; TI3L; TI---- ((((----)1.5L.)1.5L.)1.5L.)1.5L.
Files ITRFiles ITRFiles ITRFiles ITR
Manufacturing; TurnoverManufacturing; TurnoverManufacturing; TurnoverManufacturing; Turnover –––– 80L; NP80L; NP80L; NP80L; NP ---- 9L;9L;9L;9L;
80IC80IC80IC80IC ---- 4L; TI4L; TI4L; TI4L; TI----4L4L4L4L
•ABABABAB ---- YesYesYesYes
MfgMfgMfgMfg –––– TOTOTOTO –––– 40 L, NP40 L, NP40 L, NP40 L, NP –––– 1 L; Trading1 L; Trading1 L; Trading1 L; Trading----TOTOTOTO –––– 40404040
L, NPL, NPL, NPL, NP----1 L; Exports1 L; Exports1 L; Exports1 L; Exports –––– TOTOTOTO –––– 50 L, NP50 L, NP50 L, NP50 L, NP –––– 1 L1 L1 L1 L
•ADADADAD –––– NoNoNoNo
Trading; TurnoverTrading; TurnoverTrading; TurnoverTrading; Turnover ----60L; Commission60L; Commission60L; Commission60L; Commission ---- 2L; NP2L; NP2L; NP2L; NP----
3L; TI 4L3L; TI 4L3L; TI 4L3L; TI 4L
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APPLICABILITY OF 44AD /44AB FOR AY 2017APPLICABILITY OF 44AD /44AB FOR AY 2017APPLICABILITY OF 44AD /44AB FOR AY 2017APPLICABILITY OF 44AD /44AB FOR AY 2017----18181818

APPLICABILITY OF 44AD(44ADA) /44ABAPPLICABILITY OF 44AD(44ADA) /44ABAPPLICABILITY OF 44AD(44ADA) /44ABAPPLICABILITY OF 44AD(44ADA) /44AB ---- AY 2017AY 2017AY 2017AY 2017----18181818
• ADADADAD ---- NoNoNoNo
• ABABABAB ---- YesYesYesYes
Mfg.Mfg.Mfg.Mfg. ---- TurnoverTurnoverTurnoverTurnover –––– 120L; NP120L; NP120L; NP120L; NP –––– 10 L; 8010 L; 8010 L; 8010 L; 80----IAIAIAIA –––– 7 L;7 L;7 L;7 L;
TITITITI----2.40L2.40L2.40L2.40L
• ADADADAD –––– NoNoNoNo
• ADAADAADAADA ---- NoNoNoNo
TradingTradingTradingTrading---- TurnoverTurnoverTurnoverTurnover –––– 90L; NP90L; NP90L; NP90L; NP ----3L; Architect3L; Architect3L; Architect3L; Architect ––––
FeeFeeFeeFee –––– 55 L; NP55 L; NP55 L; NP55 L; NP---- 15 L; TI15 L; TI15 L; TI15 L; TI----7L7L7L7L
• ADADADAD –––– NoNoNoNo
• ADAADAADAADA ---- YesYesYesYes
DoctorDoctorDoctorDoctor –––– Trading TurnoverTrading TurnoverTrading TurnoverTrading Turnover –––– 120L120L120L120L ---- NPNPNPNP –––– 8 L;8 L;8 L;8 L;
FeeFeeFeeFee –––– 27 L27 L27 L27 L –––– NP 15 L; TINP 15 L; TINP 15 L; TINP 15 L; TI---- 20 L20 L20 L20 L
• ADADADAD ---- NoNoNoNo
Trading; TurnoverTrading; TurnoverTrading; TurnoverTrading; Turnover ----120L; Commission120L; Commission120L; Commission120L; Commission ---- 2L; NP2L; NP2L; NP2L; NP----
5L; TI 4L5L; TI 4L5L; TI 4L5L; TI 4L
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APPLICABILITY OF 44AD / 44AB FOR AY 2017APPLICABILITY OF 44AD / 44AB FOR AY 2017APPLICABILITY OF 44AD / 44AB FOR AY 2017APPLICABILITY OF 44AD / 44AB FOR AY 2017----18181818
ManufactManufactManufactManufact
uringuringuringuring ––––
120L ; NP120L ; NP120L ; NP120L ; NP
–––– 12L12L12L12L
TradingTradingTradingTrading ––––
85 L ; NP85 L ; NP85 L ; NP85 L ; NP----
8 L8 L8 L8 L
CommissiCommissiCommissiCommissi
onononon –––– 2 L;2 L;2 L;2 L;
NPNPNPNP---- 1L1L1L1L
ProfessioProfessioProfessioProfessio
nnnn –––– 21 L ;21 L ;21 L ;21 L ;
NPNPNPNP –––– 5 L5 L5 L5 L
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SECTION 44AB CHANGESSECTION 44AB CHANGESSECTION 44AB CHANGESSECTION 44AB CHANGES–––– AY 2017AY 2017AY 2017AY 2017----18181818
• 44AB limit for profession increased to44AB limit for profession increased to44AB limit for profession increased to44AB limit for profession increased to
50Lacs50Lacs50Lacs50Lacs
• Audit of professionals belowAudit of professionals belowAudit of professionals belowAudit of professionals below RsRsRsRs. 50 Lacs if. 50 Lacs if. 50 Lacs if. 50 Lacs if
receipt below 50 Lacs and s. 44ADA benefitreceipt below 50 Lacs and s. 44ADA benefitreceipt below 50 Lacs and s. 44ADA benefitreceipt below 50 Lacs and s. 44ADA benefit
not takennot takennot takennot taken
• If benefit u/s 44AD not claimed in 1 yearIf benefit u/s 44AD not claimed in 1 yearIf benefit u/s 44AD not claimed in 1 yearIf benefit u/s 44AD not claimed in 1 year
then cannot claim in next 5 years. In suchthen cannot claim in next 5 years. In suchthen cannot claim in next 5 years. In suchthen cannot claim in next 5 years. In such
case to maintain books if income exceedscase to maintain books if income exceedscase to maintain books if income exceedscase to maintain books if income exceeds
maximum amount not chargeable to taxmaximum amount not chargeable to taxmaximum amount not chargeable to taxmaximum amount not chargeable to tax ––––
s. 44AD(4)s. 44AD(4)s. 44AD(4)s. 44AD(4)
• Provision for assesses covered u/s 44AD(4)Provision for assesses covered u/s 44AD(4)Provision for assesses covered u/s 44AD(4)Provision for assesses covered u/s 44AD(4)

S. 44AD FINANCE BILL 2017S. 44AD FINANCE BILL 2017S. 44AD FINANCE BILL 2017S. 44AD FINANCE BILL 2017
S. 44AD amended to provide deemingS. 44AD amended to provide deemingS. 44AD amended to provide deemingS. 44AD amended to provide deeming
profit of 6% in case ofprofit of 6% in case ofprofit of 6% in case ofprofit of 6% in case of amount of totalamount of totalamount of totalamount of total
turnover or grossturnover or grossturnover or grossturnover or gross receipts receivedreceipts receivedreceipts receivedreceipts received by anby anby anby an
account payee cheque or an accountaccount payee cheque or an accountaccount payee cheque or an accountaccount payee cheque or an account
payee bank draft or use of electronicpayee bank draft or use of electronicpayee bank draft or use of electronicpayee bank draft or use of electronic
clearing system through a bank accountclearing system through a bank accountclearing system through a bank accountclearing system through a bank account
duringduringduringduring the previous year or before the duethe previous year or before the duethe previous year or before the duethe previous year or before the due
date specified in 139(1)date specified in 139(1)date specified in 139(1)date specified in 139(1)
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APPLICABILITYAPPLICABILITYAPPLICABILITYAPPLICABILITY----44AD /44AB FOR AY 201744AD /44AB FOR AY 201744AD /44AB FOR AY 201744AD /44AB FOR AY 2017----18181818
•Y/N
AY 2017AY 2017AY 2017AY 2017----18181818 –––– TTTT –––– RsRsRsRs. 120 Lacs . P. 120 Lacs . P. 120 Lacs . P. 120 Lacs . P
–––– 10 L, TI10 L, TI10 L, TI10 L, TI –––– 9 L9 L9 L9 L
•N/Y
AY 2018AY 2018AY 2018AY 2018----19191919 –––– TTTT –––– RsRsRsRs. 120 Lacs . P. 120 Lacs . P. 120 Lacs . P. 120 Lacs . P
–––– 8 L, TI8 L, TI8 L, TI8 L, TI –––– 6 L6 L6 L6 L
•N/Y
AY 2019AY 2019AY 2019AY 2019----20202020 –––– TTTT –––– RsRsRsRs. 70 Lacs . P. 70 Lacs . P. 70 Lacs . P. 70 Lacs . P ––––
10 L, TI10 L, TI10 L, TI10 L, TI –––– 9 L9 L9 L9 L
•N/N
AY 2020AY 2020AY 2020AY 2020----21212121 –––– TTTT –––– RsRsRsRs. 60 Lacs . P. 60 Lacs . P. 60 Lacs . P. 60 Lacs . P ––––
10 L, TI10 L, TI10 L, TI10 L, TI –––– 2 L2 L2 L2 L
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SECTION 44AD ESSENTIALSSECTION 44AD ESSENTIALSSECTION 44AD ESSENTIALSSECTION 44AD ESSENTIALS
• Should be eligibleShould be eligibleShould be eligibleShould be eligible assesseeassesseeassesseeassessee
• Ind., HUF, Firm (except LLP); andInd., HUF, Firm (except LLP); andInd., HUF, Firm (except LLP); andInd., HUF, Firm (except LLP); and
• No s. 10A, 10AA, 10B, 10BA &No s. 10A, 10AA, 10B, 10BA &No s. 10A, 10AA, 10B, 10BA &No s. 10A, 10AA, 10B, 10BA & ChpChpChpChp VIA Part CVIA Part CVIA Part CVIA Part C
• Should be doing eligible businessShould be doing eligible businessShould be doing eligible businessShould be doing eligible business
• Any except 44AE; andAny except 44AE; andAny except 44AE; andAny except 44AE; and
• TurnoverTurnoverTurnoverTurnover <<<< 2222 CrsCrsCrsCrs
• Section not applicable to a person carrying:Section not applicable to a person carrying:Section not applicable to a person carrying:Section not applicable to a person carrying:
• ProfessionProfessionProfessionProfession
• Commission or brokerageCommission or brokerageCommission or brokerageCommission or brokerage
• Agency businessAgency businessAgency businessAgency business
• Deemed profit 8% / 6% or moreDeemed profit 8% / 6% or moreDeemed profit 8% / 6% or moreDeemed profit 8% / 6% or more
• Commensurate with bank account !!!Commensurate with bank account !!!Commensurate with bank account !!!Commensurate with bank account !!!

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SECTION 44ADA ESSENTIALSSECTION 44ADA ESSENTIALSSECTION 44ADA ESSENTIALSSECTION 44ADA ESSENTIALS
• Should be engaged inShould be engaged inShould be engaged inShould be engaged in
professionprofessionprofessionprofession –––– section 44AAsection 44AAsection 44AAsection 44AA
read with rule 6Fread with rule 6Fread with rule 6Fread with rule 6F
• Gross receiptGross receiptGross receiptGross receipt <<<< 50 Lakhs50 Lakhs50 Lakhs50 Lakhs
• Deemed profit 50% or moreDeemed profit 50% or moreDeemed profit 50% or moreDeemed profit 50% or more
• Commensurate with bankCommensurate with bankCommensurate with bankCommensurate with bank
account !!!account !!!account !!!account !!!

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PROFESSIONPROFESSIONPROFESSIONPROFESSION
• Section 44AA read with Rule 6FSection 44AA read with Rule 6FSection 44AA read with Rule 6FSection 44AA read with Rule 6F
• AccountancyAccountancyAccountancyAccountancy
• ArchitecturalArchitecturalArchitecturalArchitectural
• Authorised RepresentativeAuthorised RepresentativeAuthorised RepresentativeAuthorised Representative
• Company SecretaryCompany SecretaryCompany SecretaryCompany Secretary
• EngineeringEngineeringEngineeringEngineering
• Film Artist, actors, cameramen, editor……Film Artist, actors, cameramen, editor……Film Artist, actors, cameramen, editor……Film Artist, actors, cameramen, editor……
• Interior DecorationInterior DecorationInterior DecorationInterior Decoration
• LegalLegalLegalLegal
• MedicalMedicalMedicalMedical
• Technical ConsultancyTechnical ConsultancyTechnical ConsultancyTechnical Consultancy
• Information TechnologyInformation TechnologyInformation TechnologyInformation Technology

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PROFESSIONPROFESSIONPROFESSIONPROFESSION
• Held as businessHeld as businessHeld as businessHeld as business
• Advertising agentAdvertising agentAdvertising agentAdvertising agent
• Clearing, forwarding & shipping agentsClearing, forwarding & shipping agentsClearing, forwarding & shipping agentsClearing, forwarding & shipping agents
• Insurance agentsInsurance agentsInsurance agentsInsurance agents
• Travel agentTravel agentTravel agentTravel agent
• Stock and share brokingStock and share brokingStock and share brokingStock and share broking
• Courier agencyCourier agencyCourier agencyCourier agency
• Nursing HomeNursing HomeNursing HomeNursing Home
• Are they covered u/s 44AD??Are they covered u/s 44AD??Are they covered u/s 44AD??Are they covered u/s 44AD??

WHO CAN CONDUCT AUDITWHO CAN CONDUCT AUDITWHO CAN CONDUCT AUDITWHO CAN CONDUCT AUDIT
W.e.fW.e.fW.e.fW.e.f. 1. 1. 1. 1stststst June 2015June 2015June 2015June 2015
AccountantAccountantAccountantAccountant as defined in Explanationas defined in Explanationas defined in Explanationas defined in Explanation
below S. 288 (2)below S. 288 (2)below S. 288 (2)below S. 288 (2)
AAAA CCCChartered Accountanthartered Accountanthartered Accountanthartered Accountant as defined inas defined inas defined inas defined in
sectionsectionsectionsection 2222 (1) (b) of(1) (b) of(1) (b) of(1) (b) of the Charteredthe Charteredthe Charteredthe Chartered
Accountants Act, 1949 who holds a validAccountants Act, 1949 who holds a validAccountants Act, 1949 who holds a validAccountants Act, 1949 who holds a valid
certificate of practicecertificate of practicecertificate of practicecertificate of practice u/su/su/su/s 6666 (1) of(1) of(1) of(1) of thatthatthatthat ActActActAct
CA in practice (can represent)CA in practice (can represent)CA in practice (can represent)CA in practice (can represent)
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QUALIFICATIONQUALIFICATIONQUALIFICATIONQUALIFICATION ---- CACACACA
T.D.T.D.T.D.T.D. VenkataVenkataVenkataVenkata Rao v. Union of India [1999]Rao v. Union of India [1999]Rao v. Union of India [1999]Rao v. Union of India [1999]
237 ITR 315 (SC237 ITR 315 (SC237 ITR 315 (SC237 ITR 315 (SC):):):):
CharteredCharteredCharteredChartered Accountants, by reason of their trainingAccountants, by reason of their trainingAccountants, by reason of their trainingAccountants, by reason of their training
have special aptitude in the matter of audits. It ishave special aptitude in the matter of audits. It ishave special aptitude in the matter of audits. It ishave special aptitude in the matter of audits. It is
reasonable that they, who form a class byreasonable that they, who form a class byreasonable that they, who form a class byreasonable that they, who form a class by
themselves, should be required to audit the accountsthemselves, should be required to audit the accountsthemselves, should be required to audit the accountsthemselves, should be required to audit the accounts
of businesses…. There is no material on record andof businesses…. There is no material on record andof businesses…. There is no material on record andof businesses…. There is no material on record and
indeed in our view, there cannot be that an incomeindeed in our view, there cannot be that an incomeindeed in our view, there cannot be that an incomeindeed in our view, there cannot be that an income----
tax practitioner has the same expertise as charteredtax practitioner has the same expertise as charteredtax practitioner has the same expertise as charteredtax practitioner has the same expertise as chartered
accountants in the matter of accounts. …and it mustaccountants in the matter of accounts. …and it mustaccountants in the matter of accounts. …and it mustaccountants in the matter of accounts. …and it must
be pointed out that these incomebe pointed out that these incomebe pointed out that these incomebe pointed out that these income----tax practitionerstax practitionerstax practitionerstax practitioners
are still entitled to be authorised representatives ofare still entitled to be authorised representatives ofare still entitled to be authorised representatives ofare still entitled to be authorised representatives of
assesseesassesseesassesseesassessees.”
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DISQUALIFICATIONDISQUALIFICATIONDISQUALIFICATIONDISQUALIFICATION ---- COMPANIESCOMPANIESCOMPANIESCOMPANIES
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DISQUALIFICATIONDISQUALIFICATIONDISQUALIFICATIONDISQUALIFICATION –––– OTHERSOTHERSOTHERSOTHERS
AssesseeAssesseeAssesseeAssessee himselfhimselfhimselfhimself
InInInIn case ofcase ofcase ofcase of aaaa firmfirmfirmfirm ---- any partner of theany partner of theany partner of theany partner of the firmfirmfirmfirm
In case of AOPIn case of AOPIn case of AOPIn case of AOP ---- membermembermembermember of the associationof the associationof the associationof the association
In case of HUFIn case of HUFIn case of HUFIn case of HUF ---- member of the familymember of the familymember of the familymember of the family
PersonPersonPersonPerson referred to inreferred to inreferred to inreferred to in section 13(3)(a),(b),(c),section 13(3)(a),(b),(c),section 13(3)(a),(b),(c),section 13(3)(a),(b),(c),
(cc);(cc);(cc);(cc);
Relative of any of above personsRelative of any of above personsRelative of any of above personsRelative of any of above persons
Other than above, personOther than above, personOther than above, personOther than above, person who is competentwho is competentwho is competentwho is competent
to verifyto verifyto verifyto verify return u/s 139/140;return u/s 139/140;return u/s 139/140;return u/s 139/140;
OfficerOfficerOfficerOfficer or employee ofor employee ofor employee ofor employee of assesseeassesseeassesseeassessee;;;;
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RELATIVERELATIVERELATIVERELATIVE –––– INCOME TAX AUDITORINCOME TAX AUDITORINCOME TAX AUDITORINCOME TAX AUDITOR
SSSSpousepousepousepouse of the individual;of the individual;of the individual;of the individual;
BBBBrotherrotherrotherrother or sister of the individual;or sister of the individual;or sister of the individual;or sister of the individual;
BBBBrotherrotherrotherrother or sister of the spouse of the individual;or sister of the spouse of the individual;or sister of the spouse of the individual;or sister of the spouse of the individual;
AAAAnynynyny lineal ascendant or descendant of thelineal ascendant or descendant of thelineal ascendant or descendant of thelineal ascendant or descendant of the
individual;individual;individual;individual;
AAAAnynynyny lineal ascendant or descendant of thelineal ascendant or descendant of thelineal ascendant or descendant of thelineal ascendant or descendant of the
spouse of the individual;spouse of the individual;spouse of the individual;spouse of the individual;
SSSSpousepousepousepouse of a person referredof a person referredof a person referredof a person referred aboveaboveaboveabove
AAAAnynynyny lineal descendant of a brother or sister oflineal descendant of a brother or sister oflineal descendant of a brother or sister oflineal descendant of a brother or sister of
either the individual or ofeither the individual or ofeither the individual or ofeither the individual or of spouse of individualspouse of individualspouse of individualspouse of individual
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DISQUALIFICATIONSDISQUALIFICATIONSDISQUALIFICATIONSDISQUALIFICATIONS ---- OTHERSOTHERSOTHERSOTHERS
WWWWhohohoho is a partner, or who is in employment, of anis a partner, or who is in employment, of anis a partner, or who is in employment, of anis a partner, or who is in employment, of an
officer or employee ofofficer or employee ofofficer or employee ofofficer or employee of assesseeassesseeassesseeassessee;;;;
WWWWhohohoho has been convicted by a court of an offencehas been convicted by a court of an offencehas been convicted by a court of an offencehas been convicted by a court of an offence
involving fraud and a period of 10 years has notinvolving fraud and a period of 10 years has notinvolving fraud and a period of 10 years has notinvolving fraud and a period of 10 years has not
elapsed from the date of such convictionelapsed from the date of such convictionelapsed from the date of such convictionelapsed from the date of such conviction
AnAnAnAn individual who, or his relative or partnerindividual who, or his relative or partnerindividual who, or his relative or partnerindividual who, or his relative or partner
IsIsIsIs holding any security of or interest inholding any security of or interest inholding any security of or interest inholding any security of or interest in assesseeassesseeassesseeassessee––––
RelativeRelativeRelativeRelative face valueface valueface valueface value ---- RsRsRsRs. 1 L. 1 L. 1 L. 1 L
Is indebted to theIs indebted to theIs indebted to theIs indebted to the assesseeassesseeassesseeassessee. Relative. Relative. Relative. Relative –––– RsRsRsRs. l. l. l. l LLLL
Has given a guarantee /provided securityHas given a guarantee /provided securityHas given a guarantee /provided securityHas given a guarantee /provided security . Relative. Relative. Relative. Relative ––––
1111 LLLL
Lunawat & Co.

AAAA person or a firm who, whether directly orperson or a firm who, whether directly orperson or a firm who, whether directly orperson or a firm who, whether directly or
indirectly, has business relationship withindirectly, has business relationship withindirectly, has business relationship withindirectly, has business relationship with
assesseeassesseeassesseeassessee. i.e.,. i.e.,. i.e.,. i.e., any transaction entered into forany transaction entered into forany transaction entered into forany transaction entered into for
commercial purpose except:commercial purpose except:commercial purpose except:commercial purpose except:
In nature of professional services permittedIn nature of professional services permittedIn nature of professional services permittedIn nature of professional services permitted
IIIInnnn thethethethe ordinary course of business ofordinary course of business ofordinary course of business ofordinary course of business of cocococo.... atatatat ALPALPALPALP likelikelikelike
salesalesalesale of products orof products orof products orof products or
servicesservicesservicesservices
TTTToooo auditorauditorauditorauditor, as customer, in the ordinary course of, as customer, in the ordinary course of, as customer, in the ordinary course of, as customer, in the ordinary course of
businessbusinessbusinessbusiness, by companies engaged in, by companies engaged in, by companies engaged in, by companies engaged in businessbusinessbusinessbusiness ofofofof
telecommunications, airlines, hospitals, hotelstelecommunications, airlines, hospitals, hotelstelecommunications, airlines, hospitals, hotelstelecommunications, airlines, hospitals, hotels &&&&
such other similar businessessuch other similar businessessuch other similar businessessuch other similar businesses
Lunawat & Co.
DISQUALIFICATIONSDISQUALIFICATIONSDISQUALIFICATIONSDISQUALIFICATIONS –––– TAX AUDITORTAX AUDITORTAX AUDITORTAX AUDITOR

????????????
Can a CA in practice who is givingCan a CA in practice who is givingCan a CA in practice who is givingCan a CA in practice who is giving
accounting services to a company conductaccounting services to a company conductaccounting services to a company conductaccounting services to a company conduct
tax audit of that company?tax audit of that company?tax audit of that company?tax audit of that company?
Can an internal auditor of a company issueCan an internal auditor of a company issueCan an internal auditor of a company issueCan an internal auditor of a company issue
Form 15CB certificate for that company?Form 15CB certificate for that company?Form 15CB certificate for that company?Form 15CB certificate for that company?
Can a CA in practice who is givingCan a CA in practice who is givingCan a CA in practice who is givingCan a CA in practice who is giving
accounting services to a companyaccounting services to a companyaccounting services to a companyaccounting services to a company issueissueissueissue
certificate in Form 29B for MATcertificate in Form 29B for MATcertificate in Form 29B for MATcertificate in Form 29B for MAT
calculation?calculation?calculation?calculation?
Lunawat & Co.

Lunawat & Co.
Audit ReportsAudit ReportsAudit ReportsAudit Reports
CompaniesCompaniesCompaniesCompanies
ActActActAct
CAROCAROCAROCARO
NonNonNonNon----
CAROCAROCAROCARO
Other ActsOther ActsOther ActsOther Acts
TaxTaxTaxTax
AuditAuditAuditAudit
FormFormFormForm
3CA3CA3CA3CA
FormFormFormForm
3CB3CB3CB3CB
LLPLLPLLPLLP SocietySocietySocietySociety

FORM 3CAFORM 3CAFORM 3CAFORM 3CA
Total 3ParasTotal 3ParasTotal 3ParasTotal 3Paras
Reporting period for PL amended from 31Reporting period for PL amended from 31Reporting period for PL amended from 31Reporting period for PL amended from 31stststst March toMarch toMarch toMarch to
period wise.period wise.period wise.period wise.
Examination of books by auditor included beforeExamination of books by auditor included beforeExamination of books by auditor included beforeExamination of books by auditor included before
giving opiniongiving opiniongiving opiniongiving opinion
Opinion now to be given subject to observations /Opinion now to be given subject to observations /Opinion now to be given subject to observations /Opinion now to be given subject to observations /
qualifications, no annexures … Para 3qualifications, no annexures … Para 3qualifications, no annexures … Para 3qualifications, no annexures … Para 3
Name of signatory to be given. FRN??Name of signatory to be given. FRN??Name of signatory to be given. FRN??Name of signatory to be given. FRN??
To be signed by person eligible as per s. 44ABTo be signed by person eligible as per s. 44ABTo be signed by person eligible as per s. 44ABTo be signed by person eligible as per s. 44AB
(earlier CA, auditor as per Companies Act, other(earlier CA, auditor as per Companies Act, other(earlier CA, auditor as per Companies Act, other(earlier CA, auditor as per Companies Act, other
person entitled to auditperson entitled to auditperson entitled to auditperson entitled to audit
Lunawat & Co.

FORM 3CBFORM 3CBFORM 3CBFORM 3CB
Total 5 ParasTotal 5 ParasTotal 5 ParasTotal 5 Paras
Same as Form 3CA except examinationSame as Form 3CA except examinationSame as Form 3CA except examinationSame as Form 3CA except examination
of booksof booksof booksof books
Opinion subject to observations /Opinion subject to observations /Opinion subject to observations /Opinion subject to observations /
qualifications to be given:qualifications to be given:qualifications to be given:qualifications to be given:
Financial StatementsFinancial StatementsFinancial StatementsFinancial Statements –––– 3(a)3(a)3(a)3(a)
Form 3CDForm 3CDForm 3CDForm 3CD –––– 5555
SA 700?SA 700?SA 700?SA 700?
Lunawat & Co.

SA 700SA 700SA 700SA 700
Assessee’sAssessee’sAssessee’sAssessee’s Responsibility for the Financial StatementsResponsibility for the Financial StatementsResponsibility for the Financial StatementsResponsibility for the Financial Statements
andandandand the Statementthe Statementthe Statementthe Statement of Particulars in Form 3CDof Particulars in Form 3CDof Particulars in Form 3CDof Particulars in Form 3CD
1.1.1.1. TheTheTheThe assessee is responsible for the preparation of theassessee is responsible for the preparation of theassessee is responsible for the preparation of theassessee is responsible for the preparation of the
aforesaid financialaforesaid financialaforesaid financialaforesaid financial statementsstatementsstatementsstatements that give a true and fairthat give a true and fairthat give a true and fairthat give a true and fair
view of theview of theview of theview of the financial positionfinancial positionfinancial positionfinancial position and financial performanceand financial performanceand financial performanceand financial performance
(if applicable) in accordance(if applicable) in accordance(if applicable) in accordance(if applicable) in accordance with thewith thewith thewith the applicableapplicableapplicableapplicable
Accounting Standards issued by the InstituteAccounting Standards issued by the InstituteAccounting Standards issued by the InstituteAccounting Standards issued by the Institute ofofofof
CharteredCharteredCharteredChartered Accountants ofAccountants ofAccountants ofAccountants of India.India.India.India. This responsibilityThis responsibilityThis responsibilityThis responsibility
includesincludesincludesincludes the designthe designthe designthe design, implementation and maintenance, implementation and maintenance, implementation and maintenance, implementation and maintenance
of internal control relevantof internal control relevantof internal control relevantof internal control relevant to theto theto theto the preparation andpreparation andpreparation andpreparation and
presentation of the financial statements thatpresentation of the financial statements thatpresentation of the financial statements thatpresentation of the financial statements that give agive agive agive a truetruetruetrue
and fair view and are free from material misstatement,and fair view and are free from material misstatement,and fair view and are free from material misstatement,and fair view and are free from material misstatement,
whether duewhether duewhether duewhether due to fraud or error.to fraud or error.to fraud or error.to fraud or error.
Lunawat & Co.

SA 700SA 700SA 700SA 700
2.2.2.2. TheTheTheThe assessee is also responsible for theassessee is also responsible for theassessee is also responsible for theassessee is also responsible for the
preparation of thepreparation of thepreparation of thepreparation of the statement ofstatement ofstatement ofstatement of particularsparticularsparticularsparticulars
required to be furnished under section 44ABrequired to be furnished under section 44ABrequired to be furnished under section 44ABrequired to be furnished under section 44AB ofofofof
thethethethe IncomeIncomeIncomeIncome----tax Act, 1961 annexed herewith intax Act, 1961 annexed herewith intax Act, 1961 annexed herewith intax Act, 1961 annexed herewith in
Form No. 3CD readForm No. 3CD readForm No. 3CD readForm No. 3CD read with Rulewith Rulewith Rulewith Rule 6G(1)(b) of6G(1)(b) of6G(1)(b) of6G(1)(b) of
Income Tax Rules, 1962 that give true andIncome Tax Rules, 1962 that give true andIncome Tax Rules, 1962 that give true andIncome Tax Rules, 1962 that give true and
correct particularscorrect particularscorrect particularscorrect particulars as per the provisions of theas per the provisions of theas per the provisions of theas per the provisions of the
IncomeIncomeIncomeIncome----tax Act, 1961 readtax Act, 1961 readtax Act, 1961 readtax Act, 1961 read with Ruleswith Ruleswith Ruleswith Rules,,,,
Notifications , circularsNotifications , circularsNotifications , circularsNotifications , circulars etcetcetcetc that are to bethat are to bethat are to bethat are to be
included inincluded inincluded inincluded in the Statementthe Statementthe Statementthe Statement....
Lunawat & Co.

SA 700SA 700SA 700SA 700
Tax Auditor’s ResponsibilityTax Auditor’s ResponsibilityTax Auditor’s ResponsibilityTax Auditor’s Responsibility
3.3.3.3. OurOurOurOur responsibility is to express an opinion onresponsibility is to express an opinion onresponsibility is to express an opinion onresponsibility is to express an opinion on
thesethesethesethese financial statementsfinancial statementsfinancial statementsfinancial statements based onbased onbased onbased on ourourourour audit.audit.audit.audit.
WeWeWeWe have conducted this audithave conducted this audithave conducted this audithave conducted this audit in accordancein accordancein accordancein accordance
with the Standards on Auditing issued by thewith the Standards on Auditing issued by thewith the Standards on Auditing issued by thewith the Standards on Auditing issued by the
InstituteInstituteInstituteInstitute of Charteredof Charteredof Charteredof Chartered Accountants of India.Accountants of India.Accountants of India.Accountants of India.
Those Standards require thatThose Standards require thatThose Standards require thatThose Standards require that we complywe complywe complywe comply withwithwithwith
ethical requirements and plan and perform theethical requirements and plan and perform theethical requirements and plan and perform theethical requirements and plan and perform the
auditauditauditaudit to obtainto obtainto obtainto obtain reasonable assurance aboutreasonable assurance aboutreasonable assurance aboutreasonable assurance about
whether the financialwhether the financialwhether the financialwhether the financial statements arestatements arestatements arestatements are free fromfree fromfree fromfree from
material misstatementmaterial misstatementmaterial misstatementmaterial misstatement....
Lunawat & Co.

SA 700SA 700SA 700SA 700
4.4.4.4. An audit involves performing procedures to obtain auditAn audit involves performing procedures to obtain auditAn audit involves performing procedures to obtain auditAn audit involves performing procedures to obtain audit
evidenceevidenceevidenceevidence aboutaboutaboutabout the amounts and disclosures in the financialthe amounts and disclosures in the financialthe amounts and disclosures in the financialthe amounts and disclosures in the financial
statements.statements.statements.statements. The proceduresThe proceduresThe proceduresThe procedures selected depend on the auditor’sselected depend on the auditor’sselected depend on the auditor’sselected depend on the auditor’s
judgment, includingjudgment, includingjudgment, includingjudgment, including the assessmentthe assessmentthe assessmentthe assessment of the risks of materialof the risks of materialof the risks of materialof the risks of material
misstatement of themisstatement of themisstatement of themisstatement of the financial statementsfinancial statementsfinancial statementsfinancial statements, whether due to, whether due to, whether due to, whether due to
fraud or error. In making thosefraud or error. In making thosefraud or error. In making thosefraud or error. In making those risk assessmentsrisk assessmentsrisk assessmentsrisk assessments, the auditor, the auditor, the auditor, the auditor
considers internal control relevant toconsiders internal control relevant toconsiders internal control relevant toconsiders internal control relevant to the preparationthe preparationthe preparationthe preparation and fairand fairand fairand fair
presentation of the financial statements in orderpresentation of the financial statements in orderpresentation of the financial statements in orderpresentation of the financial statements in order to designto designto designto design
audit procedures that are appropriate in theaudit procedures that are appropriate in theaudit procedures that are appropriate in theaudit procedures that are appropriate in the circumstances butcircumstances butcircumstances butcircumstances but
notnotnotnot for the purposes of expressing an opinion on thefor the purposes of expressing an opinion on thefor the purposes of expressing an opinion on thefor the purposes of expressing an opinion on the
effectivenesseffectivenesseffectivenesseffectiveness of theof theof theof the entity’s internal control. An audit alsoentity’s internal control. An audit alsoentity’s internal control. An audit alsoentity’s internal control. An audit also
includes evaluatingincludes evaluatingincludes evaluatingincludes evaluating the appropriatenessthe appropriatenessthe appropriatenessthe appropriateness of accounting policiesof accounting policiesof accounting policiesof accounting policies
used and theused and theused and theused and the reasonableness ofreasonableness ofreasonableness ofreasonableness of the accounting estimatesthe accounting estimatesthe accounting estimatesthe accounting estimates
made by management, as wellmade by management, as wellmade by management, as wellmade by management, as well as evaluatingas evaluatingas evaluatingas evaluating the overallthe overallthe overallthe overall
presentation of the financial statements.presentation of the financial statements.presentation of the financial statements.presentation of the financial statements.
Lunawat & Co.

SA 700SA 700SA 700SA 700
5.5.5.5. WeWeWeWe believe that thebelieve that thebelieve that thebelieve that the audit evidenceaudit evidenceaudit evidenceaudit evidence wewewewe have obtainedhave obtainedhave obtainedhave obtained
isisisis sufficient andsufficient andsufficient andsufficient and appropriateappropriateappropriateappropriate to provide a basis forto provide a basis forto provide a basis forto provide a basis for
ourourourour audit opinion.audit opinion.audit opinion.audit opinion.
6.6.6.6. WeWeWeWe are alsoare alsoare alsoare also responsible for verifying the statementresponsible for verifying the statementresponsible for verifying the statementresponsible for verifying the statement
ofofofof particulars requiredparticulars requiredparticulars requiredparticulars required to be furnished under sectionto be furnished under sectionto be furnished under sectionto be furnished under section
44AB44AB44AB44AB of the Incomeof the Incomeof the Incomeof the Income----taxtaxtaxtax Act, 1961Act, 1961Act, 1961Act, 1961 annexed herewithannexed herewithannexed herewithannexed herewith
in Form No. 3CD read with Rule 6G (1) (b)in Form No. 3CD read with Rule 6G (1) (b)in Form No. 3CD read with Rule 6G (1) (b)in Form No. 3CD read with Rule 6G (1) (b) of Incomeof Incomeof Incomeof Income----
taxtaxtaxtax Rules, 1962.Rules, 1962.Rules, 1962.Rules, 1962. WeWeWeWe havehavehavehave conducted my/ourconducted my/ourconducted my/ourconducted my/our
verificationverificationverificationverification of theof theof theof the statement in accordance withstatement in accordance withstatement in accordance withstatement in accordance with
Guidance Note on Tax AuditGuidance Note on Tax AuditGuidance Note on Tax AuditGuidance Note on Tax Audit under sectionunder sectionunder sectionunder section 44AB of44AB of44AB of44AB of
the Incomethe Incomethe Incomethe Income----tax Act, 1961, issued by the Institutetax Act, 1961, issued by the Institutetax Act, 1961, issued by the Institutetax Act, 1961, issued by the Institute ofofofof
CharteredCharteredCharteredChartered Accountants of IndiaAccountants of IndiaAccountants of IndiaAccountants of India....
Lunawat & Co.

QUALIFICATIONS IN REPORTQUALIFICATIONS IN REPORTQUALIFICATIONS IN REPORTQUALIFICATIONS IN REPORT ----1111
Proper books of account, to enable reporting inProper books of account, to enable reporting inProper books of account, to enable reporting inProper books of account, to enable reporting in
form 3CD, have not been maintained by theform 3CD, have not been maintained by theform 3CD, have not been maintained by theform 3CD, have not been maintained by the
assesseeassesseeassesseeassessee....
All the information and explanations which to theAll the information and explanations which to theAll the information and explanations which to theAll the information and explanations which to the
best of my/our knowledge and belief werebest of my/our knowledge and belief werebest of my/our knowledge and belief werebest of my/our knowledge and belief were
necessary for the purpose of my/our audit hasnecessary for the purpose of my/our audit hasnecessary for the purpose of my/our audit hasnecessary for the purpose of my/our audit has
been provided by the assesseebeen provided by the assesseebeen provided by the assesseebeen provided by the assessee....
Documents necessary to verify the reportableDocuments necessary to verify the reportableDocuments necessary to verify the reportableDocuments necessary to verify the reportable
transaction were not made availabletransaction were not made availabletransaction were not made availabletransaction were not made available....
Proper stock records are not maintained by theProper stock records are not maintained by theProper stock records are not maintained by theProper stock records are not maintained by the
assessee.assessee.assessee.assessee.
Lunawat & Co.

QUALIFICATIONS IN REPORTQUALIFICATIONS IN REPORTQUALIFICATIONS IN REPORTQUALIFICATIONS IN REPORT ---- 2222
Valuation of closing stock is not possibleValuation of closing stock is not possibleValuation of closing stock is not possibleValuation of closing stock is not possible....
Yield/percentage of wastage is not ascertainableYield/percentage of wastage is not ascertainableYield/percentage of wastage is not ascertainableYield/percentage of wastage is not ascertainable....
Records necessary to verify personal nature ofRecords necessary to verify personal nature ofRecords necessary to verify personal nature ofRecords necessary to verify personal nature of
expenses not maintained by theexpenses not maintained by theexpenses not maintained by theexpenses not maintained by the assesseeassesseeassesseeassessee
TDS returns could not be verified by with the booksTDS returns could not be verified by with the booksTDS returns could not be verified by with the booksTDS returns could not be verified by with the books
of accountof accountof accountof account....
Records produced for verification of paymentsRecords produced for verification of paymentsRecords produced for verification of paymentsRecords produced for verification of payments
through account payeethrough account payeethrough account payeethrough account payee chequechequechequecheque were notwere notwere notwere not sufficientsufficientsufficientsufficient
Amount of expense related to exempted incomeAmount of expense related to exempted incomeAmount of expense related to exempted incomeAmount of expense related to exempted income
u/s 14A of Income tax Act, 1961 could not beu/s 14A of Income tax Act, 1961 could not beu/s 14A of Income tax Act, 1961 could not beu/s 14A of Income tax Act, 1961 could not be
ascertainedascertainedascertainedascertained
Lunawat & Co.

Creditors under Micro, Small and MediumCreditors under Micro, Small and MediumCreditors under Micro, Small and MediumCreditors under Micro, Small and Medium
Enterprises Development Act, 2006 are notEnterprises Development Act, 2006 are notEnterprises Development Act, 2006 are notEnterprises Development Act, 2006 are not
ascertainableascertainableascertainableascertainable
Prior period expenses are not ascertainable fromPrior period expenses are not ascertainable fromPrior period expenses are not ascertainable fromPrior period expenses are not ascertainable from
books ofbooks ofbooks ofbooks of accountaccountaccountaccount
Fair market value of shares u/s 56(2) (Fair market value of shares u/s 56(2) (Fair market value of shares u/s 56(2) (Fair market value of shares u/s 56(2) (viiaviiaviiaviia) / () / () / () / (viibviibviibviib))))
is not ascertainableis not ascertainableis not ascertainableis not ascertainable....
Reports of audits carried by Excise/Service taxReports of audits carried by Excise/Service taxReports of audits carried by Excise/Service taxReports of audits carried by Excise/Service tax
Department were not madeDepartment were not madeDepartment were not madeDepartment were not made availableavailableavailableavailable
GP ratio is not ascertainable from the financialGP ratio is not ascertainable from the financialGP ratio is not ascertainable from the financialGP ratio is not ascertainable from the financial
statements prepared by the assessee.statements prepared by the assessee.statements prepared by the assessee.statements prepared by the assessee.
Lunawat & Co.

Information regarding demand raised or refundInformation regarding demand raised or refundInformation regarding demand raised or refundInformation regarding demand raised or refund
issued during the previous year under any tax lawsissued during the previous year under any tax lawsissued during the previous year under any tax lawsissued during the previous year under any tax laws
other than Incomeother than Incomeother than Incomeother than Income----tax act, 1961 and Wealth taxtax act, 1961 and Wealth taxtax act, 1961 and Wealth taxtax act, 1961 and Wealth tax
Act, 1957 were not madeAct, 1957 were not madeAct, 1957 were not madeAct, 1957 were not made availableavailableavailableavailable
OthersOthersOthersOthers
Mandatory that observations in 3CD on whichMandatory that observations in 3CD on whichMandatory that observations in 3CD on whichMandatory that observations in 3CD on which
opinion cannot be given be reported in Form 3CA /opinion cannot be given be reported in Form 3CA /opinion cannot be given be reported in Form 3CA /opinion cannot be given be reported in Form 3CA /
Form 3CBForm 3CBForm 3CBForm 3CB
Lunawat & Co.

FORM 3CDFORM 3CDFORM 3CDFORM 3CD –––– OVERVIEWOVERVIEWOVERVIEWOVERVIEW
Lunawat & Co.
3CD3CD3CD3CD
Part APart APart APart A 1111----8888 2 New2 New2 New2 New
Part BPart BPart BPart B 9999----41414141
5 New5 New5 New5 New
AmendmeAmendmeAmendmeAmendme
ntsntsntsnts
Clause 13Clause 13Clause 13Clause 13
w.e.fw.e.fw.e.fw.e.f....
1.4.20171.4.20171.4.20171.4.2017

FORM 3CDFORM 3CDFORM 3CDFORM 3CD –––– OVERVIEWOVERVIEWOVERVIEWOVERVIEW
Purpose was to facilitate determination ofPurpose was to facilitate determination ofPurpose was to facilitate determination ofPurpose was to facilitate determination of
income from business or professionincome from business or professionincome from business or professionincome from business or profession
Now Capital GainNow Capital GainNow Capital GainNow Capital Gain –––– 50C and other sources50C and other sources50C and other sources50C and other sources
also coveredalso coveredalso coveredalso covered –––– 56 (shares)56 (shares)56 (shares)56 (shares)
Read and understand all clauses andRead and understand all clauses andRead and understand all clauses andRead and understand all clauses and
relevant sectionsrelevant sectionsrelevant sectionsrelevant sections
Obtain Form 3CD duly authenticated byObtain Form 3CD duly authenticated byObtain Form 3CD duly authenticated byObtain Form 3CD duly authenticated by
assesseeassesseeassesseeassessee
New 143(1)New 143(1)New 143(1)New 143(1) –––– Tax Audit Report adjustmentTax Audit Report adjustmentTax Audit Report adjustmentTax Audit Report adjustment
Lunawat & Co.

FORM 3CDFORM 3CDFORM 3CDFORM 3CD –––– NEW CLAUSENEW CLAUSENEW CLAUSENEW CLAUSE ---- 4444
Indirect Tax RegistrationIndirect Tax RegistrationIndirect Tax RegistrationIndirect Tax Registration NosNosNosNos to be givento be givento be givento be given
if liable toif liable toif liable toif liable to paypaypaypay i.e.,i.e.,i.e.,i.e.,
CentralCentralCentralCentral Excise Duty,Excise Duty,Excise Duty,Excise Duty,
Central Customs Duty,Central Customs Duty,Central Customs Duty,Central Customs Duty,
Service Tax,Service Tax,Service Tax,Service Tax,
Sales Tax /VATSales Tax /VATSales Tax /VATSales Tax /VAT –––– State Wise,State Wise,State Wise,State Wise,
State Excise DutyState Excise DutyState Excise DutyState Excise Duty –––– State WiseState WiseState WiseState Wise
Others Indirect tax.Others Indirect tax.Others Indirect tax.Others Indirect tax.
Is it indirect tax audit?Is it indirect tax audit?Is it indirect tax audit?Is it indirect tax audit?
Lunawat & Co.

RRRRelevant clause u/s 44AB under whichelevant clause u/s 44AB under whichelevant clause u/s 44AB under whichelevant clause u/s 44AB under which
audit is done to be givenaudit is done to be givenaudit is done to be givenaudit is done to be given
a)a)a)a) BusinessBusinessBusinessBusiness –––– exceedsexceedsexceedsexceeds RsRsRsRs. 1 Cr.. 1 Cr.. 1 Cr.. 1 Cr.
b)b)b)b) ProfessionProfessionProfessionProfession –––– exceedsexceedsexceedsexceeds RsRsRsRs. 50 Lacs. 50 Lacs. 50 Lacs. 50 Lacs
c)c)c)c) Lower deemed profits u/sLower deemed profits u/sLower deemed profits u/sLower deemed profits u/s
1)1)1)1) 44AE,44AE,44AE,44AE,
2)2)2)2) 44BB,44BB,44BB,44BB,
3)3)3)3) 44BBB44BBB44BBB44BBB
d)d)d)d) Lower deemed profits u/s 44AD & incomeLower deemed profits u/s 44AD & incomeLower deemed profits u/s 44AD & incomeLower deemed profits u/s 44AD & income
exceeds maximumexceeds maximumexceeds maximumexceeds maximum amtamtamtamt not chargeable to taxnot chargeable to taxnot chargeable to taxnot chargeable to tax
Lunawat & Co.

FORM 3CDFORM 3CDFORM 3CDFORM 3CD ––––CLAUSECLAUSECLAUSECLAUSE ---- 11111111
Whether books prescribed u/s 44AA? If yes, list ofWhether books prescribed u/s 44AA? If yes, list ofWhether books prescribed u/s 44AA? If yes, list ofWhether books prescribed u/s 44AA? If yes, list of
books prescribed.books prescribed.books prescribed.books prescribed.
List of books maintained &address at which maintainedList of books maintained &address at which maintainedList of books maintained &address at which maintainedList of books maintained &address at which maintained
List of books of a/List of books of a/List of books of a/List of books of a/cscscscs & nature of relevant documents& nature of relevant documents& nature of relevant documents& nature of relevant documents
examined.examined.examined.examined.
S. 2(12A)S. 2(12A)S. 2(12A)S. 2(12A) ---- booksbooksbooksbooks or books ofor books ofor books ofor books of a/ca/ca/ca/c includes ledgers, dayincludes ledgers, dayincludes ledgers, dayincludes ledgers, day----
books, cash books, accountbooks, cash books, accountbooks, cash books, accountbooks, cash books, account----booksbooksbooksbooks &&&& other books,other books,other books,other books,
whether kept inwhether kept inwhether kept inwhether kept in writtenwrittenwrittenwritten form or ..electronic.form or ..electronic.form or ..electronic.form or ..electronic.
Relevant documentsRelevant documentsRelevant documentsRelevant documents ---- directlydirectlydirectlydirectly related to transactionsrelated to transactionsrelated to transactionsrelated to transactions
reflectedreflectedreflectedreflected inininin books ofbooks ofbooks ofbooks of a/a/a/a/cscscscs like invoicelike invoicelike invoicelike invoice,,,, bankbankbankbank statementsstatementsstatementsstatements,,,,
vouchers,vouchers,vouchers,vouchers, dr. notedr. notedr. notedr. note,,,, cr. notecr. notecr. notecr. note, inventory register, inventory register, inventory register, inventory register,,,,
agreements /contractsagreements /contractsagreements /contractsagreements /contracts or any other document onor any other document onor any other document onor any other document on basisbasisbasisbasis
of which preliminary entries are passed inof which preliminary entries are passed inof which preliminary entries are passed inof which preliminary entries are passed in booksbooksbooksbooks ofofofof a/a/a/a/cscscscs
Lunawat & Co.

Method of accounting employed in previous yearMethod of accounting employed in previous yearMethod of accounting employed in previous yearMethod of accounting employed in previous year
Change in method of accounting appliedChange in method of accounting appliedChange in method of accounting appliedChange in method of accounting applied
If, yes, effect thereof on profit / lossIf, yes, effect thereof on profit / lossIf, yes, effect thereof on profit / lossIf, yes, effect thereof on profit / loss
Deviation in method of accounting fromDeviation in method of accounting fromDeviation in method of accounting fromDeviation in method of accounting from
accounting standards prescribed u/s 145 andaccounting standards prescribed u/s 145 andaccounting standards prescribed u/s 145 andaccounting standards prescribed u/s 145 and
effect thereof on P/Leffect thereof on P/Leffect thereof on P/Leffect thereof on P/L
Change in method of valuation of inventories toChange in method of valuation of inventories toChange in method of valuation of inventories toChange in method of valuation of inventories to
be reported?be reported?be reported?be reported?
Change in accounting policy to be reported?Change in accounting policy to be reported?Change in accounting policy to be reported?Change in accounting policy to be reported?
ICDS reporting brought inICDS reporting brought inICDS reporting brought inICDS reporting brought in w.e.fw.e.fw.e.fw.e.f. 1.4.2017. 1.4.2017. 1.4.2017. 1.4.2017
Lunawat & Co.

((((d)d)d)d) –––– whether any adjustment is required towhether any adjustment is required towhether any adjustment is required towhether any adjustment is required to
be made to the profits or loss for complyingbe made to the profits or loss for complyingbe made to the profits or loss for complyingbe made to the profits or loss for complying
with the ICDS notified u/s 145(2)with the ICDS notified u/s 145(2)with the ICDS notified u/s 145(2)with the ICDS notified u/s 145(2)
(e)(e)(e)(e) –––– Is, yes, give detailsIs, yes, give detailsIs, yes, give detailsIs, yes, give details
(f)(f)(f)(f) –––– Disclosure as per ICDSDisclosure as per ICDSDisclosure as per ICDSDisclosure as per ICDS
For 8 standardsFor 8 standardsFor 8 standardsFor 8 standards
Two omitted as no disclosure required as perTwo omitted as no disclosure required as perTwo omitted as no disclosure required as perTwo omitted as no disclosure required as per
the standard:the standard:the standard:the standard:
Changes in Foreign Exchange RatesChanges in Foreign Exchange RatesChanges in Foreign Exchange RatesChanges in Foreign Exchange Rates
SecuritiesSecuritiesSecuritiesSecurities
Lunawat & Co.

FORM 3CDFORM 3CDFORM 3CDFORM 3CD ––––CLAUSECLAUSECLAUSECLAUSE –––– 13131313 ---- ICDSICDSICDSICDS
Lunawat & Co.
ICD
S
Name of ICDS Increase
in Profit
Decrease
in Profit
Net
(Rs.)
I Accounting Policies
II Valuation of Inventories
III Construction Contracts
IV Revenue Recognition
V Tangible Fixed Assets
VI Changes in Foreign Exchange Rates
VII Government Grants
VIII Securities
IX Borrowing Costs
X Provisions, Contingent Liab. & Assets
Total

Conversion of capital asset into stock inConversion of capital asset into stock inConversion of capital asset into stock inConversion of capital asset into stock in
tradetradetradetrade
Accounting of inventories in books?Accounting of inventories in books?Accounting of inventories in books?Accounting of inventories in books?
At Carrying costAt Carrying costAt Carrying costAt Carrying cost
FMVFMVFMVFMV
If other than carrying cost thenIf other than carrying cost thenIf other than carrying cost thenIf other than carrying cost then
qualification regarding nonqualification regarding nonqualification regarding nonqualification regarding non---- compliancecompliancecompliancecompliance
of ASof ASof ASof AS----2222
Lunawat & Co.

LLLLand or building or both transferred atand or building or both transferred atand or building or both transferred atand or building or both transferred at
less that the circle rate u/s 43CA or 50C.less that the circle rate u/s 43CA or 50C.less that the circle rate u/s 43CA or 50C.less that the circle rate u/s 43CA or 50C.
Detail to be given:Detail to be given:Detail to be given:Detail to be given:
Detail of property with complete addressDetail of property with complete addressDetail of property with complete addressDetail of property with complete address
Consideration received or accruedConsideration received or accruedConsideration received or accruedConsideration received or accrued
Value adopted or assessed / assessableValue adopted or assessed / assessableValue adopted or assessed / assessableValue adopted or assessed / assessable
Builders !!!Builders !!!Builders !!!Builders !!!
Lunawat & Co.

FORM 3CDFORM 3CDFORM 3CDFORM 3CD –––– CLAUSECLAUSECLAUSECLAUSE ---- 18181818
Depreciation allowableDepreciation allowableDepreciation allowableDepreciation allowable –––– Additional Dep.Additional Dep.Additional Dep.Additional Dep.
Actual Cost or WDVActual Cost or WDVActual Cost or WDVActual Cost or WDV
Car 1Car 1Car 1Car 1stststst InsuranceInsuranceInsuranceInsurance
InterestInterestInterestInterest uptouptouptoupto asset put to useasset put to useasset put to useasset put to use
S. 35 capital assets not to be includedS. 35 capital assets not to be includedS. 35 capital assets not to be includedS. 35 capital assets not to be included
Additions/deductions duringAdditions/deductions duringAdditions/deductions duringAdditions/deductions during yearyearyearyear with dates ; inwith dates ; inwith dates ; inwith dates ; in
case of any addition of an asset, date put to use;case of any addition of an asset, date put to use;case of any addition of an asset, date put to use;case of any addition of an asset, date put to use;
including adjustments onincluding adjustments onincluding adjustments onincluding adjustments on a/ca/ca/ca/c ofofofof
CENVAT / VAT creditsCENVAT / VAT creditsCENVAT / VAT creditsCENVAT / VAT credits claimedclaimedclaimedclaimed & allowed& allowed& allowed& allowed ---- reconcilereconcilereconcilereconcile
Change in rate of exchange ofChange in rate of exchange ofChange in rate of exchange ofChange in rate of exchange of currencycurrencycurrencycurrency –––– AS 11/43AAS 11/43AAS 11/43AAS 11/43A
SubsidySubsidySubsidySubsidy //// grant /grant /grant /grant / reimbursement,reimbursement,reimbursement,reimbursement, etcetcetcetc
Lunawat & Co.

Amounts admissible. Details:Amounts admissible. Details:Amounts admissible. Details:Amounts admissible. Details:
Amounts debited to PLAmounts debited to PLAmounts debited to PLAmounts debited to PL
Amounts admissible under IT provisions andAmounts admissible under IT provisions andAmounts admissible under IT provisions andAmounts admissible under IT provisions and
also fulfils conditionsalso fulfils conditionsalso fulfils conditionsalso fulfils conditions
S. 32AC (investment in new Plant & Mach)S. 32AC (investment in new Plant & Mach)S. 32AC (investment in new Plant & Mach)S. 32AC (investment in new Plant & Mach)
addedaddedaddedadded
S. 35AD(specified business) addedS. 35AD(specified business) addedS. 35AD(specified business) addedS. 35AD(specified business) added
S. 35CCC (agricultural extension project)S. 35CCC (agricultural extension project)S. 35CCC (agricultural extension project)S. 35CCC (agricultural extension project)
addedaddedaddedadded
S. 35CCD (skill development project) addedS. 35CCD (skill development project) addedS. 35CCD (skill development project) addedS. 35CCD (skill development project) added
Lunawat & Co.

S. 35 (scientific research) bifurcated intoS. 35 (scientific research) bifurcated intoS. 35 (scientific research) bifurcated intoS. 35 (scientific research) bifurcated into ––––
35(1)(35(1)(35(1)(35(1)(iiii)))) –––– revenue expenditurerevenue expenditurerevenue expenditurerevenue expenditure
35(1)(ii)35(1)(ii)35(1)(ii)35(1)(ii) –––– 175% of amount paid to University,175% of amount paid to University,175% of amount paid to University,175% of amount paid to University, etcetcetcetc
35(1)(35(1)(35(1)(35(1)(iiaiiaiiaiia)))) –––– 125% of amount paid to company…125% of amount paid to company…125% of amount paid to company…125% of amount paid to company…
35(1)(iii)35(1)(iii)35(1)(iii)35(1)(iii) –––– 125% of amount paid for research in125% of amount paid for research in125% of amount paid for research in125% of amount paid for research in
social science or statistical research…..social science or statistical research…..social science or statistical research…..social science or statistical research…..
35(1)(iv)35(1)(iv)35(1)(iv)35(1)(iv) –––– Capital expenditureCapital expenditureCapital expenditureCapital expenditure
35(2AA)35(2AA)35(2AA)35(2AA) –––– 200% of sum paid to National200% of sum paid to National200% of sum paid to National200% of sum paid to National
Laboratory….Laboratory….Laboratory….Laboratory….
35(2AB)35(2AB)35(2AB)35(2AB) –––– Company in bio technology or Mfg..200%Company in bio technology or Mfg..200%Company in bio technology or Mfg..200%Company in bio technology or Mfg..200%
Lunawat & Co.

FORM 3CDFORM 3CDFORM 3CDFORM 3CD –––– CLAUSECLAUSECLAUSECLAUSE –––– 21(A)21(A)21(A)21(A)
FurnishFurnishFurnishFurnish the details of amounts debitedthe details of amounts debitedthe details of amounts debitedthe details of amounts debited
to the profit and loss account, being into the profit and loss account, being into the profit and loss account, being into the profit and loss account, being in
the nature of Capital, personal,the nature of Capital, personal,the nature of Capital, personal,the nature of Capital, personal,
advertisement expenditureadvertisement expenditureadvertisement expenditureadvertisement expenditure club fee,club fee,club fee,club fee,
etcetcetcetc::::
Loss on sale of AssetsLoss on sale of AssetsLoss on sale of AssetsLoss on sale of Assets
Fee for increase in authorised CapitalFee for increase in authorised CapitalFee for increase in authorised CapitalFee for increase in authorised Capital
Loss on sale of investmentsLoss on sale of investmentsLoss on sale of investmentsLoss on sale of investments
Lunawat & Co.

FORM 3CDFORM 3CDFORM 3CDFORM 3CD –––– CLAUSECLAUSECLAUSECLAUSE –––– 21(B)21(B)21(B)21(B)
S. 40(a) bifurcated into (S. 40(a) bifurcated into (S. 40(a) bifurcated into (S. 40(a) bifurcated into (iiii), (), (), (), (iaiaiaia), (), (), (), (icicicic), (), (), (), (iiaiiaiiaiia), (), (), (), (iibiibiibiib),),),),
(iii), (iv), (v).(iii), (iv), (v).(iii), (iv), (v).(iii), (iv), (v). 40(a)(40(a)(40(a)(40(a)(iiii)))) ---- details:details:details:details:
PaymentPaymentPaymentPayment on whichon whichon whichon which tax not deductedtax not deductedtax not deductedtax not deducted
PPPPayment on whichayment on whichayment on whichayment on which tax has been deducted but has not beentax has been deducted but has not beentax has been deducted but has not beentax has been deducted but has not been
paidpaidpaidpaid during P.Y. or in subsequent year before the expiry ofduring P.Y. or in subsequent year before the expiry ofduring P.Y. or in subsequent year before the expiry ofduring P.Y. or in subsequent year before the expiry of
time prescribed u/s 200(1)time prescribed u/s 200(1)time prescribed u/s 200(1)time prescribed u/s 200(1)
Apart from date, amount and nature of paymentApart from date, amount and nature of paymentApart from date, amount and nature of paymentApart from date, amount and nature of payment,,,, name &name &name &name &
address of payee, PAN if availableaddress of payee, PAN if availableaddress of payee, PAN if availableaddress of payee, PAN if available also to be givenalso to be givenalso to be givenalso to be given
AmountAmountAmountAmount of tax deducted (when deducted) also to be givenof tax deducted (when deducted) also to be givenof tax deducted (when deducted) also to be givenof tax deducted (when deducted) also to be given
FullFullFullFull amountamountamountamount disallowabledisallowabledisallowabledisallowable–––– 139(1139(1139(1139(1) ??) ??) ??) ??–––– 15CA /15CB reliance15CA /15CB reliance15CA /15CB reliance15CA /15CB reliance
AmountsAmountsAmountsAmounts inadmissible u/s 40(inadmissible u/s 40(inadmissible u/s 40(inadmissible u/s 40(iaiaiaia)))) –––– 30303030%%%% ---- allallallall
payments covered nowpayments covered nowpayments covered nowpayments covered now
Lunawat & Co.

S. 40(a)(S. 40(a)(S. 40(a)(S. 40(a)(icicicic)))) ---- FBTFBTFBTFBT
S. 40(a)(S. 40(a)(S. 40(a)(S. 40(a)(iiaiiaiiaiia)))) ---- WTWTWTWT
S. 40(a)(S. 40(a)(S. 40(a)(S. 40(a)(iibiibiibiib)))) –––– Royalty etc. to SGRoyalty etc. to SGRoyalty etc. to SGRoyalty etc. to SG
S. 40(a)(iii)S. 40(a)(iii)S. 40(a)(iii)S. 40(a)(iii) –––– Salaries paid outside India or toSalaries paid outside India or toSalaries paid outside India or toSalaries paid outside India or to
NonNonNonNon---- residents if tax not paid on it or notresidents if tax not paid on it or notresidents if tax not paid on it or notresidents if tax not paid on it or not
deducted u/C XVIIBdeducted u/C XVIIBdeducted u/C XVIIBdeducted u/C XVIIB –––– details to be givendetails to be givendetails to be givendetails to be given
S. 40(a)(iv)S. 40(a)(iv)S. 40(a)(iv)S. 40(a)(iv) –––– Payment to PF or other fundPayment to PF or other fundPayment to PF or other fundPayment to PF or other fund
unlessunlessunlessunless assesseeassesseeassesseeassessee has made effectivehas made effectivehas made effectivehas made effective
arrangement for TDS if chargeable under headarrangement for TDS if chargeable under headarrangement for TDS if chargeable under headarrangement for TDS if chargeable under head
salariessalariessalariessalaries
Lunawat & Co.

S. 40(a)(v)S. 40(a)(v)S. 40(a)(v)S. 40(a)(v) –––– Tax paid by employer u/sTax paid by employer u/sTax paid by employer u/sTax paid by employer u/s
10(10CC)10(10CC)10(10CC)10(10CC)
Disallowance u/s 40A(3)Disallowance u/s 40A(3)Disallowance u/s 40A(3)Disallowance u/s 40A(3)
No certificate required now.No certificate required now.No certificate required now.No certificate required now.
However to be obtained and mention in 3CD & 3CBHowever to be obtained and mention in 3CD & 3CBHowever to be obtained and mention in 3CD & 3CBHowever to be obtained and mention in 3CD & 3CB
Detail to be given:Detail to be given:Detail to be given:Detail to be given:
Date of paymentDate of paymentDate of paymentDate of payment
Nature of paymentNature of paymentNature of paymentNature of payment
AmountAmountAmountAmount
Name of PayeeName of PayeeName of PayeeName of Payee
PAN (if available)PAN (if available)PAN (if available)PAN (if available)
40A(3A) also covered40A(3A) also covered40A(3A) also covered40A(3A) also covered –––– same detailssame detailssame detailssame details
Lunawat & Co.

FORM 3CDFORM 3CDFORM 3CDFORM 3CD –––– CLAUSECLAUSECLAUSECLAUSE –––– 25252525
Profit chargeable u/s 41Profit chargeable u/s 41Profit chargeable u/s 41Profit chargeable u/s 41 –––– details required:details required:details required:details required:
Name of person; Amount of income; relevant subName of person; Amount of income; relevant subName of person; Amount of income; relevant subName of person; Amount of income; relevant sub----sectionsectionsectionsection
Description of transaction; Computation, if anyDescription of transaction; Computation, if anyDescription of transaction; Computation, if anyDescription of transaction; Computation, if any
S. 41(1)(a)S. 41(1)(a)S. 41(1)(a)S. 41(1)(a) –––– Cessation of trading liability byCessation of trading liability byCessation of trading liability byCessation of trading liability by assesseeassesseeassesseeassessee
S. 41(1)(b)S. 41(1)(b)S. 41(1)(b)S. 41(1)(b) ---- Cessation of tradingCessation of tradingCessation of tradingCessation of trading liabliabliabliab. by successor. by successor. by successor. by successor assesseeassesseeassesseeassessee
S. 41(2)S. 41(2)S. 41(2)S. 41(2) –––– Balancing ChargeBalancing ChargeBalancing ChargeBalancing Charge
S. 41(3)S. 41(3)S. 41(3)S. 41(3) –––– Asset used u/s 35 soldAsset used u/s 35 soldAsset used u/s 35 soldAsset used u/s 35 sold –––– to extent of deductionto extent of deductionto extent of deductionto extent of deduction
claimedclaimedclaimedclaimed
S. 41(4)S. 41(4)S. 41(4)S. 41(4) –––– Recovery of bad debtsRecovery of bad debtsRecovery of bad debtsRecovery of bad debts
S. 41(4A)S. 41(4A)S. 41(4A)S. 41(4A) –––– Amount withdrawn from special reserve u/sAmount withdrawn from special reserve u/sAmount withdrawn from special reserve u/sAmount withdrawn from special reserve u/s
36(1)(viii)36(1)(viii)36(1)(viii)36(1)(viii)
S. 41 (5)S. 41 (5)S. 41 (5)S. 41 (5) –––– After closure of business if income u/After closure of business if income u/After closure of business if income u/After closure of business if income u/ssssssss 1,3,4,1,3,4,1,3,4,1,3,4,
4A, then can be set off against loss4A, then can be set off against loss4A, then can be set off against loss4A, then can be set off against loss
Lunawat & Co.

FORM 3CDFORM 3CDFORM 3CDFORM 3CD –––– CLAUSECLAUSECLAUSECLAUSE –––– 26262626
S. 43B. Amounts covered:S. 43B. Amounts covered:S. 43B. Amounts covered:S. 43B. Amounts covered:
CST, VAT, Excise,CST, VAT, Excise,CST, VAT, Excise,CST, VAT, Excise, ServiceTaxServiceTaxServiceTaxServiceTax, Customs,, Customs,, Customs,, Customs, PropertytaxPropertytaxPropertytaxPropertytax etcetcetcetc
SumSumSumSum payable as an employer by way of contributionpayable as an employer by way of contributionpayable as an employer by way of contributionpayable as an employer by way of contribution
to anyto anyto anyto any PF orPF orPF orPF or superannuation fund or gratuity fundsuperannuation fund or gratuity fundsuperannuation fund or gratuity fundsuperannuation fund or gratuity fund etcetcetcetc
BBBBonusonusonusonus or commission payableor commission payableor commission payableor commission payable bybybyby assesseeassesseeassesseeassessee to itsto itsto itsto its
employees for services rendered, whereemployees for services rendered, whereemployees for services rendered, whereemployees for services rendered, where such sumsuch sumsuch sumsuch sum
would not have been payable to him as profitswould not have been payable to him as profitswould not have been payable to him as profitswould not have been payable to him as profits ............
Interest on any loan from PFI, a state financialInterest on any loan from PFI, a state financialInterest on any loan from PFI, a state financialInterest on any loan from PFI, a state financial
corporation or a statecorporation or a statecorporation or a statecorporation or a state indsindsindsinds. investment corp., Banks.. investment corp., Banks.. investment corp., Banks.. investment corp., Banks.
Sum payable by theSum payable by theSum payable by theSum payable by the assesseeassesseeassesseeassessee as an employer in lieuas an employer in lieuas an employer in lieuas an employer in lieu
of any leave at the credit of his employee.of any leave at the credit of his employee.of any leave at the credit of his employee.of any leave at the credit of his employee.
Interest converted into loan. Allowed u/s 43B??Interest converted into loan. Allowed u/s 43B??Interest converted into loan. Allowed u/s 43B??Interest converted into loan. Allowed u/s 43B??
Lunawat & Co.

FORM 3CDFORM 3CDFORM 3CDFORM 3CD –––– CLAUSECLAUSECLAUSECLAUSE –––– 27(A)27(A)27(A)27(A)
CENVAT CreditCENVAT CreditCENVAT CreditCENVAT Credit –––– reconcile with registers andreconcile with registers andreconcile with registers andreconcile with registers and
booksbooksbooksbooks
Lunawat & Co.
CENVATCENVATCENVATCENVAT AmountAmountAmountAmount Treatment inTreatment inTreatment inTreatment in
Profit & LossProfit & LossProfit & LossProfit & Loss
/Accounts/Accounts/Accounts/Accounts
Opening balanceOpening balanceOpening balanceOpening balance
CENVAT AvailedCENVAT AvailedCENVAT AvailedCENVAT Availed
CENVAT utilizedCENVAT utilizedCENVAT utilizedCENVAT utilized
Closing/outstandingClosing/outstandingClosing/outstandingClosing/outstanding
BalanceBalanceBalanceBalance

RELATED PARTYRELATED PARTYRELATED PARTYRELATED PARTY
AccountingAccountingAccountingAccounting
StandardsStandardsStandardsStandards
AS 18AS 18AS 18AS 18
CompaniesCompaniesCompaniesCompanies
ActActActAct
S. 2(76)S. 2(76)S. 2(76)S. 2(76)
S. 184S. 184S. 184S. 184 S. 188S. 188S. 188S. 188
Income TaxIncome TaxIncome TaxIncome Tax
40A(2)(b)40A(2)(b)40A(2)(b)40A(2)(b)
Lunawat & Co.

DDDDetails of shares received without / inadequateetails of shares received without / inadequateetails of shares received without / inadequateetails of shares received without / inadequate
consideration u/s 56(2)(consideration u/s 56(2)(consideration u/s 56(2)(consideration u/s 56(2)(viiaviiaviiaviia).).).). Is it for all assesses?Is it for all assesses?Is it for all assesses?Is it for all assesses?
Take care of transactions not regarded as transfer for this purposeTake care of transactions not regarded as transfer for this purposeTake care of transactions not regarded as transfer for this purposeTake care of transactions not regarded as transfer for this purpose
–––– 47 (via), (47 (via), (47 (via), (47 (via), (vicvicvicvic), (), (), (), (vicbvicbvicbvicb), (vid) & (vii)), (vid) & (vii)), (vid) & (vii)), (vid) & (vii)
NotNotNotNot stated in Form,stated in Form,stated in Form,stated in Form, requiredrequiredrequiredrequired inininin UtilityUtilityUtilityUtility ––––
Name of the person from whom shares are receivedName of the person from whom shares are receivedName of the person from whom shares are receivedName of the person from whom shares are received
PAN, if availablePAN, if availablePAN, if availablePAN, if available
Name of company whose shares are receivedName of company whose shares are receivedName of company whose shares are receivedName of company whose shares are received
CINCINCINCIN
No. of SharesNo. of SharesNo. of SharesNo. of Shares
Amount of consideration paidAmount of consideration paidAmount of consideration paidAmount of consideration paid
FMV of sharesFMV of sharesFMV of sharesFMV of shares
IfIfIfIf without consideration, it may not be accounted in books.without consideration, it may not be accounted in books.without consideration, it may not be accounted in books.without consideration, it may not be accounted in books.
Reporting to be made.Reporting to be made.Reporting to be made.Reporting to be made.
Reporting only difference exceedsReporting only difference exceedsReporting only difference exceedsReporting only difference exceeds RsRsRsRs. 50K. 50K. 50K. 50K
Lunawat & Co.

Details of consideration received in excess of fairDetails of consideration received in excess of fairDetails of consideration received in excess of fairDetails of consideration received in excess of fair
value for issue of shares u/s 56(2)(value for issue of shares u/s 56(2)(value for issue of shares u/s 56(2)(value for issue of shares u/s 56(2)(viibviibviibviib)))) –––– only foronly foronly foronly for
companiescompaniescompaniescompanies
Details not given in Form, but in Utility:Details not given in Form, but in Utility:Details not given in Form, but in Utility:Details not given in Form, but in Utility:
Name of the person from whomName of the person from whomName of the person from whomName of the person from whom consideration received forconsideration received forconsideration received forconsideration received for
issue of sharesissue of sharesissue of sharesissue of shares
PAN, if availablePAN, if availablePAN, if availablePAN, if available
NoNoNoNo. of. of. of. of Shares receivedShares receivedShares receivedShares received
Amount of considerationAmount of considerationAmount of considerationAmount of consideration receivedreceivedreceivedreceived
FMV ofFMV ofFMV ofFMV of sharessharessharesshares
Would anything be reported under this?Would anything be reported under this?Would anything be reported under this?Would anything be reported under this?
Use SA 620Use SA 620Use SA 620Use SA 620 –––– Using the work of an Auditor’s ExpertUsing the work of an Auditor’s ExpertUsing the work of an Auditor’s ExpertUsing the work of an Auditor’s Expert
Lunawat & Co.

CLAUSE 31CLAUSE 31CLAUSE 31CLAUSE 31 ---- S. 269SS/TS. 269SS/TS. 269SS/TS. 269SS/T
Advance against immovable property in cash forAdvance against immovable property in cash forAdvance against immovable property in cash forAdvance against immovable property in cash for RsRsRsRs....
20000/20000/20000/20000/---- covered? Reportable in Form 3CD?covered? Reportable in Form 3CD?covered? Reportable in Form 3CD?covered? Reportable in Form 3CD?
Yes, NoYes, NoYes, NoYes, No
Loan received by NEFT / RTGS??Loan received by NEFT / RTGS??Loan received by NEFT / RTGS??Loan received by NEFT / RTGS??
NoNoNoNo
Share application money advance??Share application money advance??Share application money advance??Share application money advance??
No if adequate documentsNo if adequate documentsNo if adequate documentsNo if adequate documents
Sale proceeds collected by selling agent?Sale proceeds collected by selling agent?Sale proceeds collected by selling agent?Sale proceeds collected by selling agent?
NoNoNoNo
Advance received against sale of goods?? CompaniesAdvance received against sale of goods?? CompaniesAdvance received against sale of goods?? CompaniesAdvance received against sale of goods?? Companies
Act 2013??Act 2013??Act 2013??Act 2013??
NoNoNoNo
Lunawat & Co.

CLAUSE 31CLAUSE 31CLAUSE 31CLAUSE 31 ---- S. 269SS/TS. 269SS/TS. 269SS/TS. 269SS/T
ABC P. Ltd receives cash fromABC P. Ltd receives cash fromABC P. Ltd receives cash fromABC P. Ltd receives cash from Mr. A anMr. A anMr. A anMr. A an agriculturist?agriculturist?agriculturist?agriculturist?
YesYesYesYes
Security deposit received against contracts?Security deposit received against contracts?Security deposit received against contracts?Security deposit received against contracts?
YesYesYesYes –––– depositdepositdepositdeposit
Amount retained byAmount retained byAmount retained byAmount retained by contracteecontracteecontracteecontractee againstagainstagainstagainst
performance??performance??performance??performance??
No as amount not receivedNo as amount not receivedNo as amount not receivedNo as amount not received
ABC P. Ltd repays loan payable on demand in cash?ABC P. Ltd repays loan payable on demand in cash?ABC P. Ltd repays loan payable on demand in cash?ABC P. Ltd repays loan payable on demand in cash?
NoNoNoNo
Loan in name of Mr A transferred in name of Mr BLoan in name of Mr A transferred in name of Mr BLoan in name of Mr A transferred in name of Mr BLoan in name of Mr A transferred in name of Mr B
by accounting entry?by accounting entry?by accounting entry?by accounting entry?
YesYesYesYes
Lunawat & Co.

FORM 3CDFORM 3CDFORM 3CDFORM 3CD –––– AMENDMENTAMENDMENTAMENDMENTAMENDMENT ---- 34343434
TDSTDSTDSTDS –––– TotalTotalTotalTotal revamped.revamped.revamped.revamped.
TCS added.TCS added.TCS added.TCS added.
Reconcile it with:Reconcile it with:Reconcile it with:Reconcile it with:
TDS ReturnsTDS ReturnsTDS ReturnsTDS Returns
Financial StatementsFinancial StatementsFinancial StatementsFinancial Statements
Clause 21(b)Clause 21(b)Clause 21(b)Clause 21(b) –––– 40(a) / 40(40(a) / 40(40(a) / 40(40(a) / 40(iaiaiaia))))
34(a) if required to34(a) if required to34(a) if required to34(a) if required to deduct or collect taxdeduct or collect taxdeduct or collect taxdeduct or collect tax as peras peras peras per
provisions of Chapter XVIIB or XVIIBB furnish:provisions of Chapter XVIIB or XVIIBB furnish:provisions of Chapter XVIIB or XVIIBB furnish:provisions of Chapter XVIIB or XVIIBB furnish:
1.1.1.1. TANTANTANTAN
2.2.2.2. SectionSectionSectionSection
3.3.3.3. Nature of payment or receiptNature of payment or receiptNature of payment or receiptNature of payment or receipt
Lunawat & Co.

4.4.4.4. TotalTotalTotalTotal amount of payment or receipt specified in 3amount of payment or receipt specified in 3amount of payment or receipt specified in 3amount of payment or receipt specified in 3
5.5.5.5. Total amount on which tax was required to beTotal amount on which tax was required to beTotal amount on which tax was required to beTotal amount on which tax was required to be
deducted / collected under 4deducted / collected under 4deducted / collected under 4deducted / collected under 4
6.6.6.6. Total amount on which tax was deducted / collected atTotal amount on which tax was deducted / collected atTotal amount on which tax was deducted / collected atTotal amount on which tax was deducted / collected at
specified rate out ofspecified rate out ofspecified rate out ofspecified rate out of 5555
7.7.7.7. AmountAmountAmountAmount of tax deducted or collected out ofof tax deducted or collected out ofof tax deducted or collected out ofof tax deducted or collected out of 6666
8.8.8.8. Amount on which tax was deducted / collected at lessAmount on which tax was deducted / collected at lessAmount on which tax was deducted / collected at lessAmount on which tax was deducted / collected at less
than specified rate out of 7than specified rate out of 7than specified rate out of 7than specified rate out of 7
9.9.9.9. Amount of tax deducted or collected on 8Amount of tax deducted or collected on 8Amount of tax deducted or collected on 8Amount of tax deducted or collected on 8
10.10.10.10. Amount of tax deducted or collected but not depositedAmount of tax deducted or collected but not depositedAmount of tax deducted or collected but not depositedAmount of tax deducted or collected but not deposited
out of 6 & 8out of 6 & 8out of 6 & 8out of 6 & 8
Lunawat & Co.

TDS EXAMPLETDS EXAMPLETDS EXAMPLETDS EXAMPLE
SectionSectionSectionSection
(2)(2)(2)(2)
NatureNatureNatureNature
ofofofof
PaymenPaymenPaymenPaymen
tttt
(3)(3)(3)(3)
TotalTotalTotalTotal
amtamtamtamt ofofofof
paymenpaymenpaymenpaymen
t ort ort ort or
receiptreceiptreceiptreceipt
(4)(4)(4)(4)
amtamtamtamt onononon
whichwhichwhichwhich
tax wastax wastax wastax was
requiredrequiredrequiredrequired
to beto beto beto be
deductedeductedeductededucte
d out ofd out ofd out ofd out of
4444
(5)(5)(5)(5)
amtamtamtamt onononon
whichwhichwhichwhich
tax wastax wastax wastax was
deddeddedded. /. /. /. /
coll.coll.coll.coll. atatatat
specifiespecifiespecifiespecifie
d rated rated rated rate
out of 5out of 5out of 5out of 5
(6)(6)(6)(6)
AmouAmouAmouAmou
nt ofnt ofnt ofnt of
taxtaxtaxtax
deductdeductdeductdeduct
ed outed outed outed out
of 6of 6of 6of 6
(7)(7)(7)(7)
AmtAmtAmtAmt onononon
which taxwhich taxwhich taxwhich tax
waswaswaswas deddeddedded....
//// collcollcollcoll/ at/ at/ at/ at
< than< than< than< than
specifiedspecifiedspecifiedspecified
rate outrate outrate outrate out
of 7of 7of 7of 7
(8)(8)(8)(8)
AmountAmountAmountAmount
of taxof taxof taxof tax
deductedeductedeductededucte
d ord ord ord or
collectecollectecollectecollecte
d on 8d on 8d on 8d on 8
(9)(9)(9)(9)
AmtAmtAmtAmt ofofofof
taxtaxtaxtax deddeddedded....
or coll.or coll.or coll.or coll.
but notbut notbut notbut not
depositdepositdepositdeposit
ed outed outed outed out
of 6 & 8of 6 & 8of 6 & 8of 6 & 8
(10)(10)(10)(10)
194 C194 C194 C194 C TptTptTptTpt.... 15 Cr15 Cr15 Cr15 Cr 0000 0000 0000 0000 0000 0000
194 C194 C194 C194 C Cont.Cont.Cont.Cont. 25 L25 L25 L25 L 15 L15 L15 L15 L 10 L10 L10 L10 L 10000100001000010000 5555 LacsLacsLacsLacs 5000500050005000 0000
194A194A194A194A InttInttInttIntt.... 5555 CrsCrsCrsCrs 6666 LacsLacsLacsLacs 5555 LacsLacsLacsLacs 50K50K50K50K 1111 LacLacLacLac 5000500050005000 0000
194I194I194I194I RentRentRentRent 25 L25 L25 L25 L 20 L20 L20 L20 L 15 L15 L15 L15 L 1.5 L1.5 L1.5 L1.5 L 5 L5 L5 L5 L 10000100001000010000 10000100001000010000
194J194J194J194J FTSFTSFTSFTS 1 L1 L1 L1 L 1 L1 L1 L1 L 0000 0000 0000 0000 0000
Lunawat & Co.

34343434 ((((b)b)b)b) –––– If TDSIf TDSIf TDSIf TDS / TCS/ TCS/ TCS/ TCS StatementStatementStatementStatement notnotnotnot furnishedfurnishedfurnishedfurnished
within prescribedwithin prescribedwithin prescribedwithin prescribed timetimetimetime,,,, furnish:furnish:furnish:furnish:
TANTANTANTAN
Type of FormType of FormType of FormType of Form
Due date of furnishingDue date of furnishingDue date of furnishingDue date of furnishing
Date of furnishing, if furnishedDate of furnishing, if furnishedDate of furnishing, if furnishedDate of furnishing, if furnished
WhetherWhetherWhetherWhether thethethethe TDS / TCS StatementTDS / TCS StatementTDS / TCS StatementTDS / TCS Statement
contains informationcontains informationcontains informationcontains information about all transactionsabout all transactionsabout all transactionsabout all transactions
whichwhichwhichwhich are required toare required toare required toare required to bebebebe reportedreportedreportedreported ––––
Transporters???Transporters???Transporters???Transporters??? –––– yes / no??yes / no??yes / no??yes / no??
Lunawat & Co.

34343434 (c)(c)(c)(c) –––– Whether theWhether theWhether theWhether the assesseeassesseeassesseeassessee is liable to payis liable to payis liable to payis liable to pay
u/s 201(1A) or section 206C(7), if yes, pleaseu/s 201(1A) or section 206C(7), if yes, pleaseu/s 201(1A) or section 206C(7), if yes, pleaseu/s 201(1A) or section 206C(7), if yes, please
furnish :furnish :furnish :furnish :----
Lunawat & Co.
TANTANTANTAN
Amount ofAmount ofAmount ofAmount of
Interest PayableInterest PayableInterest PayableInterest Payable
Amount paidAmount paidAmount paidAmount paid
out of Col. (2)out of Col. (2)out of Col. (2)out of Col. (2)
Date ofDate ofDate ofDate of
PaymentPaymentPaymentPayment
(1)(1)(1)(1) (2)(2)(2)(2) (3)(3)(3)(3) (4)(4)(4)(4)
NA.NA.NA.NA.
Check TRACESCheck TRACESCheck TRACESCheck TRACES

FORM 3CDFORM 3CDFORM 3CDFORM 3CD –––– CLAUSE 40CLAUSE 40CLAUSE 40CLAUSE 40
Ratios:Ratios:Ratios:Ratios:
Total Turnover of theTotal Turnover of theTotal Turnover of theTotal Turnover of the assesseeassesseeassesseeassessee
GP / TurnoverGP / TurnoverGP / TurnoverGP / Turnover
NP / TurnoverNP / TurnoverNP / TurnoverNP / Turnover
StockStockStockStock----inininin----trade / Turnovertrade / Turnovertrade / Turnovertrade / Turnover
Material Consumed / Finished Goods producedMaterial Consumed / Finished Goods producedMaterial Consumed / Finished Goods producedMaterial Consumed / Finished Goods produced
To be given for allTo be given for allTo be given for allTo be given for all assesseesassesseesassesseesassessees????????????
Only Manufacturing & TradingOnly Manufacturing & TradingOnly Manufacturing & TradingOnly Manufacturing & Trading
Ratios in value onlyRatios in value onlyRatios in value onlyRatios in value only
To be given for business as wholeTo be given for business as wholeTo be given for business as wholeTo be given for business as whole
CalculationCalculationCalculationCalculation of the ratios are also to be statedof the ratios are also to be statedof the ratios are also to be statedof the ratios are also to be stated
Lunawat & Co.

FORM 3CDFORM 3CDFORM 3CDFORM 3CD –––– CLAUSE 40CLAUSE 40CLAUSE 40CLAUSE 40
NPNPNPNP –––– before / after tax?before / after tax?before / after tax?before / after tax?
BeforeBeforeBeforeBefore
StockStockStockStock----inininin----trade includes what items?trade includes what items?trade includes what items?trade includes what items?
Only finished goodsOnly finished goodsOnly finished goodsOnly finished goods
Material consumedMaterial consumedMaterial consumedMaterial consumed would includewould includewould includewould include RMRMRMRM
consumed, stores, spare parts andconsumed, stores, spare parts andconsumed, stores, spare parts andconsumed, stores, spare parts and loose toolsloose toolsloose toolsloose tools
Relevant previous year figures are to be takenRelevant previous year figures are to be takenRelevant previous year figures are to be takenRelevant previous year figures are to be taken
from last previous year audit report.from last previous year audit report.from last previous year audit report.from last previous year audit report.
In case the precedingIn case the precedingIn case the precedingIn case the preceding PY isPY isPY isPY is not subject tonot subject tonot subject tonot subject to
audit, nothing should be mentioned inaudit, nothing should be mentioned inaudit, nothing should be mentioned inaudit, nothing should be mentioned in relevantrelevantrelevantrelevant
columncolumncolumncolumn
Lunawat & Co.

FORM 3CDFORM 3CDFORM 3CDFORM 3CD –––– NEW CLAUSESNEW CLAUSESNEW CLAUSESNEW CLAUSES
39393939 ---- DDDDetailsetailsetailsetails, if any, of disqualification, if any, of disqualification, if any, of disqualification, if any, of disqualification orororor
disagreementdisagreementdisagreementdisagreement on anyon anyon anyon any matter / item /matter / item /matter / item /matter / item /
value / quantityvalue / quantityvalue / quantityvalue / quantity as mayas mayas mayas may be reported /be reported /be reported /be reported /
identifiedidentifiedidentifiedidentified by theby theby theby the auditor in audit under s.auditor in audit under s.auditor in audit under s.auditor in audit under s.
72A72A72A72A –––– service taxservice taxservice taxservice tax
41414141 ---- DDDDetailsetailsetailsetails of demand raisedof demand raisedof demand raisedof demand raised //// refundrefundrefundrefund
issued underissued underissued underissued under any tax laws other thanany tax laws other thanany tax laws other thanany tax laws other than IT &IT &IT &IT &
WT with relevant proceedingsWT with relevant proceedingsWT with relevant proceedingsWT with relevant proceedings
Lunawat & Co.

REVIEWREVIEWREVIEWREVIEW
StatutoryStatutoryStatutoryStatutory audit reportaudit reportaudit reportaudit report qualification,qualification,qualification,qualification,
notes to accounts, adverse remarksnotes to accounts, adverse remarksnotes to accounts, adverse remarksnotes to accounts, adverse remarks andandandand
disclaimers in reportdisclaimers in reportdisclaimers in reportdisclaimers in report
QualificationsQualificationsQualificationsQualifications inininin costcostcostcost auditauditauditaudit reportreportreportreport
AuditAuditAuditAudit u/su/su/su/s 72727272AAAA ofofofof serviceserviceserviceservice taxtaxtaxtax
DemandDemandDemandDemand raisedraisedraisedraised orororor refundrefundrefundrefund issuedissuedissuedissued inininin anyanyanyany
lawlawlawlaw....
OnlineOnlineOnlineOnline compliancecompliancecompliancecompliance websiteswebsiteswebsiteswebsites forforforfor dues,dues,dues,dues,
compliances,compliances,compliances,compliances, etcetcetcetc
Lunawat & Co.

Critical issues in Presumptive Taxation & Tax Audit

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