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Illustrative Clause 44 of Form 3CD Applicable for Financial Year 2021-22

"Dear Friends The Clause 44 of the Form 3CD is effective for Assessment Year 2022u201323 i.e. for the Financial Year 2021u201322 because the compliance of this clause wa"<br>TaxGuru is a platform that provides Updates On Amendments in Income Tax, Wealth Tax, Company Law, Service Tax, RBI, Custom Duty, Corporate Lawu00a0, Goods and Service Tax etc.<br>To know more visit https://taxguru.in/income-tax/illustrative-clause-44-form-3cd-applicable-financial-year-2021-22.html

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Illustrative Clause 44 of Form 3CD Applicable for Financial Year 2021-22

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  1. ILLUSTRATIVECLAUSE44OFFORM3CDAPPLICABLEFOR FINANCIALYEAR 2021-22 AUTHOR:CASUDHIRHALAKHANDI https://taxguru.in/income-tax/illustrative-clause-44-form-3cd-applicable-financial-year-2021-22.html DearFriends The Clause 44 of the Form 3CD is effective for Assessment Year 2022-23 i.e. for the Financial Year 2021-22 because the compliance of this clause was kept in abeyance till 31/03/2022 but for all the reports submitted after thatdate the clause is mandatory. Since the audits for the Financial Year 2021-22 are under process hence we should study how to report and complythis clauseand howthe Assesssee underaudit willsubmit the dataunder thisclause. TheprimarydutyofsubmissionofthedetailsisofAuditeeandforverificationoftheinformationsuppliedunder thisclausecanbe verifiedformtheGSTR-2A, GSTR-2B,AISandother recordsavailablewiththe dealer. Most of the information required for this clause is already available with the Law makers in the form of GSTR- 2A and AIS and what is the use of this information in Form 3CD is better known to the lawmakers but since the clauseis there hencethe Assesssee and Auditorhas to followand comply it. LetusseeanExamplewithcertainnotes:–

  2. S.NO. TotalAmountofExpenditureincurredduringtheyear ExpenditureinrespectofentitiesregisteredunderGST RelatingtoGoodsorServicesexemptform GST Relating to Scheme (1) (2) (3) (4) 1. 22355475.00 199660.00 177040.00 WORKINGANDCALCULATION TRADINGANDPROFITANDLOSSACCOUNTFORTHEYEARENDINGON31-3-2022

  3. Total 2793125.00

  4. CALCULATIONFORPRESENTATIONINCLAUSE44OFFORM3CD TotalAmountofExpenditureincurredduringthe year S.NO. ExpenditureinrespectofentitiesregisteredunderGST RelatingtoGoodsorServicesexemptformGSTRelatin Comp (1) (2) (3) (4) Purchases 19676875.00 0.00 120340 Salary 555000.00 0.00 0.00 Travelling&PetrolExpenses 234500.00 176500.00 0.00 Office Expenses 365600.00 5600.00 56700. RepairandMaintenance 117600.00 0.00 0.00 Interest 305600.00 0.00 0.00 Local Conveyance 34500.00 17560.00 0.00 Festival Expenses 132400.00 0.00 0.00 Commission 75000.00 0.00 0.00 Business Promotion 123400.00 0.00 0.00

  5. CapitalExpenditure-Car 735000.00 0.00 0.00 Reporting Amount 22355475.00 199660.00 177040 Depreciation 76560.00 NA NA

  6. One can give consolidate figures for all the expenditure under this clause or one can give Revenue and Capital Expenditure under the serial Number 1 and 2but it should be noted there is no place in the utility to mention the expenditure under the head Revenue and Capital Expenditure with name.Hence consolidate figure can also servethe purpose. Further in case of Depreciation, In my opinion there is no need to include figure of depreciation in these figures because in that case further bifurcation is not possible but if you choose to include the figure of depreciation then useyour discretion andask the client tosubmit the details insuch manner. This is illustrative description of the figures to be reported in the Clause 44 of Form 3CD based on certain opinion of the Author of this Article. The comments for improvement of the study are invited to make it more useful.

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