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Form 3CD: Income Tax Department releases New Tax Audit utility, Schema Version 1.21

Form 3CD: Income Tax Department releases New Tax Audit utility, Schema Version 1.21

The Income Tax Department notifies ‘Form 3CD Schema Changes’ under e-Filing Project released New Tax Audit utility, Schema Version 1.21. Form 3CD consists of the statement of particulars required to be furnished under section 44AB of the Income-tax Act, 1961. The department released the document which tracked various the changes done in Form 3CD Schema post first release.

The Schema changes as on 22nd October, 2020 on Part A wherein new section code was added namely Clause 8a; Clause 18(ca); Clause 18(cb).

Form No. 3CD and 3CEB have been modified to accommodate the newly added provisions of 115BA, 115BAA, 115BAB, 115BAC and 115BAD. In form 3CD clauses have been added to provide information regarding the exercising of the option by the assessee and provide further adjustments in WDV if the same is exercised and in transfer pricing form new clause have been added to provide for the specified domestic transactions entered into by the assessee with the persons who have availed the option under section 115BAB which has resulted in more than ordinary profits expected to arise in such business

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