CBDT Defers new Reportimg requirements by CA in Tax Audit Report report in Form 3CD to 31 March 2020 in view of COVID-19

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CBDT Defers new Reportimg requirements by CA in Tax Audit Report report in Form 3CD to 31 March 2020 in view of COVID-19.

CBDT vide its order u/s 119 issued on 24.04.2020 vide circular no 10/2020 has kept clause 30C and Clause 44 in abeyance till 31.03.2021. While differing the requirement of the said clause CBDT stated that Several   representations     were   received   by  the   Board   with   regards   to  difficulty in implementation    of  reporting   requirements    under  clause  30C  and  clause  44  of Form  No. 3CD  of the  Income-tax   Rules,   1962 in view  of the Global   Pandemic  due  to COVID-19   virus and  requested   for deferring   the applicability   of the above  provisions. The  matter  has  been  examined   and  in view  of the prevailing   situation   due  to COVID- 19 pandemic   across   the  country,   it has  been  decided   by the  Board  that  the  reporting   under clause  30C  and  clause  44 of the  Tax  Audit  Report  shall  be kept in abeyance till  31st  March, 2021.Let us know about  Clause 30C and Clause 44 of 3CD tax audit report report

Clause 30C :- WhetWhether the assessee has entered into an impermissible avoidance arrangement, as referred to in section 96, during the previous year (An impermissible avoidance arrangement would be an arrangement where the main purpose is to obtain a tax benefit and is not at arm’s length, results in tax evasion (directly or indirectly), lacks commercial substance or is carried out in a manner that does not otherwise occur if the arrangement was for bona fide purposes).

Clause 44 :-
Break-up of the total expenditure of entities registered or not registered under the GST.

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