Implementation Guide by ICAI

Implementation Guide by ICAI

Recently, the CBDT vide Notification No. 33/2018 dated 20th July 2018 has made revisions to Form No. 3CD wherein it requires additional requirements to be reported. The additional inclusions in the said form have increased the scope of tax audit significantly and require various additional procedures to be performed with due diligence before reporting on these additional requirements. So, the Implementation Guide by ICAI is published.

The Institute of Chartered Accountants of India (ICAI) as a partner in nation building is always ready to understand and implement the changes in laws concerning the fraternity and does so at the earliest and enables its members to be fully geared up to implement the changes and stand beside the stakeholders including taxpayers.

The Direct Taxes Committee of ICAI has proactively taken an initiative of bringing out the “Implementation Guide on the Amendments made vide Notification No. 33/2018 dated 20th July 2018” by the CBDT and effective from 20th August
2018.

Download the Full Implementation Guide by ICAI by Clicking the below Image:

Afterward, various changes were made in the Tax Audit Form by the CBDT in the year 2016 & 2017 which are yet to be incorporated in the Guidance Note on Tax Audit u/s 44AB of the Income-tax Act, 1961. As the revision of the Guidance Note on Tax Audit requires substantial time and efforts. While the notification dated 20th July 2018 became effective in a short period of time from 20th August 2018. Therefore, the Direct Taxes Committee of the ICAI decided to bring out at the earliest an implementation guide with respect to the notification dated 20th July 2018. In the meantime, vide Circular No. 6 of 2018 dated 17th August 2018 two of the clauses included in the notification dated 20th July 2018 was kept in abeyance till 31st March 2019.