changes in the Format of Tax Audit Report (Form 3CD)

The CBDT has notified the Income-tax (8th Amendment) Rules, 2018 making substantial changes in the Format of Tax Audit Report (Form 3CD), whereby new/ revised reporting requirements relating to GST, SFT, Cash Transactions, Transfer Pricing, etc. have been prescribed, applicable w.e.f. 20 Aug. 2018. Further, some of the Important clauses as amended by the CBDT in Tax Audit Report in Form 3CD from 20/08/2018 includes Secondary adjustments u/s 92CE, Interest reduction u/s 94B, GAAR, Deemed dividend u/s 2(22)(e), Compliance under section 269ST, Compliance of FORM 61 or 61A or 61B and most importantly Total expenses paid to entities registered or not under GST