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Soumya Bajpai
| Updated: 12 Nov, 2020 | Category: Taxation

Income Tax Department has Released New Tax Audit utility Schema Version under Form 3CD

Schema Version under Form 3CD

The Income Tax Department has notified Form 3CD Schema Changes under e-Filing Project released by New Tax Audit utility, Schema Version under Form 3CD. The Form 3CD consists of a statement of particulars required to be furnished under section 44AB of the Income tax Act[1]. The department released a document which tracked various the changes done in the Form 3CD Schema post first release. The Schema changes as on 22 Oct 2020 on Part A wherein new section code was added that are Clause 8a; Clause 18(ca); Clause 18(cb).

Amendments made in the Form 3CD and the Form 3CEB

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

Schema changes as on 22nd October, 2020

Details of Changes in Schema on 22nd October 2020 are as follows:

S.No XML Root Element XML element name Change Change Description
1. Part A Clause Modified New Section Code Added
2. Part A assign Flag Added Clause 8a Added
3. Part A Type Added New section code added
4. form3CdDeprAllw adjustment Added Clause 18(ca) Added
5. form3CdDeprAllw Adjustment written down Added Clause 18(cb) Added
6. form3CdUnpaidStrySe c43B section Modified New Section Code Added
7. form3cdAmtSec269ss Detail loanDepChqDrftFlag Modified New Dropdown Value Added
8. form3cdSec269SSDtls OsAccPy Modified New Dropdown Value Added
9. form3CdAmtSec269T Detail repaymentChqDraftFl ag Modified New Dropdown Value Added
10. form3CdBflDa allnotSection115baa Added New Field Added in Clause 32(a)
11. form3CdBflDa amtAdjusted Added New Field Added in Clause 32(a)
12. F3cdFirmAopDtlNatOf Business FirmAopDesc Modified New Business Codes Added

What about in case Tax Audit Reports (TAR) filed from 01 Oct 2020 to 22 Oct 2020?

In case the tax audit reports filed from 01 Oct 2020 to 22 Oct 2020 using an old schema it would be invalid and people will require to file again the same.  However there are also views of some professionals that even though if the new schema was announced but since the same was not available any Tax audit report filed from 01 Oct 2020 to 22 Oct 2020 will be valid and also there is no need to file again the same.

Till the time new schema is not available then old schema will be valid. Further in case of the Income tax return as soon as new schema is available the old schema in the website itself doesn’t allow a person to file return.

Conclusion

The Schema Version under Form 3CD revised with effect from 01 Oct 2020 vide Notification No. 82/2020-Income Tax Dated- 1st Oct, 2020 but the Schema version for the same has been changed on 22 Oct 2020. Before the change in Schema on 22 Oct 2020, the Schema was last changed on 25 Aug 2020.

Form_3CD_Schema_V1.21-converted

Read our article: CBDT notifies Guidelines for Faceless Assessment Scheme

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Soumya Bajpai

Soumya has done LLB (Hons) and has a 2+years experience in writing. Her main interest is in reading judgments, new enactments and amendments taking around in law. She always strives to bring the best to work that she does.

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