In Form-3CD:
• In clause 8a – Section 115BAE is inserted for optional tax regime.
• In clause 12 – Section 44ADA is inserted for presumptive taxation.
• In clause 18(ca) – Adjustment to the WDV for depreciation is made under the different proviso to section 115BAA, Section 115BAC/115BAD, Section 115BAC with corresponding changes in clause 32 for details of brought forward loss or depreciation allowance.
• In clause 19 – Section 35ABA is inserted for admissible amounts.
• In clause 21 – Disclosure is now required for expenditure for any purpose which is an offence or prohibited by law or expenditure incurred to compound an offence etc.
• In clause 21 – Disclosure is required to be made for payment where tax deducted but not paid by Section 139(1) due date
• In clause 26 – Reporting in respect of compliance u/s 43B(h) relating to amount payable to MSME.
In Form-3CEB
Details of Specified Domestic Transaction (‘SDT’) need to be provided regarding transactions between person referred in Section 115BAE(4) resulting in more than ordinary profits. Now, the name of person with whom SDT has been done, transaction details, amount received/receivable or paid/payable and the method used to determine ALP need to be provided.
Pushkar Mer 