On 22nd October 2020, the Income Tax (I-T) Department announced ‘Form 3CD Schema Changes’ under e-Filing Project released New Tax Audit utility, Schema Version 1.21.
The Form 3CD consists of the statement of particulars required to get furnished under section 44AB of the Income-tax Act, 1961. The purpose of this document is to track the changes done in Form 3CD Schema post first release.
In Part A of the Schema Changes the new section codes, namely Clause 8a, Clause 18(ca), Clause 18(cb) got added up.
According to the new Schema the new provisions of 115BA, 115BAA, 115BAB, 115BAC and 115BAD got added up in the modified Form No. 3CD and 3CEB. And in Form 3CD clauses have been added to provide information regarding the exercising of the option by the assessee and to provide further adjustments in WDV if the same is to be exercised.
In transfer pricing form, a new clause was added so as to provide for the specified domestic transactions entered into by the assessee with the persons who have availed the option under section 115BAB which has resulted in more than ordinary profits expected to arise in such business.
With Warm Regards,