News shortcuts: From the Courts | Top Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | Professional Updates | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Professional Updates »
 Register for Fourth Exclusive Batch of German Language (120 hours) for ICAI Members and Students at Delhi. Last Date - 29th January, 2020
 CMI&B of ICAI is conducting 51st Campus Placement Programme in the month of Feb-March, 2020.
 Office hours arising out of Security Arrangements for Republic Day - 2020
 Certificate Course on Forex and Treasury Management –Forthcoming Batches at Noida & Mumbai
 Result of the Information Systems Audit [ISA] Assessment Test held on 28th December 2019 is likely to be declared on Thursday, 16th January 2020 (evening)/ Friday, 17th January, 2020.
  DAAB of ICAI releases Digital Competency Maturity Model for Professional Accounting Firms - Version 2.0 and Implementation Guide
 Educational Material on Indian Accounting Standards 116, Leases
 Results of the Post Qualification Course Examinations i.e. International Taxation Assessment Test, Insurance & Risk Management, and International Trade Laws & WTO are likely to be declared on the Monday, February 3rd, 2020 (evening)/Tuesday, February 4th, 2020.
 Register for Exclusive Fourth Batch of French Language (108 hours) for ICAI Members and Students at New Delhi - 20th January, 2020.
 Four Weeks Residential Programme to be held from 27th January, 2020 to 23rd February, 2020 at Centre of Excellence, Jaipur for Male Participants only.
 Announcements - MEF 2019-20

What are the Key fields under Figures / Values/Description in Tax Audits as per IT Act, 1961?
December, 05th 2019

Under Section 44AB, the following 5 key fields are mandatory

1.Total Turnover as per Form 3CD
2. Net Profit/ Turnover as per Form 3CD
3. WDV of Fixed Assets as per Form 3CD
4. Assessment Year
5. Firm Registration Number (FRN)
In case where there is no figure/value available in the report related to above mandatory key fields from Sl. No. 1 to 3, mention “0”. The Assessment Year at Sl. No. 4 is to be filled in YYYY-YYYY format. In case, there is no FRN at Sl. No. 5 mention “Not Applicable/NA” and proceed.

Apart from above, one additional key field of PAN is there which is optional.

After this there is one more mandatory field as Document Description wherein text between 15 to 50 Characters from some portion of the report has to be mandatorily filled.

B. For Other Tax Audit Reports other than Section 44AB, following 3 key fields are mandatory;
1. Assessment Year
2. Firm Registration Number (FRN)
3. Any Figure/Value from the Report

The Assessment Year is to be filled in YYYY-YYYY format. In case, there is no FRN at Sl. No. 2 mention “Not Applicable/NA” and proceed. For 3 Mandatory field some Figure/Value from report has to be mentioned. In case, there is no figure/value available in the report related to key fields at Sl. No. 3, mention “0” and proceed.

Apart from these, there are 3 additional key fields including PAN of the Assessee which are optional.

After this there is one more mandatory field as Document Description wherein text between 15 to 50 Characters from some portion of the report has to mandatorily filled.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2020 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting