« Top Headlines » Open DEMAT Account in 24 hrs  Mock Test Papers Series - I & II for Students appearing in CA Foundation January 2027 Examination.  Income Tax Rules 2026: CBDT Introduces Revised Form 161 for Penalty Waiver, Clarifies Misreporting Categories and Taxpayer Relief  ITR Filing and Income Tax Audit Deadline Extended: 5 Critical Things Taxpayers Must Know  Filing Belated ITR for AY 2026-27? Know Which Losses You Can Carry Forward and Which You May Lose  CBDT Extends Tax Audit Report Deadline to October 21, ITR Filing Last Date to November 21 for AY 2026-27  CBDT Extends AY 2026-27 ITR Filing Deadline for Tax-Audit Cases: New Dates and Key Compliance Details  Foreign Assets Missing From Your ITR? Income Tax Department Opens One-Time Disclosure Window  Tax Audit Deadline September 30: Why AIS, TDS and GST Figures May Not Match Your ITR and What Taxpayers Should Do  Tax audit deadline September 30: Common mistakes taxpayers should avoid  Your ITR says ‘verified’, but the refund hasn’t arrived? 5 reasons why your money could be stuck  Missed the ITR Deadline but TDS Refund Is Due? Here’s How You Can Still Claim Your Money «  Tax management, the Infosys way... New Form 3CD - FBT Report with changes highlighted... » Format specified for certifying fringe benefit value August, 14th 2006 The Finance Ministry has specified the format in which tax auditors would be required to certify the value of fringe benefits accounted in the financial statements of companies that are under mandatory tax audit. For this purpose, the Central Board of Direct Taxes (CBDT) has revised the existing Form 3CD after due consultations with the Institute of Chartered Accountants of India (ICAI). The Finance Minister, Mr P. Chidambaram, had last year said that the tax department would go by the fringe benefit value certified by the tax auditor (chartered accountant) for the purpose of FBT assessment of entities under tax audit. For businesses with less than Rs 40 lakh turnover, fringe benefit valuation would be on a self-certification basis. The income-tax law requires companies with annual turnover of over Rs 40 lakh and professionals with annual receipt of over Rs 10 lakh to get their books audited for tax purposes. Form 3CD Tax auditors have to give their tax audit report in Form 3CD, which is annexed with income tax return of the company under tax audit. "Apart from the onerous responsibility that has now been put on chartered accountants in the area of tax deducted at source (TDS), the Government has accepted most of our suggestions on changes in Form 3CD," said Mr T.N. Manoharan, ICAI President. So far, chartered accountants were required to highlight in their report the cases where tax was deducted, but remitted to the Government beyond the due date. After the latest changes, tax auditors have to bring to the notice of the tax department the instances where tax is deductible and not deducted at all, short fall on account of lesser deduction than required to be deducted, tax deducted late and tax deducted, but not paid to the Government. More disclosures The CBDT has also stipulated more disclosures under Form 3CD on transactions where the capital asset is converted into stock in trade. "When capital goods is converted into stock-in-trade, there is a change in the character of the asset. The tax department has sought more information, as it wants to monitor the sale of such assets and the tax incidence. Capital gains tax arises only in the year in which the stock-in-trade is sold," Mr Manoharan said.