« Top Headlines » Open DEMAT Account in 24 hrs  Delhi HC Rules GST Registration Cannot Be Cancelled Retrospectively Without a Clear Show Cause Notice (SCN)  Belated income tax return AY 2026-27: How to file, late filing charges and what you may lose  Major Financial Changes from August 1, 2026: ITR Deadline, RBI MPC Meeting, Tatkal Ticket Rules & More  Government proposes to ease tax relief conditions for offshore funds  TallyPrime Connected Banking: Automating Banking and Accounting  ITR Filing Deadline 2026: Is July 31 the Last Date to File Your Income Tax Return? Latest Official Update  ITR filing deadline nears: How to file income tax return online on e-filing portal - quick 15-step guide  Will the ITR Filing Deadline Be Extended Beyond July 31 for FY 2025-26? Here's the Latest Update for Taxpayers  Income Tax Refund Delayed for AY 2026-27? 5 Common Reasons Your Refund May Be Stuck and How to Fix It  ITR Filing 2026: FM Nirmala Sitharaman Asks Tax Officials to Let Honest Taxpayers Correct Genuine Mistakes  Will Your FCNR Deposit Stay Tax-Free After Returning to India? Tax Rules Explained for NRIs «  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.