« Top Headlines » Open DEMAT Account in 24 hrs  No more tax filing hassles with digital Form 16 Know how it works «  Tax base will not exceed 50 million: Revenue dept... Move from dual-VAT to national level GST: PwC official... » I-T form altered to seek more info August, 19th 2006 The income tax department has made changes to Form No 3CD to seek more information regarding expenses incurred in relation to exempt income and instances where tax has not been deducted, deducted late or short deducted. Form No 3CD is prescribed under Income-Tax Rules, 1962, for audit report in respect of the accounts of any specified person carrying out a business or profession. An official release said a new item 12A had been inserted to seek information regarding a capital asset converted into stock in trade. Similarly, a new sub-item 17(l) has been inserted to capture information regarding expenses incurred in relation to exempt income which is disallowable under section 14A of the Income-Tax Act, 1961. Similarly, item 27 has been substituted to elicit information regarding instances where tax has not been deducted, deducted late or short deducted or tax deducted but not paid to the central government account. A separate annexure — II had been added to Form No 3CD to incorporate “data-field” regarding fringe benefit tax introduced by the Finance Act, 2005 with effect from Assessment Year 2006-07, the release said.