Updates

Govt gets Rs 42K crore tax so far in first filing under GST.

(As much as Rs 42,000 crore has already come in as taxes so far in the first monthly filing under the new Goods and Services Tax (GST) regime and the revenues are expected to swell further as the filing cycle closes this later this week.)

Income tax scrutiny volume to remain same even as more people file ITRs.

(The income tax department will not increase the number of tax returns taken for scrutiny — currently at 1 percent of all I-T returns filed — even though more and more people are filing for returns.)

Changes in Tax Audit - Form 3CD (AY 2017-18).

(CBDT has amended Form 3CD w.e.f 1 Apr. 2017 by substituting clause 13(d) with new clauses 13(d), (e) and (f)  requiring reporting of the adjustments and disclosures mandated by the ICDS.

Amended clause 13(d) requires reporting by tax auditor on adjustment required in profits or loss for complying with the ICDS provisions. New clause 13(e) requires ICDS-wise reporting of the adjustments made in profit or loss for ICDS compliance, showing clearly increase/ decrease in profits as well as the overall net effect of such adjustments)

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