Income Tax Dept warns public against cash dealings of Rs 2 lakh or more saying that the receiver of the amount will have to cough up an equal amount as penalty.

Implementation Guide on Tax Audit w.r.t. Notification No. 33/2018 to be effective from 20.8.2018

Recently, the CBDT vide Notification No. 33/2018 dated 20th July, 2018 has made revisions to Form No. 3CD wherein it requires additional requirements to be reported. The additional inclusions in the said form has increased the scope of tax audit significantly and requires various additional procedures to be performed with due diligence before reporting on these additional requirements.

The Institute of Chartered Accountants of India (ICAI) as a partner in nation building is always ready to understand and implement the changes in laws concerning the fraternity and does so at the earliest and enables its members to be fully geared up to implement the changes and stand besides the stakeholders including tax  payers.

Direct Taxes Committee of ICAI has come out with the “Implementation Guide on the Amendments made vide Notification No. 33/2018 dated 20th July, 2018” by the CBDT and effective from 20th August, 2018 to enable the stakeholders and our members to implement the changes in the best possible manner in the available time.

The same can be downloaded from the below link:-

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