CBDT Notification 27/2024: Changes in Form 3CD, Form 3CEB & Form 65

CBDT Notification 27/2024 dated 5 March 2024: Income Tax (Fourth Amendment) Rules 2024

LISTEN THE NOTIFICATION HERE:

The Central Board of Direct Taxes, exercising its powers under sections 295, 44AB, and 92E of the Income-tax Act, 1961, has introduced the Income-tax (Fourth Amendment) Rules, 2024. Here’s a summary of the key changes:

Effective Date and Title:

These rules are named the Income-tax (Fourth Amendment) Rules, 2024.

They become effective upon their publication in the Official Gazette.

Changes to Form No. 3CD:

PART A:

Amendment in clause 8a: Replaces “115BAD” with “115BAD/115BAE”.

PART B:

(i) Amendment in clause 12: Replaces “44AD” with “44AD, 44ADA”.

(ii) Amendment in clause 18:

Updates sub-clause (ca) to include specific provisions for adjustment made to the written down value.

(iii) Adds new entries in clause 19 for “35ABA” and “any other relevant section”.

(iv) Amendment in clause 21:

Clarifies nature of expenditures in sub-clause (a).

Adds a new entry related to offenses under any law.

Modifies language for clarity.

(v) Amendment in clause 26: Updates brackets to include additional sections.

(vi) Amendment in clause 32:

Updates references for “115BAD” to “115BAD/115BAE”.

Updates instructions for filling information for specific assessment years.

Changes to Form No. 3CEB:

Addition of a new serial number 25:

Details required for specified domestic transactions under section 115BAE.

Provides space for details of transactions resulting in more than ordinary profits.

Changes to Form No. 65:

Adds a new clause in the “Verification” section related to International Financial Services Centre units.

Updates clauses in the Annexure regarding qualifying company status and deduction under section 80LA.

Note: These amendments aim to align reporting requirements with recent legislative changes. The principal rules were last updated on March 1, 2024.

To Download the CBDT Notification for more details CLICK HERE

To Access the CBDT Circular 3/2024 Dated 6 March 2024 CLICK HERE

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