Tax Audit Report
Brief particulars of the Sections referred to in Form 3CD
|
Clause No. in 3CD |
Section Referred |
Particulars |
Remarks |
|
9(a) |
44AA | Maintenance of accounts by certain persons carrying on profession or business (legal, medical, engineering or architecture or interior decoration) |
Not Applicable to Bank |
|
10 |
44AD
44AE 44AF 44B 44BB 44BBA 44BBB |
Special Provision for computing profits and gains of business of construction
-do- who are engaged in business plying, hiring or leasing goods carriages -do- engaged in retail trade -do- who is a non-resident, engaged in the business of operation of ships -do- who is engaged in the business of exploration, etc., of mineral oils -do- who is engaged in the business of operation of aircraft -do- which is a foreign company engaged in the business of civil construction etc. in certain turnkey power projects |
Not Applicable to bank |
|
13 |
28 | Amounts, if not credited to P and L A/C
|
Normally Not Applicable to Branches |
|
15 |
33AB
33ABA 33AC 35 35ABB 35AC 35CCA 35CCB 35D 35DD 35DDA 35E |
Assessee carrying on business of growing and manufacturing tea in India
Assessee carrying on business consisting of prospecting for, or extraction or production of petroleum or natural gas or both in India Assessee being a company carrying on the business of operation of ships Expenditure on Scientific research Expenditure for obtaining license to operate telecommunication services Payment made to any public sector company, local authority or an association or institution approved by National Committee, to undertake eligible project or scheme for promoting social and economic welfare of, or the uplift of, the public Payment to associations and institutions for carrying out rural development programs Payment to associations and institutions for carrying out programs of conservation of natural resources Amortisation of certain preliminary expenses incurred for preparation of feasibility report, preparation of project report, conductinga market survey or any other survey necessary for the business of the assessee or engineering services relating to the business of the assessee Amortisation of expenditure in case of amalgamation or demerger Amortisation of expenditure under Voluntary retirement (Ex- gratia payment in respect of employees who retired under Exit Policy) Expenditure incurred for extraction, production of minerals etc. |
Not Applicable to Bank
Not Applicable to Bank Not Applicable to Bank May Apply Not Applicable to Bank May Apply May Apply May Apply Not Applicable to Bank Not Applicable to Bank May Apply Not Applicable to Bank |
|
17(f) |
40(a)(i)
40(a)(ia) |
Any Interest, royalty, fees for technical services or sum chargeable under the Act, which is payable outside India on which tax has not been paid or deducted during the current year
Any interest, commission, rent, fees for professional or technical services liable to TDS on which TDS has not been/ under effected/ deducted / paid during the current year |
Normally Not Applicable to Branches
May Apply |
|
17(g) |
40(b)
40(ba) |
Some payments made to a working partner and / or non working partner of partnership firm
Payments made to a member by the association of persons or body of individuals (other than a company) |
Not Applicable to Bank
Not Applicable to Bank |
|
17(h) |
40A(3) read with Rule 6DD | Expenditure / payment exceeding Rs. 20,000/- where payment has been made otherwise than by account payee cheque / draft | May Apply |
|
17(i) |
40A(7) | Provision made by an assessee for the payment of gratuity to his employees on their retirement or on termination of their employment | Not Applicable to Branches |
|
17(j) |
40A(9) | Sums paid by an assessee to any fund or trust for the benefit of employees other than recognized / approved provident / gratuity funds | Not Applicable to Branches |
|
17(l) |
14A | Expenditure incurred in relation to income not inducible in total income | Not Applicable to Branches |
|
17(m) |
36(1)(iii) | The amount of interest paid in respect capital borrowed for an asset for extension of existing business or profession | Not Applicable to Branches |
|
18 |
40A(2)(b) | Amounts paid to any director of the company or relative of such director | Normally, it should be Nil for Branches |
|
19 |
33AB
33ABA 33AC |
Relates to assessees carrying on business of growing and manufacturing tea in India
Related to assessees carrying on business consisting of the prospecting for, or extracting or production of. Petroleum or natural gas or both in India Relates to assessees carrying on the business of operation of ships |
Not Applicable
Not Applicable Not Applicable |
|
20 |
41 | Any Allowance / deduction / loss / expenditure allowed earlier but some benefit thereof received now
Where sale / scrap value of fixed asset is more than written down value, the gain up to the difference between actual cost and WDV is taxable |
Normally Nil
The entire gain is credited to P & L A/C |
|
21(i) |
43B(a)
43B(b) 43B(c) 43B(d) 43B(e) 43B(f) |
Sums payable by the assessee by way of tax, duty, cess, or fee, by whatever name called
Sums payable by the assessee as an employer by the way of contribution of any provident fund or superannuation fund or gratuity fund or any other fund for the welfare of employees Sums paid to an employee as bonus or commission for services rendered, where such sum would not have been payable to him as profits or dividend if it had not been paid as bonus or commission Interest payable on any loan or borrowing from any public financial institution Interest payable on any term loan from a scheduled bank Sum payable by the assessee as an employer in lieu of any leave at the credit of his employee |
May Apply
Not Applicable to Branches Not Applicable to Branches Not Applicable to Branches Not Applicable to Branches Not Applicable to Branches |
|
24 (b) |
269T | Repayment of loan or deposit (Time deposits including RD A/C including interest exceeding Rs. 20,000/- paid otherwise than by account payee cheque / bank draft or credit to bank A/C | May Apply |
|
26 |
Chapter VlA 80G
80GGA |
Donations to certain funds, charitable institutions, for scientific research or rural development
Other Sections / Sub-sections in Chapter VlA are not relevant to the bank. |
May Apply |
Related posts:
- Section 14A Income Tax Act – Minda Investments – An Analysis
- Substituted Section 44AD Incorporated by the Finance (No. 2) Act, 2009 Applicable From A.Y 2011-12
- Know PAN Name | Surname | DoB | All Detail just by Enter PAN
- IFRS Certificate Course – Detail about International Financial Reporting Standards Course
- Detail Procedure about New Provision of TDS & TCS
Sponsored Links
{ 1 comment… read it below or add one }
Good to learn nice.