CBDT amends format of 3CD Report wef 01.04.2017

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART-II, SECTION 3, SUB-SECTION (ii)] GOVERNMENT OF INDIA

MINISTRY OF FINANCE

(DEPARTMENT OF REVENUE)

(CENTRAL BOARD OF DIRECT TAXES)

NOTIFICATION No. 88 /2016, F.No.133/23/2015-TPL

New Delhi, the 29th September, 2016

INCOME-TAX S.O. 3080(E). In exercise of the powers conferred by section 44AB, read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:- 1. (1) These rule may be called the Income-tax ( 23rd Amendment) Rules, 2016. (2) They shall come into force with effect from 1st April, 2017. 2. In the Income-tax Rules, 1962, in Appendix II , in Form No. 3CD, in Part-B, in clause 13, for sub-clause (d), the following shall be substituted ,namely, (d) Whether any adjustment is required to be made to the profits or loss for complying with the provisions of income computation and disclosure standards notified under section 145(2) (e) If answer to (d) above is in the affirmative, give details of such adjustments:

effect		Increase in profit (Rs.)	Decrease in profit(Rs.)	Net (Rs.)
ICDS I	Accounting Policies
ICDS II	Valuation of Inventories
ICDS III	Construction Contracts
ICDS IV	Revenue Recognition
ICDS V	Tangible Fixed Assets
ICDS VI	Changes in Foreign Exchange Rates
ICDS VII	Governments Grants
ICDS VIII	Securities
ICDS IX	Borrowing Costs
ICDS X	Provisions, Contingent Liabilities and Contingent Assets

  (f) Disclosure as per ICDS: (i) ICDS I-Accounting Policies (ii) ICDS II-Valuation of Inventories (iii) ICDS III-Construction Contracts (iv) ICDS IV-Revenue Recognition (v) ICDS V-Tangible Fixed Assets (vi) ICDS VII-Governments Grants (vii) ICDS IX Borrowing Costs (viii ) ICDS X-Provisions, Contingent Liabilities and Contingent Assets.   (PITAMBAR DAS) DIRECTOR (TAX POLICY AND LEGISLATION) Note: The principal rules were published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii) vide notification number S.O.969(E), dated the 26th March, 1962 and last amended vide notification number S.O.2979(E), dated the 16/9/2016. Notification No. 88 /2016, F.No.133/23/2015-TPL Download official Notification No. 88 /2016