Income Tax department seeks GST and GAAR details in new audit form

The form seeks a break-up of total expenditure of entities registered or not registered under the GST

The Income Tax department has changed a form in the tax audit report, seeking details of the goods and services tax (GST), the general anti-avoidance rules (GAAR) and secondary adjustments in transfer pricing from companies and professionals.

The form — 3CD — has to be filled by all auditable companies and professionals. In other words, companies whose turnover is above Rs 10 million and professionals whose gross receipts are over Rs 5 million a year have to file this form in audit report as annexure.

The changes, which will come into effect from August 20, will also capture specific financial