Video instructions and help with filling out and completing Fill Form 843 Audit

Instructions and Help about Fill Form 843 Audit

Good evening friends today we have a session on changes made to export it report form 3 CD for the assessment here 2018-19 so we are going to discuss all the new closest whatever are inserted or amended in this audit report since I have with me a new audit report format 3 CD in the video's description we are also reading a presentation made on this particular topic so you just download the presentation you just keep this particular copy of 3 CD with you to understand clause by clause what are the changes made in this text what it reported friends on the first page this part a plus number 4 we simply need to give GST number along with the excise number service techs number etc so as GST has come into force from 1st of July 2017 we are required to be GST number so minor change nothing more to discuss now effects in this body promote if you see in verse number 19 this clause is basically about certain specific deductions under certain specific section starting from 32 ec 32 a b 33 a be up to 35 e in this particular list frames from the assessment can eat in 19m also added section 3582 we need to discuss which are the things given in section 3582 are required to report in this three city face section 35 ad has come into force for assessment ear tenure so it is not a new section but the reporting requirement has been inserted from this year only this particular section says friends there are certain specific kind of business is 14 businesses are listed if let's say you are doing those kind of business since you have incurred capital expenditure for 2 businesses like cold storage then after hospital housing project etc etc then hundred percent of the capital expenditure incurred during the previous year will be allowed s deduction under Section 35 a however only certain things you need to take care first the expenditure incurred the equation of length or goodwill or financial instruments are not allowed so they are not eligible for deduction under Section 35 e d.length goodwill financial instruments second deflects any expenditure which is incurred in the payment of which is made by person otherwise then by account paycheck draft or use of electronic mode by banking channel which is exceeding rupees 10,000 then it is also not allowed under this particular session so if a payment exceeding 10,000 rupees will otherwise men by complete check bank drop or electronically on system of a bank then section 35 ad will not give a treat percent deduction of business so in close number 19 this section 35 ad has been inserted nowadays next Clause the next changes phone in case of Clause 24 in case of closed 24 friends earlier they gave you my name to be profits and gain under Section 35 a see 33 a be 33 a be a for 33 is here friends they've ended 32 a so profits or gains under section 32 ad is also required to be reported now under Clause 24 of the new tricity we need to understand what is 32k defense 32 ad has come into force from assessment year 1617 it is applicable when a company or any other person sets up an undertaking in a backward area modified by central in the area of Andhra Pradesh Bihar Telangana or West Metro it's basically investment allowance now the amount of investment allowance is 15 percent of actual cost of the neurosis the definition of neurosis is whatever is given in section 32 EC the same definition of new assets are given so 15 percent of actual cost of newest X will be given to you as investment allowance now the normal period of this investment allowance is fibrous so what the means have changed 32 Unni was not added ugly having closed 24 now section 32 is ending plus 24 turnout rates another minor change in case of section 43 B which says that certain kind of deductions will be given to you or certain kind of expenditure will be given to a selection only when you are making the actual payment of them so section 43 b a b c d e and f was ugly red in 3c d now they have added section 43 B plus G of clause G is on payment made to Indian Railways for use of any asset of the hill way so if you are making that particular payment only then the deduction is allowed so you are also required to report under 3 CD along with other closest 43b laws G so minor change now certain important things price after close 26 now we are going to Clause 29 capital a in 29 B 29 epital B now 29 capital F riends in that there is a reference of section 56 to 9 this section says whenever during the negotiation of transfer of a capital asset was is received and advance is forfeited afterwards the transfer is not made and the advance is forfeited afterwards then the year in which this forfeiture is made in this particular year it will be considered as an income from other sources of the person who has forfeited dis Edmonds so this is applicable from assessment a 15 16 is not a new section but still it has been ending in 3 3 reporting from this so you are required to report if there is any kind of forfeiture of the advances for transfer of capital asset very important thing is this is applicable only when is a transfer of capital asset for example let's say if I am negotiating transfer of who the agriculture link and then once these are forfeited then this will not be covered under this 56 through 9 the reason is rue de agriculture link is not considered as capital