Taxmann's LLP Ready Reckoner – Amended & updated, comprehensive, and subject-wise practical guide to the LLP regime in India providing answers to practical issues [June | 2024] PDF Download

Author: V.S Datey
Publisher: Taxmann Publications Private Limited
ISBN: 9357787399
Category : Law
Languages : en
Pages : 28

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Book Description
This book is a subject-wise practical guide to the following laws: • Limited Liability Partnership Act, 2008 [LLP Act] (as amended by the Limited Liability Partnership (Amendment) Act, 2021) • Limited Liability Partnership Rules, 2009 [LLP Rules] It offers a comprehensive analysis of all provisions of the LLP Act and the associated Rules, addressing practical issues faced by professionals. The Present Publication is the June 2024 Edition and has been amended up to 15th June 2024. This book is authored by Mr V.S. Datey, with the following coverage: • Overview of the LLP Act • Incorporation of LLP • Partner and Designated Partner • LLP Agreement • Accounts, Audit and Annual Returns of LLP • Routine Management of LLP • Administrative Control over LLP • Compromise and Arrangement • Winding-Up and Strike off Defunct LLP • Investigation of Affairs of LLP • Offences, Punishments and Penalties • Other Provisions in respect of LLP • Taxation of LLP • Foreign Direct Investment in LLP • Overseas Investment by LLP

Author: R.Sridhar,
Publisher: Bloomsbury Publishing
ISBN: 9390176336
Category : Law
Languages : en
Pages : 3158

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Book Description
About the Book The book seeks to provide readers with a practical insight into provisions of FEMA and associated laws in the form of commentary. General focus of exchange control laws has gradually shifted over time to compliance, reporting and documentation. Given that FEMA provides for significant penalty and prosecution; there is little room for non-compliance. This book is an attempt to provide professionals and compliance officers with essential knowledge and tools to understand and undertake the necessary compliances. The book provides the latest position without compromising on changes in the law that have taken place over time. This book is an attempt to equip professionals, be it CS, CA, CMA or corporate lawyers, who are desirous of undertaking compliances or practicing on exchange control laws with the requisite knowledge and expertise. It seeks to be a practical guide to interpretation and compliances under exchange control laws. The book promises to be the go-to resource for exchange control laws for current and would be professionals and compliance officers. Key features Extensive coverage of FEMA and its allied rules and regulations with Commentary. Explanation of complex concepts in a lucid manner using illustrations and examples so as to provide clarity and better understanding of the law. Diagrammatic and tabular representation of various concepts for simple and quick understanding. Covering pertinent answers to issues not explicitly defined by law but clarified through practice or interpretation of the regulators. Comprehensive coverage of: (i) FEMA & Allied Acts: – Foreign Exchange Management Act, 1999 – Foreign Contribution (Regulation) Act, 1976 – Foreign Exchange Regulation Act, 1973 – Conservation of Foreign Exchange and Prevention of Smuggling Activities Act, 1974 – Foreign Trade (Development and Regulation) Act, 1992 – Prevention of Money Laundering Act, 2002 – Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act, 1976 (ii) Rules and Regulations issued under FEMA Act, 1999 (iii) Forms (iv) FAQs issued by Reserve Bank of India (v) Press Notes (vi). Notifications issued under FEMA (vii). AP DIR Circulars (viii). Consolidated FDI Policy Circular of 2020 effective from October 15, 2020 (ix). Master Directions

Author: R.Sridhar,
Publisher: Bloomsbury Publishing
ISBN: 9354352308
Category : Business & Economics
Languages : en
Pages : 2695

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Book Description
About the Book The book seeks to provide readers with a practical insight into provisions of FEMA and associated laws in the form of commentary. General focus of exchange control laws has gradually shifted over time to compliance, reporting and documentation. Given that FEMA provides for significant penalty and prosecution; there is little room for non-compliance. This book is an attempt to provide professionals and compliance officers with essential knowledge and tools to understand and undertake the necessary compliances. The book provides the latest position without compromising on changes in the law that have taken place over time. This book aims to equip professionals, be it CS, CA, CMA or corporate lawyers, who are desirous of undertaking compliances or practicing on exchange control laws with the requisite knowledge and expertise. It seeks to be a practical guide to interpretation and compliances under exchange control laws. The book promises to be the go-to resource for exchange control laws for current and would be professionals and compliance officers.

Author: V.S Datey
Publisher: Taxmann Publications Private Limited
ISBN: 9357789529
Category : Law
Languages : en
Pages : 27

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Book Description
This book offers a comprehensive and detailed commentary on Insolvency and Bankruptcy laws in India, organised by topic for ease of reference. It encompasses an in-depth analysis of the following key legislations: • Insolvency and Bankruptcy Code, 2016 (IBC) • Recovery of Debts and Bankruptcy Act, 1993 • Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002 (SARFESI Act) This book addresses the practical challenges that professionals encounter routinely, offering precise and complete information on all Insolvency and Bankruptcy law provisions. It is crafted to be an indispensable resource for a wide range of professionals and scholars, including: • Legal Professionals and Corporate Lawyers • Chartered Accountants and Financial Experts • Company Secretaries and Cost Management Accountants • Academics and Students in Law and Finance The Present Publication is the July 2024 Edition, authored by V.S. Datey. It is amended upto 10th June 2024 with the following noteworthy features: • [Topic-wise Commentary on 25+ Topics] The book provides a detailed and insightful commentary on more than 25 crucial topics within the Insolvency and Bankruptcy Code. Each topic is thoroughly examined to give a comprehensive understanding • [Cross-referenced Analysis] This book features a cross-referenced analysis that links the IBC with pertinent Rules and Regulations, Judicial Pronouncements, Circulars, and Notifications. This approach ensures that readers have a holistic view and can understand the interconnections and implications of various legal provisions • [Subject Index for Easy Navigation] The book includes a subject index to facilitate seamless navigation and quick reference. This index is designed to help readers easily locate specific topics and provisions, thereby enhancing the usability and accessibility of the content The contents of the book are as follows: • Declining Stage of an Organisation o This chapter discusses the early signs of organisational decline, the overall scheme of the Insolvency and Bankruptcy Code, its overriding effect over other laws, and the applicability of the Limitation Act in insolvency proceedings before NCLT or NCLAT. It also covers relevant provisions of the Companies Act, the role and functions of the Insolvency and Bankruptcy Board of India (IBBI), adjudicating authorities, and Information Utilities (IU). Additionally, it analyses the Insolvency and Bankruptcy Fund, revamped winding-up provisions, transitory provisions for shifting from winding-up to insolvency, and lenders' options under SARFAESI and DRT • Insolvency Professional o This chapter provides an in-depth look at the roles and regulations for insolvency professionals, including the Insolvency Professional Agency (IPA), the qualifications and responsibilities of Insolvency Professionals (IP), the panel of insolvency professionals recommended to NCLT as Interim Resolution Professionals or Liquidators, and Insolvency Professional Entities • Insolvency Resolution of Corporate Persons o The chapter details the procedures and legal requirements for initiating and conducting the Corporate Insolvency Resolution Process (CIRP). It covers initiation by financial creditors, operational creditors, and corporate applicants, special provisions for real estate projects, and initiation against corporate or personal guarantors. It also elaborates on the appointment of Interim Resolution Professionals, subsequent procedures before NCLT, and conditions for withdrawing an application after admission • Conducting Corporate Insolvency Resolution Process o This chapter guides readers through the CIRP stages, including the declaration of moratorium, public announcements, appointment and tenure of interim resolution professionals, submission of proof of claims, and the formation and functions of the Committee of Creditors (CoC). It also discusses the powers and duties of resolution professionals, preparation of information memorandums, and protections for insolvency resolution professionals regarding previous transactions. Special provisions for Non-Banking Financial Companies (NBFCs) with assets of Rs. 500 crore or more are included • Resolution Plan by Resolution Applicant o This chapter outlines the submission, evaluation, approval, and implementation of resolution plans. It covers ineligible resolution applicants, invitations for expression of interest, submission of resolution plans, insolvency resolution process costs, approval by the CoC, and submission of the plan to the Adjudicating Authority. It also discusses the assistance of district administration in implementing the resolution plan, the effects of the resolution plan being rejected by NCLT, appeal mechanisms, immunity from prosecution, and protections against actions related to offences committed before the CIRP • Fast Track Corporate Insolvency Resolution Process o This chapter provides a focused look at the fast-track process designed for quicker resolution of insolvency cases under specific conditions, detailing the application and procedural steps • Pre-Packaged Insolvency Resolution Process (PPIRP) o This chapter introduces the Pre-Packaged Insolvency Resolution Process (PPIRP), including its background, design, application provisions, priority over CIRP, eligibility criteria, and initiation process by corporate debtors. It elaborates on the duties and authorities of the proposed Insolvency Professional, procedural steps before application, filing and admission of applications by the Adjudicating Authority, and the moratorium during the PPIRP period • Procedure for PPIRP After Admission of Application o This chapter covers the formal process of PPIRP post-admission, including the conduct of PPIRP by the Resolution Professional, powers during the initial stages, filing applications for avoidance of transactions, seeking prior approval from the CoC, and information requirements from financial institutions. It discusses the submission and updating of claims, the conduct of business during PPIRP, the constitution and functioning of the CoC, and meetings within the PPIRP framework • Submission and Approval of Resolution Plan under PPIRP o This chapter explains what constitutes a resolution plan, the submission of the base resolution plan by the Resolution Professional to the CoC, the invitation to other applicants if the base plan is not approved, the provision of information to resolution applicants, the evaluation of submitted plans, and the final approval process by the Adjudicating Authority. It also addresses the termination of PPIRP leading to liquidation and conditions for shifting from PPIRP to CIRP • Liquidation of Corporate Persons o This chapter covers the initiation of liquidation, appointment and fees of liquidators, their powers and duties, the liquidation estate, realisation of security interests, distribution of unsold assets, and liabilities of contributors in liquidation • Admission and Proof of Claims by Liquidator o The chapter discusses the powers of liquidators to access information, ascertain claims, avoid preferential and undervalued transactions, and take actions to protect against excessive credit transactions. It also covers the position of secured creditors in liquidation proceedings • Realisation and Distribution of Assets by Liquidator o This chapter details the realisation and mode of asset sales by liquidators, the payment protocols, the distribution of cash to stakeholders, the completion of liquidation within a specified timeframe, the final report by liquidators before dissolution, and the transfer of unclaimed proceeds to the Corporate Liquidation Account • Payment of Dues to Stakeholders After Liquidation or During Formulation of Resolution Plan o This chapter provides guidelines on the priority and distribution of assets, trust-held money, statutory dues, workers' dues, secured creditors' provisions, tax dues priority, and preferential payments. It also covers the distribution of surplus amounts to members and tax liabilities related to asset distribution • Voluntary Liquidation of Companies o The procedures and legal requirements for voluntary liquidation initiated by companies with no default, notification to the Registrar, application to NCLT, and realisation of assets are discussed in this chapter • Adjudication and Appeals for Corporate Persons o This chapter provides insights into the adjudication process, appeal mechanisms, jurisdiction of NCLT and IBBI, expeditious disposal of applications, and penalties for fraudulent or malicious initiation of proceedings. • Cross Border Insolvency and Bankruptcy o The complexities and legal considerations in cross-border insolvency cases, including enabling provisions, agreements with foreign countries, and letters of request for assets outside India, are discussed in this chapter • Offences and Penalties in Relation to Corporate Insolvency o This chapter details the punishments for various offences related to insolvency, including concealment of property, transactions defrauding creditors, misconduct during the insolvency process, falsification of books, false representations, and non-disclosure of disputes or payments • Bankruptcy for Individuals and Partnership Firms o This chapter comprehensively covers the bankruptcy processes applicable to individuals and partnership firms, including roles of adjudicating authorities, jurisdiction of civil courts, and appeal mechanisms • Fresh Start Process o The chapter provides an overview of the fresh start process, offering relief for individuals burdened by insolvency, detailing eligibility criteria, interim moratorium, procedural steps, creditor objections, and discharge orders • Insolvency Resolution of Individual and Firm o This chapter guides readers through the insolvency resolution process for individuals and firms, including initiation of the process, interim moratorium, adjudicating authority decisions, registration of claims, debtor's repayment plan, creditor meetings, and rights of secured creditors • Bankruptcy Order for Individuals and Firms o This chapter provides detailed instructions on obtaining and implementing bankruptcy orders for individuals and partnership firms, including interim moratoriums, bankruptcy orders by adjudicating authorities, financial position statements, claim settlements, estate administration, discharge orders, and bankruptcy process modifications or recalls. • Bankruptcy Trustee o This chapter analyses the role and responsibilities of bankruptcy trustees in managing bankrupt estates, including obtaining creditor approval for certain actions, managing disclaimed properties, and dealing with undervalued or extortionate credit transactions • Settlement of Claims Against Bankrupt o This chapter provides the guidelines for the settlement of claims against bankrupt individuals or firms, including proof of debt, interim and final dividend distributions, and priority of payments • Compromises, Arrangements, and Amalgamations o This chapter discusses legal provisions and procedures for compromises, arrangements, and amalgamations, including applications to NCLT, merger and amalgamation processes, simplified fast-track procedures for small companies, cross-border mergers, and compulsory amalgamations ordered by the Central Government • Registered Valuers o This chapter covers the qualifications, registration, and roles of registered valuers and their liability as experts. • Removal of Name of Companies from Register of Members o This chapter details the procedures for removing company names from the register, including the process for striking off, voluntary removal requests, winding-up orders by NCLT, restrictions on applying for name removal, and the effects of dissolution • NCLT and NCLAT o This chapter provides comprehensive coverage of the roles and functions of the National Company Law Tribunal (NCLT) and the National Company Law Appellate Tribunal (NCLAT), including procedural aspects and appeals to the Supreme Court • Recovery of Debts and Bankruptcy Act, 1993 o This chapter provides an in-depth analysis of the Recovery of Debts and Bankruptcy Act, 1993, focusing on the procedures of the Debt Recovery Tribunal (DRT) and Debt Recovery Appellate Tribunal (DRAT), appeals, and recovery powers • SARFAESI Act o This chapter examines the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002 (SARFAESI Act), including enforcement of security interest, procedures for asset sale, management takeover of defaulting borrowers, applications, appeals, penalties, securitisation, roles and functions of Asset Reconstruction Companies (ARCs), and the Central Registry • RBI Directions on Resolution of Stressed Assets o This chapter covers the Reserve Bank of India's (RBI) directions on the resolution of stressed assets, including the prudential framework, implementation timelines, provisioning norms for delayed resolution plans, supervisory review by the RBI, disclosures by lenders in financial statements, and exceptions to the stressed asset resolution directions

Author: Harish Chander Dhamija
Publisher: Bloomsbury Publishing
ISBN: 9354351239
Category : Business & Economics
Languages : en
Pages : 1250

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Book Description
About the Book Ready Reckoner for Valuers is strived to equip the readers with meaning of valuation, purpose of valuation and selection of appropriate valuation approaches and methods. This book also explains various formulas to be applied in valuations such as Ratio Analysis, Computation of Present Value, Discount Rate, Computation of Beta, Computation of Terminal Value, Computation of IRR and Computation of Option Valuation, etc. It covers the valuation of Equity shares, Preference shares, Convertible instruments, ESOP, Sweat Equity, Trade Mark, Brand, Customer relationship along with Specimen of Valuation Reports, Specimen Engagement Letters and Specimen of Management Representation Letter. The book has a dedicated chapter on Start-ups' Valuation which has been curated looking at the budding entrepreneurial talent in the recent times. A separate chapter discussing the potential impact of Environment, Governance and Social (EGC) on valuation has also been made part of this book. Extracts of relevant provisions of the statutes, Guidance Note on Share Based Payments 2020 issued by ICAI, FIMMDA guidelines, Beta by Professor Damodaran etc forms part of a comprehensive List of Annexures appearing at the end of this book.

Author: Pramod Jain
Publisher: Bloomsbury Publishing
ISBN: 9390252490
Category : Law
Languages : en
Pages : 799

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Book Description
The Limited Liability Partnership were introduced in India vide the Limited Liability Partnership Act, 2008. LLP has combined the flexibility of a partnership and the advantages of limited liability of a company at a low compliance cost. Limited Liability Partnership Law effective from 1st April 2009 is a new business vehicle that provides the benefits of limited liability of a company but allows its partners the flexibility of organizing their internal management on the basis of a mutually arrived agreement. The new concept of LLP is gaining strength in India. Procedures for LLP compliance have changed since 2009. Taxation of LLP has been made clear by the provisions made in the Income-tax Act, 1961 through the Finance (No 2) Act 2009 and Finance Act, 2010. An attempt has been made in this book to analyze the provisions of Limited Liability Partnership Act, Rules and its taxation keeping in mind the practical difficulties, which a business entity/professional could face while adhering to the provisions contained in laws. Tables, charts and examples have been used sparingly to make the provisions understand easily. Book would be immensely useful for Company Secretaries, Law professionals, Chartered Accountants and everyone concerned with formation, incorporation, conversion, administration & management, accounting & audit and taxation of a LLP. Section I - General 1......... Objects and Reasons for Limited Liability Partnership 2......... Miscellaneous 3......... Limited Liability Partnership background in India 4......... Salient features of Limited Liability Partnership 5......... Meaning and nature of Limited Liability Partnership 6......... Importance of LLP after Companies Act, 2013 Section II - Incorporation 7......... Incorporation of Limited Liability Partnership 8......... Miscellaneous 9......... Registered office/other office of a LLP and its change 10....... Limited Liability Partnership Agreements 11....... Partners of Limited Liability Partnership 12....... Number of Partners in Limited Liability Partnership 13....... Designated Partners Section III - Conversion 14....... Conversion of partnership firm into LLP 15....... Conversion of Private Company into LLP 16....... Conversion of unlisted Public Company into LLP 17....... Conversion of Professional Firms into LLP 18....... Conversion of LLP into Company Section IV - Administration and Management 19....... Contribution 20....... Foreign Direct Investment (FDI) in LLP 21....... Extent of Liability 22....... Investigation 23....... Compromise, Arrangement or Reconstruction Section V - Accounts and Audit 24....... Accounts and Returns 25....... Applicability of Accounting Standards 26....... Assignment and transfer of partnership rights 27....... Destruction of old records 28....... Electronic filing of documents 29....... Forms to be certified by professionals 30....... Audit of LLP Section VI - Taxation 31....... Basic taxation aspects of LLP 32....... Residential status of LLP 33....... Tax rates of LLP 34....... Remuneration to partners 35....... Interest on partners' contribution 36....... Taxation of introduction and withdrawal of capital assets by partners 37....... Computation of taxable income of Limited Liability Partnership 38....... Taxation of conversion of Firms into Limited Liability Partnership 39....... Taxation of conversion of Companies into Limited Liability Partnership 40....... Taxation of Conversion of Limited Liability Partnership into Company 41....... Taxability of amounts received by partners from Limited Liability Partnership 42....... Liability of partners for tax dues in case of liquidation 43....... Other tax compliances Section VII - Winding up & Dissolution 44....... Winding up and Dissolution Section VIII - Miscellaneous 45....... Payment of Fees 46....... Penalties and prosecution 47....... Other matters related to LLP 48....... Forms under LLP laws 49....... Foreign Limited Liability Partnerships 50....... Comparison of Limited Liability Partnership with Firm 51....... Simultaneous comparison of Limited Liability Partnership with Company and Partnership firm Section IX - AnnexuresAnnexure 1... Draft Limited Liability Partnership Agreement - 1 Annexure 2... Draft LLP Agreement - 2 (As per Section 23(4) of LLP Act, 2008) Annexure 3... Draft Limited Liability Partnership Agreement - 3 Annexure 4... Draft Limited Liability Partnership Agreement - 4 Annexure 5... Draft Limited Liability Partnership Agreement - 5 Annexure 6... Draft Limited Liability Partnership Agreement - 6 Annexure 7... Draft Limited Liability Partnership Agreement - 7 Annexure 8... Draft Limited Liability Partnership Agreement - 8 Annexure 9... Draft Limited Liability Partnership Agreement - 9 Annexure 10. Supplementary Limited Liability Partnership Agreement

Author: K Hyder Vali M.A., LL.B.
Publisher: Blue Rose Publishers
ISBN:
Category : Business & Economics
Languages : en
Pages : 715

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Book Description
This Book Contains:  6 Digits Service Account Codes (SAC) for all the Services.  Service-wise Index to all the Services liable to Service Tax under GST Act,2017.  Index to Explanatory Notes to the Scheme of Classification of Services Annexure (Service Description, Service Code (Tariff) (Chapter, Section, Heading/Group) Published by the CBIC.  All Amendments made in respect of Entries and Rate of Taxes and Exemptions from July, 2017 upto 1st April, 2022.  Meanings to all the words and definitions referred in Service Tax Notifications.  Case laws rendered by Hon’ble Supreme Court and the Hon’ble High Courts and various Advance Ruling Authorities(AAR), Appellate Advance Ruling Authorities(AAAR) from July, 2017 upto 1st April, 2022. Most useful to all the Tax Practitioners, Chartered Accountants, Bar and Bench, GST Departmental Officers & Service Providers as well throughout India.

Author:
Publisher:
ISBN: 9789390303519
Category :
Languages : en
Pages : 1241

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Book Description

Author: CS Ankur Srivastava
Publisher: Taxmann Publications Private Limited
ISBN: 9357782095
Category : Law
Languages : en
Pages : 32

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Book Description
This book is a complete guide/ready reckoner for dealing with corporate social responsibility (CSR) matters. It provides a 360° detailed analysis of the laws and practices related to CSR. This book would be helpful for Company Secretaries, Chartered Accountants, Cost and Work Accountants, Lawyers, other Professionals, and Corporates. The Present Publication is the latest 2023 edition and is updated upto 30th June 2023. This book is authored by CS Ankur Srivastava & CS Shruti Srivastava, with the following noteworthy features: • [Comprehensive Coverage] o Companies (Corporate Social Responsibility Policy) Amendment Rules, 2022 o Newly Introduced FORM – CSR-2 o Impact Assessment o Corporate Social Registration for CSR Entities o New Format for Annual Disclosure by Companies • [Practice Oriented] This book aims to offer readers not only the necessary procedural requirements but also a comprehensive understanding of the background, reasoning, practical solutions, and a set of accompanying procedures • [Calculators] for calculation of the following: o Net Profit for CSR o CSR Statutory Requirement o CSR Expenditure o Amount Unspent o Excess Amount Available for Set-off The structure of the book is as follows: • Chapter 1 provides a historical sketch of the evolution of corporate social responsibility (CSR) • The book contains relevant information on the Companies Act 2013, related rules, and circulars/notifications from the Ministry of Corporate Affairs • Chapter 3 covers the applicability of CSR to companies • Chapter 4 details the actions required when CSR provisions apply to a company • Chapters 5 and 6 focus on the role of the board of directors and the CSR committee in implementing CSR • Chapter 10 guides on implementing successful CSR in an organisation, including various calculation tools • Chapter 11 discusses how to implement CSR through an implementing agency • Chapter 12 covers the requirements for registration of the implementing agency and obtaining a CSR number • Chapters 13 and 14 provide an in-depth analysis of reporting requirements under CSR • Chapter 15 analyses the new reporting requirements in the newly introduced Form CSR-2 • Chapter 16 discusses ongoing CSR projects with a detailed analysis • The concept of impact assessment and its modalities are explained in Chapter 17 • Chapter 19 outlines the consequences of defaults and penalties for non-compliance with CSR provisions • The book includes a compilation of various notifications and circulars related to CSR The detailed contents of the book are as follows: • Corporate Social Responsibility – An Introduction and Overview • Corporate Social Responsibility under the Companies Act, 2013 • Applicability of Corporate Social Responsibility • Actions Required upon Applicability of Corporate Social Responsibility Provisions • Duties of the Board of Directions under the Corporate Social Responsibility Rules • Corporate Social Responsibility Committee • Analysis of the Applicability under Section 135(1) • Corporate Social Responsibility Policy • Annual Action Plan • Corporate Social Responsibility Activities • Implementation of Corporate Social Responsibility through Implementing Agencies • Registration with Central Government – Form CSR-1 • Corporate Social Responsibility Reporting • Annual Report on Corporate Social Responsibility • Form CSR-2 • Ongoing Projects • Activities Covered under Schedule VII • Impact Assessment • Consequences of Default – Penalties

Author: CA Srinivasan Anand G
Publisher: Taxmann Publications Private Limited
ISBN: 9356227233
Category : Law
Languages : en
Pages : 48

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Book Description
This book comprehensively provides the following: • [Commentary on Tax Audit u/s 44AB] with reference to its applicability to various assessees and appointment of the tax auditor • [Clause-wise Detailed Commentary] on the following: o Form 3CA o Form 3CB o Form 3CD o Clause 30C of Form 3CD pertaining to GAAR explained with foreign case laws • [Detailed Discussion on Presumptive Tax Provisions with Pros & Cons] of the following sections: o Section 44AD o Section 44ADA o Section 44AE • [Income Computation and Disclosure Standards (ICDS)] explained with the following: o Application Guide for each ICDS o Difference between Ind AS/AC & ICDS o Statements showing adjustments for variations between Ind AS/AS & ICDS • [Tax Audit Ready Reckoner] on the following topics: o Management Representation Letters which are to be obtained by the tax auditor for each Clause of Form No. 3CD o Notes/Comments/Disclaimers to be given regarding each Clause of Form No. 3CD in Clause (3) of Form No. 3CA & Clause (5) of Form No. 3CB o Audit of Cash Transactions o Audit of Share Capital o Audit of Loans, Borrowings and Deposits o Sale of Immovable Property o Applicability of various clauses to different assessees o Clause of Form 3CD not applicable to assessees following cash basis of accounting o Form 3CD – Clause-wise applicability reckoner of ICDS o Statutory provisions relevant to various clauses of Form 3CD The Present Publication is the 15th Edition and has been amended by the Finance Act 2023. This book is authored by CA Srinivasan Anand G. with the following noteworthy features: • [Practice Pointers] which includes common errors in reporting detected by the ICAI while scrutinising tax audit reports for each Clause of Form No. 3CA, Form No. 3CB and Form No. 3CD • [Consequential Effects on Other Clauses] while reporting in each Clause of Form No. 3CD • [Tax Audit of Companies]; relevant clauses in statutory audit report & CARO report, which are to be cross-checked • [Requirements of various Clauses] of Form 3CA, Form 3CB & Form 3CD are discussed with reference to the following: o e-Filing Utility requirements o Relevant Legal Provisions o Case Laws o CBDT Clarification o Views of the ICAI • [Checklists] are provided for various clauses of Form 3CD The structure of this book is as follows: • Chapters 0 – 14 provide the obligation of an entity to get the accounts audited u/s 44AB, which is explained in light of presumptive taxation provisions along with the following: o Case Laws o Latest ITR Forms o Views of the ICAI • Chapters 15 – 65 provide a clause-wise commentary on Form 3CD with a Tax Audit checklist for each clause. Linkages with other clauses of Form 3CD, i.e., how remarks on a particular clause impact report under other clauses, are provided in this book. Each clause is explained in light of the following: o e-Filing utility requirements o Relevant Legal Provisions o Case Laws o CBDT's Clarifications o ICDS o Views of the ICAI The detailed contents of this book are as follows: • Section 44AB – Audit of accounts of certain persons carrying on business or profession • Persons carrying on business who are obliged to comply with provisions of Section 44AB as regards compulsory audit of accounts • Turnover-linked compulsory audit obligations u/s 44AB(a) on certain persons carrying on business • Compulsory audit obligations u/s 44AB(c)/(e) on certain persons carrying on business regardless of their turnover/gross receipts/sales (non-turnover-linked audit obligations) • Persons carrying on business who are exempt from tax audit (compulsory audit obligations u/s 44AB) • Presumptive tax regime under section 44AD for eligible businesses carried on by resident individuals, HUFs & firms • Presumptive tax regime u/s 44AE for assessees owning goods carriages and plying, hiring or leasing them • When a person carrying on a profession is required to get his accounts audited u/s 44AB(b) & u/s 44AB(d) • Presumptive tax regime available under the Act to persons carrying on specified professions • Turnover or gross receipts • Obligations cast by section 44AB • Preparation of financial statements • Form No. 3CA • Form No. 3CB • Form No. 3CD • Name of the Assessee • Address of the Assessee • PAN or Aadhaar Number • Registrations under indirect tax laws (Clause 4) • Status (Clause 5) • Previous Year (Clause 6) • Assessment Year (Clause 7) • Clause 8 of Form No. 3CD; relevant clause of section 44AB under which tax audit is applicable • Clause 8A of Form No. 3CD: whether the assessee has opted for taxation under section 115BA/ 115BAA/115BAB/115BAC/115BAD? • Clause 9 of Form No. 3CD: Details regarding firms/AOPs/LLPs • Clause 10 of Form No. 3CD: Nature of business/profession • Clause 11 of Form No. 3CD: Books of Account • Clause 12 of Form No. 3CD: Presumptive Income • Clause 13 of Form No. 3CD: Method of Accounting & Compliances • Clause 14 of Form No. 3CD: Method of Stock Valuation • Clause 15 of Form No. 3CD: Capital Asset converted into Stock-In-Trade • Clause 16 of Form No. 3CD: Amounts not credited to Profit and Loss Account • Property (land or building or both) transferred at less than stamp duty value - Clause 17 of Form No. 3CD • Cause 18 of Form No. 3CD: Depreciation • Clause 19 of Form No. 3CD: Amounts Deductible under sections 33AB, 33ABA, etc. • Clause 20 of Form No. 3CD: Bonus/Employees Contribution to PF • Clause 21 of Form No. 3CD: Amounts Debited to Profit and Loss Account • Clause 22 of Form No. 3CD: Amount of Interest Inadmissible under section 23 of MSMED Act, 2006 • Clause 23 of Form No. 3CD: Payments to Persons Specified under section 40a(2)(b) • Clause 24 of Form No. 3CD: Amounts Deemed to be Profits and Gains under Section 32AC/32AD/33AB/33ABA/33AC • Clause 25 of Form No. 3CD: Amounts Deemed to be Profits and Gains under section 41 • Clause 26 of Form No. 3CD: Sums covered by section 43B • Clause 27 of Form No. 3CD: CENVAT Credit or Input Tax Credit (ITC) or prior period items • 'Gifts' of unlisted shares received by LLPs/firms/companies on or before 31-3-2017 – Clause 28 of Form No. 3CD • Share premium received by closely held companies in excess of FMV Taxable – section 56(2)(viib) – Clause 29 of Form No. 3CD • Amount chargeable under section 56(2)(ix) – Clause 29A • Gifts/deemed gifts chargeable under section 56(2)(x) – Clause 29B • Hundi transactions – Clause 30 of Form No. 3CD • Clause 30A of Form No. 3CD: Secondary Transfer Pricing Adjustments • Clause 30B of Form No. 3CD: Thin Cap Adjustments • GAAR (General Anti Avoidance Rules) • Clause 31 of Form No. 3CD: Acceptance/Repayment of Loan/Deposit/Specified Sum • Clause 32 of Form No. 3CD: Unabsorbed Loss/Depreciation • Clause 33 of Form No. 3CD: Chapter VI-A deductions • Clause 34 of Form No. 3CD: Audit of Compliance with TDS Provisions • Clause 35 of Form No. 3CD: Quantitative Details • Clause 36 of Form No. 3CD: Dividend Distribution Tax • Clause 36A of Form No. 3CD: Deemed Dividend u/s 2(22)(e) • Clause 37 of Form No. 3CD: Cost Audit Report • Clause 38 of Form No. 3CD: Central Excise Audit Report • Clause 39 of Form No. 3CD: Service Tax Audit for Valuation for Services • Clause 40 of Form No. 3CD: Accounting Ratios • Details of demands raised or refunds issued under tax laws: Clause 41 of Form No. 3CD • Clause 42 of Form No. 3CD: Furnishing of Form Nos. 61, 61A and 61B • Clause 43 of Form No. 3CD: Furnishing of Country by Country Report (CBCR) u/s 286 • Clause 44 of Form No. 3CD: Break-up of Total Expenditure of Entities Registered or not Registered under GST • Finance Act, 2023 amendments to key provisions of the Act affecting tax audit with effect from AY 2024-25