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Q. No. Relevant ITR Types Description Response 1 ITR-3, 5 6 -PFA/Defective How much of the sum received from employees and not credited to the employees account on or before the due date as per the section 36(1) (va) is required to be disallowed? T
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FAQ :
Contributions received from employees for various funds that are not credited to their accounts by the due date as per section 36(1)(va) must be disallowed. This should be reported correctly by the auditor in clause 20(b) of Form 3CD.
Dividend income received under section 2(22)(e) within the financial year must be disclosed in clause 36A of Form 3CD and offered in the Schedule OS of the Income Tax Return (ITR).
The auditor must report the 'increase in profit', 'decrease in profit', and 'net effect' separately in the audit report. In the ITR, the 'net impact' due to ICDS adjustments is shown in Schedule ICDS, with specific reporting for positive and negative items in Schedule OI.
Amounts disallowed under section 37 are reported in clauses 21(a) and 21(g) of Form 3CD. Taxpayers must report at least this amount in Sl. No. 7j of Part A - OI of the ITR. Any shortfall will be added to the total income.
These amounts are reported in clause 26(A)(a) of Form 3CD. The same amount must be reported in Sl. No. 10i of Part A - OI of the ITR. If the ITR amount is higher, the difference will be added to the total income.
Amounts disallowed under section 43B are reported in clause 26(B)(b) of Form 3CD. Taxpayers must report at least this amount in Sl. No. 11i of Part A - OI of the ITR. A lower reporting in the ITR will result in the difference being added to the total income.
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