Change in method accounting
This query is : Resolved
B. Ravi Kumar
(Querist)
16 January 2018
Assessee has changed the method of accounting in the previous year, what are the compliance shall be made.
if same is not mentioned in Form 3CD and what are the consequences.
if same is not mentioned in Form 3CD and what are the consequences.
17 January 2018
1. In notes on account
* to mention both methods and the reason for the change.
* quantify the amount of change
* mention effect of the change in the profit and reserves
2, In form 3CD
* clause 13 (a) to (c) to filled up.( matters therein are self explanatory)
3. consequences of failure
* Form 3CA ( clause 2) certification will go wrong.
* ITO can seek best judgement assessment since accounts are not true and correct.
* may go beyond the above, if referred to ICAI.
* to mention both methods and the reason for the change.
* quantify the amount of change
* mention effect of the change in the profit and reserves
2, In form 3CD
* clause 13 (a) to (c) to filled up.( matters therein are self explanatory)
3. consequences of failure
* Form 3CA ( clause 2) certification will go wrong.
* ITO can seek best judgement assessment since accounts are not true and correct.
* may go beyond the above, if referred to ICAI.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Accounting treatment of AMC alongwith the purchase of Laptop
- Nursery business
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Tax on Amount transferred in HUF Account
- Issuing of delivery challan by seller of goods
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
