Change in method accounting
This query is : Resolved
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.
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