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Balance sheet versus Form 3cd
A company declared has given loan to multiple party (30 parties) and the same has been shown in the assets side of his balance sheet. However, only 6 party has been shown in Form 3CD and amount loan of each part shown in balance sheet and 3CD are different? what should one do in such cases when the company case is selected under scrutiny under CASS
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Quick Summary
In form 3CB -3CD , only those transactions are reported which carried on during the year.
In Balance sheet , all loan details till the date of balance sheet are shown but it would not reported in 3CD until and unless there is some transaction made during the year
In Balance sheet , all loan details till the date of balance sheet are shown but it would not reported in 3CD until and unless there is some transaction made during the year
3cd is for tax audit. balance sheet is a financial statement
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