In a recent, the CBDT has notified that, Audit Report can be revised if disallowance under Section 40 or 43B of the Income Tax Act needs Recalculation.
The Central Board of Direct Taxes (CBDT) notified the Income-tax (eighth Amendment) Rules, 2021 which seeks to amend the Income-tax Rules, 1962.
In the Income-tax Rules, 1962, in rule 6G, after sub-rule (2), the sub-rule shall be inserted, namely, “the report of audit furnished under this rule may be revised by the person by getting revised report of audit from an accountant , duly signed and verified by such accountant, and furnish it before the end of the relevant assessment year for which the report pertains, if there is payment by such person after furnishing of report under sub- rule (1) and (2) which necessitates recalculation of disallowance under section 40 or section 43B.”
In Appendix II, in Form 3CD, in Part-A for clause 8A, the clause shall be substituted, namely, “Whether the assessee has opted for taxation under section 115BA/115BAA/115BAB/ 115BAC/115BAD?”
In PART-B, for clause 17,the clause shall be substituted, namely where any land or building or both is transferred during the previous year for a consideration less than value adopted or assessed or assessable by any authority of a State Government referred to in section 43CAor 50C, then the details of property, Consideration received or accrued, Value adopted or assessed or assessable and whether provisions of second proviso to sub- section (1) of section 43CA or fourth proviso to clause (x) of sub-section (2) of section 56 applicable, shall be furnished.
In clause 32, for sub-clause (a), the sub-clause shall be substituted, namely details of brought forward loss or depreciation allowance, which is to be filled in for assessment year 2021-2022 only.
The notification shall be enforced from April 1, 2021.
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