26 Apr Stay Ahead of the Curve: Updated Form Utility and Schema Launched!
Introduction
The Income Tax Department recently announced the release of the updated Form Utility and Form Schema for Forms 3CA-3CD and 3CB-3CD. These updates are crucial for taxpayers and professionals alike, as they streamline the process of tax compliance and audit reporting.
Form 3CA-3CD
Form 3CA-3CD entails the audit report under section 44AB of the Income-tax Act, 1961. It applies in cases where the accounts of a business or profession have been audited under any other law. Additionally, it includes the Statement of Particulars required to be furnished under Section 44AB of the Income-tax Act, 1961.
Form 3CB-3CD
Form 3CB-3CD, on the other hand, pertains to the audit report under section 44AB of the Income-tax Act, 1961. It applies specifically to persons referred to in clause (b) of sub-rule (1) of rule 6G. Similar to Form 3CA-3CD, it also includes the Statement of Particulars required under Section 44AB of the Income-tax Act, 1961.
Key Updates and Features
The latest updates bring several enhancements and improvements to the Form Utility and Schema, making them more efficient and user-friendly.
- Common Offline Utility: The release includes a common offline utility for both Form 3CA-3CD and 3CB-3CD, simplifying the filing process for taxpayers.
- Edge Browser Installation: Prior to installing the utility, users are required to have Edge browser installed on their systems.
- Document Form Utility (Version 1.3.2): This updated version, with a size of 112 MB, ensures smoother functionality and better performance.
- Document Form Schema (Version 2.1): The Form Schema has also been updated, with the latest release on 23rd April 2024. It has a file size of 79 KB.
- Schema Change Document: Version 2.1 of the Schema Change Document, with a size of 499 KB, accompanies the release, providing insights into the modifications made.
Timeline of Releases
- Form Utility: The latest release of the Form Utility was on 23rd April 2024.
- Form Schema: The initial release of the Form Schema dates back to 26th October 2021, with subsequent updates leading to the latest release on 23rd April 2024.
Source:
Documents:
Form Utility https://www.incometax.gov.in/iec/foportal/sites/default/files/2024-04/eFiling%20Utility%20Setup%201.3.2.zip
Form Schema
Scheme change
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