Accounts & Audit Daily

Dear Reader,

Welcome to Taxmann.com | Newsletter – Reporting the Facts with Taxmann’s Analysis. Today's Edition Brings to You the latest in Accounting Standards to developments in the Companies Act.

Checklist for clause 15 of form 3CD in tax audit under Income Tax Act, 1961

Clause 15 of Form No. 3CD requires reporting specific details regarding the conversion of a capital asset into stock-in-trade. These details include:

(a) Description of the capital asset

(b) Date of acquisition

(c) Cost of acquisition

(d) Amount at which the asset is converted into stock-in-trade

These particulars must be provided for the previous year in which the asset was converted into stock-in-trade. It's important to note that Clause 15 focuses solely on these details related to the conversion process and does not mandate the inclusion of information concerning the tax implications, such as capital gains or business income arising from the conversion.

In this story, we have discussed the checklist applicable for Clause 15 which are as follows.

That's it from us for today!

We're keen on enhancing Your Taxmann.com | Newsletter Experience and would greatly value your input. Your feedback is pivotal in guiding our improvements. Could you spare a few moments to share your thoughts in the comments on how we might better serve your needs?

Taxmann.com | Research | Accounts and Audit – Revolutionize Your Accounting Research

About Taxmann.com | Research:

The Accounts & Audit repository features an AI-based search engine designed to recreate and simplify the way you conduct your research. A combination of features that are impeccably specified and tied by a common thread:

? Real-time Updated Extensive Coverage of Standards

? All About? Navigator that Collates all Documents to Facilitate Holistic Research on any Accounting Matter

? Annual Reports Vault Featuring 500+ Reports Across 65+ Industries

? Expert Opinions Repository Featuring 350+ ICAI Opinions Covering 40+ Industries

? NFRA Exploration Centre Featuring 250+ Observations, Including all NFRA’s Interpretations Along with Expert Observations

? Financial Modelling Excellence to Enhance Financial Statement Preparation Using Expertly Crafted Models

? Expert Discourse Hub Featuring 150+ Commentaries and 700+ Articles

? Real-Time Intelligence Feed that Reports from 1,000+ Authentic Sources

Subscribe Now and Transform the Way You Work! https://taxmann.social/7uPMz