Changes in new clause 31 of Form 3CD
Clause 31 of Form 3CD has been substituted to include within its fold, reporting requirements taking into consideration the amendments effected in section 269SS and 269T, including within its scope payments relating to immovable property transactions. Further, the scope of reporting in relation to section 269T, relating to repayment of loan or deposit or specified advance, has been increased to also require reporting by the recipient of such loan or deposit or specified advance which has been repaid. So far, such reporting was required only by the payer.
The last column of the following table explains the changes in new clause 31. Further the additions in New Clause 31 in column 2 have been marked in bold italics.
| (1) | (2) | (3) | |||
| Erstwhile Clause 31 | New Clause 31 | Changes in New Clause 31 | |||
| Reporting Requirement | Reporting Requirement | ||||
| (a) | Particulars of each loan or deposit in an amount exceeding the limit specified in section 269SS taken or accepted during the previous year | (a) | Particulars of each loan or deposit in an amount exceeding the limit specified in section 269SS taken or accepted during the previous year | Sub-clause (a) of new clause 31 requires reporting on whether such loan or deposit is taken by cheque, bank draft or ECS. Thereafter, if the same is by cheque or bank draft, whether the same was taken or accepted by way of account payee cheque/bank draft has to be reported. Corresponding sub-clause (a) of erstwhile clause 31 directly required reporting of whether loan or deposit was taken or accepted otherwise than by account payee cheque or bank draft. | |
| (b) | Particulars of each specified sum in an amount exceeding the limit specified in section 269SS taken or accepted during the previous year |
New reporting requirement: Consequent to substitution of section 269SS by the Finance Act 2015 including within its scope specified sum receivable in relation to transfer of an immovable property, sub-clause (b) of new clause 31 requires reporting of particulars of each specified sum in an amount exceeding the limit specified in section 269SS taken or accepted during the previous year. |
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| (b) | Particulars of each repayment of loan or deposit in an amount exceeding the limit specified in section 269T made during the previous year | (c) | Particulars of each repayment of loan or deposit or specified advance in an amount exceeding the limit specified in section 269T made during the previous year |
Sub-clause (c) of new clause 31 contains reporting requirement akin to sub-clause (b) of erstwhile clause 31. Sub-clause (c) of new clause 31 requires reporting on whether repayment is made by cheque, bank draft or ECS. Thereafter, if the same is by cheque or bank draft, then, whether the same is by way of account payee cheque/account payee bank draft has to be reported. Corresponding sub-clause (b) of erstwhile clause 31 directly required reporting of whether repayment was made otherwise than by account payee cheque or bank draft. |
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| (c) | Whether the taking or accepting loan or deposit or repayment of the same were made by account payee cheque or account payee bank draft based on the examination of books of account and other relevant documents | – | There is no separate sub-clause in new clause 31 in line with sub-clause (c) of erstwhile clause 31. | ||
| (d) |
Particulars of repayment of loan or deposit or specified advance in an amount exceeding the limit specified in section 269T received otherwise than by a cheque or bank draft or use of ECS through a bank account during the previous year. (i) name, address and Permanent Account Number (if available with the assessee) of the payer; (ii) amount of loan or deposit or any specified advance received otherwise than by a cheque or bank draft or use of electronic clearing system through a bank account during the previous year. |
New reporting requirement – The reporting requirement in respect of section 269T was earlier required only in case of the person making the repayment of loan or deposit or any specified advance. Under the new clause 31, reporting is also to be done by the recipient. The recipient has to furnish the name, address and PAN (if available with him) of the payer and the amount of loan or deposit or any specified advance received – (1) under sub-clause (d), in case the repayment is received otherwise than by a cheque or bank draft or ECS (2) under sub-clause (e), in case repayment is received by a cheque or bank draft, which is not an account payee cheque or account payee bank draft |
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| (e) |
Particulars of repayment of loan or deposit or specified advance in an amount exceeding the limit specified in section 269T received by a cheque or bank draft which is not an account payee cheque or bank draft during the previous year. (i) name, address and Permanent Account Number (if available with the assessee) of the payer; (ii) amount of loan or deposit or any specified advance received by a cheque or a bank draft which is not an account payee cheque or account payee bank draft during the previous year. |
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