General principles to be followed while preparing the statement of particulars

[Answer]

The assessee should take into consideration the following general principles while preparing the statement of particulars:

(a) He can rely upon the judicial pronouncements while taking any particular view about inclusion or exclusion of any items in the particulars to be furnished under any of the clauses specified in Form No.3CD.

(b) If there is a conflict of judicial opinion on any particular issue, he may refer to the view which has been followed while giving the particulars under any specified clause.

(c) The Accounting Standards (AS), Guidance Notes, Statements of Auditing Practices (SAP) issued by the Institute of Chartered Accountants of India from time to time should be followed.

[Answer]

The tax auditor should obtain from the assessee, the statement of particulars in Form No. 3CD duly authenticated by him.

[GJAFCA]

All the accounting standards issued by the Institute of Chartered Accountants of India have been made mandatory to follow by the specified enterprises. The date of mandatory applicability is different on enterprise to enterprise basis.

The esteemed readers may go the detailed article at the following link to know the entire law of applicability, the date of applicability of these accounting standards at a place:

http://www.knowledgebible.com/forum/...andards-(IFRS)