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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.
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