Form No 28 (Form No 3CEA)

Purpose

Form No 28 (Form 3CEA) is a report by an accountant for assessees undertaking a slump sale, to certify the computation of net worth and capital gains under Section 77(4) of the Income Tax Act, 2025.

Who Should File?

Form No 28 (Form 3CEA) must be furnished by any assessee who transfers an undertaking or division as a "going concern" for a lump-sum consideration without assigning individual values to assets and liabilities (a slump sale).

Filing Method

The form must be filed online on the official income tax e-filing portal.

Frequency of the form

Form No 28 (Form 3CEA) must be filed on or before the due date for filing the assessee's income tax return.

Brief Note on broad or qualitative changes proposed

The format of the form has been designed in smart form format as far as the details of the assessee effecting the slump sale is considered at point no.1. Similarly at point no.2, the details of the buyer has been made in smart form format.

Computation of FMV1 and FMV2 has been added in the form as per Rule 53 of Income-tax Rules 2026 which has not been incorporated earlier in Form 3CEA after insertion of Rule 11UAE in the Income-tax Rules,1962 (w.e.f. 24/05/2021).

Slump sale reporting requires accountant certification of net worth and capital gains through online Form 28 filing. Accountant's report in Form No. 28 (Form No. 3CEA) is required for an assessee undertaking a slump sale to certify the computation of net worth and capital gains under the Income Tax Act, 2025. The form applies where an undertaking or division is transferred as a going concern for a lump-sum consideration without assigning individual values to assets and liabilities. It must be furnished online on the income tax e-filing portal on or before the due date for filing the assessee's income tax return.