Adjustment of closing stock
This query is : Resolved
rajdeep bhardwaj
(Querist)
15 January 2016
hi everyone . .
1.) there's a closing stock of 1.5 cr in my company . which is fake . and it was standing from 4 to 5 years . we want to reduce it to zero. but mangement dont want to pay cst or vat . whats the other alternative ?
2.) during the previous year gp ratio of our company was 6.5%. and in this year we want to reduce it to 3.05 % due to steel market down. will income tax allow it ?
CA Shyam Agarwal
(Expert)
15 January 2016
If your Real GP ratio going to decline with out any fake entry then while scrutiny IT department will have to accept. Nowhere is written in IT Act that GP ratio can`t be decline.
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rajdeep bhardwaj
(Querist)
15 January 2016
kindly reply to the first question.....
thanx for the reply
thanx for the reply
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