If in the Current F.Y 2016-17 the firm paid VAT along with the Interest and Penalty for the period F.Y. 2008-09.

So whether it is considered as a Prior period items?

And if Yes, What is the tax implications on remuneration given to Partners?. Whether all exps. related to VAT is added to the profit or only penalties will be added ?

During tax audit, the figures of turnovers are compared and reconciled with Indirect tax returns filed by assesse such as Excise returns, Vat returns, service tax returns. If there is variation in turnover (more specifically turnover is less in final accounts as compared to indirect tax returns) the tax auditor raises the query to management. But what about the wrong claim of ITC by assesse in his indirect tax returns. Whether these wrong claims are covered by the scope of tax audit and if yes, how to report the same. In Form 3CA and 3CB, there is mention of true and fair view and if assesse has claimed ITC wrongly under any indirect tax law, the accounts does not show true and fair view. So in my opinion such wrong claim must be reported in tax audit. What you say.

How GST is applicable if the employee collect a gst bill in his name and company reimbursed the amount.

Dear Experts

Whether ICDS disclosure in clause 13(f) is mandatory to give in tax audit report, even though there is no adjustment required to be made to the profits or loss for complying with the provisions of ICDS notified under section 145(2) of the Act ?
Please render your expert Advice.

Best Regards

Previous ca of company neither cooperating nor resigning himself and we being a private limited company near to agm.Now we want to appoint another ca and new ca send him NOC but previous ca replied in a manner that he would not resign.

Now what we can do??

Kindly post your expert reply at the earliest

thanks

If Indian bank have an account in foreign with a foreign bank, it is called as Nostrils account, whether it is the same case if, an Indian Bank have an account with other Indian bank in India.

Dear Sir

Could you tell me

What is internal and external Audit

ONE OF MY CLIENT BOOKS MAINTAINING AS PER MERCANTILE SYSTEM AND CLOSING STOCK VALUED EXCLUSIVE DUTIES & TAXES (WHICH IS RECOVERABLE FROM TAX AUTHORITIES)

AS PER ICDS-2 VALUE OF CLOSING STOCK SHOULD BE INCLUSIVE OF DUTIES AND TAXES WHETHER RECOVERABLE OR NOT FROM TAX AUTHORITIES.

SUPPOSE MY CLOSING STOCK IN BALANCE SHEET IS 1,00,000/- (EXCLUDING DUTY & TAXES)

AND DUTIES AND TAXES RECOVERABLE ON THAT STOCK IS 12,500/-

AS PER MY QUERY IN TAX AUDIT REPORT FORM 3CD CLAUSE 13(D) AMOUNT TO BE INCREASE RS. 12500/- OR NOT

sir, Max Tax Audits 44AB per CA is 60 for the F.Y.2016-17. Does it includes 44ABd ( where audited for NP below 8% of turnover having less than tax audit limit ) cases too ???

Difference between CARO & AUDITORS REPORT???