Dear Experts,

I have a query regarding the disclosure and accounting treatment in the books of accounts.

A client follows exclusive method of accounting for VAT (does not show it in trading and profit and loss account and directly shows in balance sheet )

His Input Vat Credit on Purchases & the VAT paid in cash (Challan paid) is more than the Output Vat on Sales. Initially at the time of filing of VAT return for the 01.10.2010 to 31.03.2011 he has paid Challan. Then subsequently he received some of the purchase bills that were yet to be received at the time of VAT return filing. So basically, now his set-off has increased and the position now is to claim refund of VAT.

We cannot disclose both, VAT provision & VAT receivable in the same balance sheet for the same year. So, how to disclose this in balance sheet.

Example with figures:

Position at the time of Return filing:

Input VAT credit on Purchases Rs, 100/-
Output VAT payable on Sales Rs. 120/-
So, Rs. 20/- paid in cash – This will be the Provision for VAT.

Then some purchase bills are received and the Input VAT credit now is Rs. 115/- & challan paid Rs. 20/- totaling to Rs. 135/- & Output VAT is same at Rs. 120/-, so now the position is VAT refund of Rs. 15/-

Now challan paid Rs. 20/- will be in Provision & Rs. 15/- will be in refund.

Kindly guide how to disclose this in the balance sheet. Can we disclose both the Provision or Receivable? This is an Audit case. Kindly do the needful.

Please suggest whether interest paid for late payment of Excise Duty & Land Lease premium to State Govt. will be disallowed under IT Act.

Whether such Intt. payment require to report in 3CD??? If yes then in which clause it will fall????

Please reply soon

Very Good evening

Dear experts

Please clarify "what is the sense of Tax Audit due date with reference to due date of filling ITR U/s 139 as even after passing the due date auditor may sign the Audit Report back dated and file the ITR before the end of the assessment year i.e before 31st march 2011"??????

This procedure is adopting my many Auditors which is killing the quality, dignity of the CA profession.

Why there is no restriction on the Auditor to submit information about the Tax Audit conducted upto 30th Sept, 2011 so that they cant sigh the Audit Report back dated thereafter.

Please explain me the implication of the above matter in detail with suggestion.

Very thanks in advance

Dear Sir,
I Have Raised A Sell Bill Amt. Rs. 12,00,000 In The Month Of March 2011. (Sales international Package tour). But Tour service Provided In The Month Of May 2011. After The end Of The F.y. And Co. Also Booked Hotel , Transport And Other services Current F.y. So. In This Case My last Year Profit Is increase By rs. 12 Lac And C.Y. Loss Rs. 12 Lac. Pls Tell Me About Accounting Policy And Procesure

Dear Sir,
I Have Raised A Sell Bill Amt. Rs. 12,00,000 In The Month Of March 2011. (Sales international Package tour). But Tour service Provided In The Month Of May 2011. After The end Of The F.y. And Co. Also Booked Hotel , Transport And Other services Current F.y. So. In This Case My last Year Profit Is increase By rs. 12 Lac And C.Y. Loss Rs. 12 Lac. Pls Tell Me About Accounting Policy And Procesure

Plz.clarify,
Is there any requirement that an internal auditor should be a qualified CA for the purposes of reporting under the CARO?

Dear Experts

Please guide me regarding "how to conduct the Tax Audit U/s 44AB of a Individual who is sole proprietor of a firm & also doing business in personal name"


Does require to prepare two(2) separate Audit Report or one(1) single Audit Report????

[Please note that turnover of both business exceeding60 Lacs individually)


Further please throw light on following points also if COMBINED REPORT is to make:

1. How to report in 3CD ??
2. How to report Annx.I ??
3. How to Fill financial figures in ITR??

Please also suggest what precaution require to be taken regarding the case under consideration.

Thanks very much in advance for the valuable suggestion and time.

Thanks & Regards

sir,

there is a private ltd. company having turnover 20 lac

so compulsory audit will b applicable.


sir please inform me, weathere it is a tax audit??will it be counted for 45 limit if turnover is less then 60 lac???

in which form(3ca/b) we have to report it??

Are 3 quotations compulsory for any purchases above Rs. 5000/- as per charitable trust act

If i m authorised person of the comapny in Admin. department, then i m how many sim card purchase in the name of me but only for official purpose...?
(this query asked by statutory auditor...)