Hi,
Kindly help me in these point of audit report.
{a}* Particulars of each loan or deposit in an amount exceeding :
the limit specified in Section 269SS taken or accepted
during the previous year :-

{i} name, address and permanent account number {if :
available with the assessee} of the lender or
depositor;

{ii} amount of loan or deposit taken or accepted; :

{iii} whether the loan or deposit was squared up :
during the previous year;

{iv} maximum amount outstanding in the account at :
any time during the previous year;

{v} whether the loan or deposit was taken or :
accepted by cheque or bank draft or use of electronic
clearing system through a bank account.

{vi} in case the loan or deposit was taken or accepted
by cheque or bank draft, whether the same was
taken or accepted by an account payee cheque
or an account payee bank draft.

* {These particulars need not be given in the case of a
Government company, a banking company or a
corporation established by a Central, State or Provincial
Act. }

{b}* Perticulers of each specified sum in an amount exceeding the :
limit specified in sec. 269SS taken or accepted during the
previous year :-

{i} Name, address and permanent account number {if :
available with the assessee} of the person from whom
specified sum is received;
:
{ii} amount of specified sum taken or accepted;
:
{iii} whether the specified sum was taken or accepted by
cheque or bank draft or use of electronic clearing
system through a bank account; :

{iv} in case of specified sum was taken or accepted by
cheque or bank draft, whether the sam was taken or
accepted by an account payee cheque or an account
payee bank draft.

* {These particulars need not be given in the case of a
Government company, a banking company or a
corporation established by a Central, State or Provincial
Act. }

{c}* Particulars of each repayment of loan or deposit or any :
specified advance in an amount exceeding the limit specified
in section 269T made during the previous year:-

{i} name, address and PAN (if available with the :
assessee) of the payee;

{ii} amount of the repayment; :

{iii} maximum amount outstanding in the account at :
any time during the previous year;

{iv} wether the repayment was made by cheque or bank :
draft or use of electronic clearing system through
a bank account;

{v} in case the repayment was made by cheque or bank :
draft, whether the same was taken or accepted by
an account payee cheque or an account payee
bank draft.

{d}* Particulars of repayment of loan or deposit or any specified :
advance in an amount exceeding the limit specified in
section 269T received otherwise than by a cheque or bank
draft or use of electronic clearing system through a bank
account during the previous year :-

{i} name, address and PAN ( if available with the :
assessee ) of the lender, or depositor or
person from whom specified advance is received;

{ii} amount of loan or deposit or any specified advance :
received otherwise than by a cheque or bank draft
or use of eletronic clearing system through a bank
account during the previous year.

{e}* Particulars of repayment of loan or deposit or any specified :
advance in an amount exceeding the limit specified in sec.
269T received by a cheque or bank draft which is not an
account payee cheque or account payee bank draft during the
previous year :-

{i} name, address and PAN ( if available with the :
assessee ) of the lender, or depositor or person
from whom specified advance is received;

{ii} amount of loan or deposit or any specified advance :
received by a cheque or a bank draft which is not an
account payee cheque or account payee bank draft
during the previous year.

* {Particulars at (c), (d) and (e) need not be given in the case of
a repayment of any loan or deposit or any specified advance
taken or accepted from the Government, Government company,
banking company or a corporation established by the Central,
State or Provincial Act}.

Thanks & Regards,

Mohd Nasruddin

If an professional assesee declare his profit less than 50% in AY 2017-18
its audit mandatory for him ? Not opting 44ADA.
If yes than what is the relevance of filling ITR under ITR Form 3, with just maintaining books of accounts and declare profit below 50% and no need to gets your accounts audit. As we filed in last preceding years.

How shall balance sheet be prepared for Tax Audit Report for Sole Proprietorship & Professionals? Whether it shall be prepared as per Companies Act 2013 or as per old format in horizontal form? Pls guide.

Is it OK while auditing? ??

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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.

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