Today i have received an email notice from CTO stated file july and august return immediately but the status of gstn is composition scheme from july to sep 2017 and opt out from composition scheme on oct 2

Dear Expert Please let me know how to withdraw the PF and what kind of documents / forms to be submit to the employer.

Good Day!!

My query is in relation to Valuation of Inventory as per ICDS 2.

Example:
I am following Exclusive method of accounting

Current Year Data :
State Tax assumed to be at 10%

Opening Stock [1000 unit] - 50,000 + Tax on it - 5,000
Purchases [2000 unit] - 1,00,000 + Tax on it 10,000
Sales with 20 % Margin on Cost price [1500 unit] - 90,000 + Tax on it 9,000
Closing Stock [1500 unit] valued @ Cost - 75,000 + Tax on it 7,500

Gross Profit excluding taxes - 15,000

No Opening ITC available as per books of accounts

Now referring to Section 145 A and ICDS 2, I need to Compute my profit by valuing my purchase, sales and Inventory including taxes, Also ICDS 2 says that "NO CHANGE IN VALUATION NEEDED IN OPENING STOCK"

So considering example mentioned above and giving effect to ICDS

GP - 15,000
Add:
Tax on Sales - 9,000
Tax on Closing Stk - 7,500

Less:
Tax on Purchases - 10,000

Total profit chargable 2Tax 21,500

As per Institute guidance on Income Tax audit - Referring Para 23.23 - The tax on revenue will be neutral.

Can any body guide me on it and whether I had rightly calculated the profit as per ICDS 2 requirement


Thanks in Advance

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Please advise

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Can i offset my Tax liability through Late Fees. If yes then when this facility will made available.

RESPECTED SIR/MADAM,

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