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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RESPECTED SIR/MADAM,

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Dear Experts,

The scenario:
We have private limited company which has been incorporated in September 2016, but there is no sale of service or goods in the FY 2016-17, but it paid the rent for its register office and Audit fee provision for the year has been charged in P&L.

My Question:
whether those expense can be charged in P&L while there is no revenue generation in the year?