CARO

This query is : Resolved

sanath (Querist)
Follow

03 May 2010 CARO reads :
1. Incase of dues of Income tax/Sales Tax/ Wealth tax/ Service Tax/ Custom Duty/ ED have NOT BEEN depositted on account of any dispute, then the amounts involved and the forum where dispute is pending shall be mentioned.

The amount disclosed under the above head should tally with the Contingent Liability right?
Are there any reasons why Due as per CARO needn't tally with Contingent Liability/Outstanding Liability?
Pl throw light.

Radhe Krishna

Aditya Maheshwari

Aditya Maheshwari (Expert)
Follow

03 May 2010 CARO states to disclose amount that have NOT BEEN depositted on account of any dispute i. e. only the outstanding amount remaining after payment of taxes against dispute whereas contingent liability would include the gross amount.

Message likes : 1 times

sanath

sanath (Querist)
Follow

03 May 2010 Contingent liability includes gross amount meaning what?
For eg: if there's a deposit that's made, are you telling me it'd feature in COntingent liability!

Aditya Maheshwari

Aditya Maheshwari (Expert)
Follow

03 May 2010 Yes as you have only paid tax for the same but have not made a provision for the same in the books of accounts i. e. tax paid is shown under loans & advance under taxes paid under protest and not charged to revenue untill the finality of order.

sanath

sanath (Querist)
Follow

03 May 2010 Ok boss. I'll get some basics right and get back to you

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

RAJENDRA PARAKHI

shanmukha sai

Adv Ashish Vishwakarma

Vijay Singh

P.S.Satya narayana

Subscribe Now

CARO

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Manager- Finance and Compliance

GST CONSULTANCY

Senior Executive

Accountant

GST CONSULTANT

CA Final