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Clause 26 of new tax audit report

This query is : Resolved 
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(Querist)
06 November 2014 sir,
in tax audit we are required to state whether sales tax, custom duty, excise duty, levy etc is passed through profit and loss and we are stating it yes then we are expected to give some sought of explanation in a box

may i know what sought of explanation must be provided
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CA Parul Saxena

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CA Parul Saxena (Expert)
06 November 2014 these figures are not credited to profit and loss account so you may write no. If these are figures are routed through profit and loss account then you are supposed to pay the amount of these taxes as these may result into uplift in profit which is not correct.
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Amol S Joglekar

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Amol S Joglekar (Expert)
06 November 2014 that the sales are booked at inclusive of VAT and the VAT paid is shown as expenditure.
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CA Parul Saxena

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CA Parul Saxena (Expert)
08 November 2014 Sales are booked exclusive of VAT and vat is recorded as liability just to ensure the same this provision is added.
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