Closing stock valuation
This query is : Resolved
15 September 2014
Dear Experts
Under tax audit some entrepreneurs take gross profit as afixed percentage of turnover then in that case closing stock is valued as balancing figure (Sales-op. stock-purch.-g.profit)
My Que is what we will write in FORM 3CD AS METHOD OF VALUATION OF CLOSING STOCK.
UNDER TAX AUDIT ONLY FIFO AND weighted AVERAGE IS ALLOWED...
PLEASE RESOLVE IT
Under tax audit some entrepreneurs take gross profit as afixed percentage of turnover then in that case closing stock is valued as balancing figure (Sales-op. stock-purch.-g.profit)
My Que is what we will write in FORM 3CD AS METHOD OF VALUATION OF CLOSING STOCK.
UNDER TAX AUDIT ONLY FIFO AND weighted AVERAGE IS ALLOWED...
PLEASE RESOLVE IT
Nikhil Kaushik
(Expert)
17 September 2014
well what your clients are doing is not the correct method anyways. you gotta follow the methods as prescribed by the tax act
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