Disclosure in tax audit
This query is : Resolved
13 November 2014
sir/madam,
if the co is not having any closing stock as on 31 march then is there any need to disclose accounting policy of valuation in tax audit.
if the co is not having any closing stock as on 31 march then is there any need to disclose accounting policy of valuation in tax audit.
CA Parul Saxena
(Expert)
13 November 2014
no need to disclose as it is not necessary that company must have closing stock. It may happen that all the goods purchased are sold during the year.
Ashwani Narnoli
(Expert)
13 November 2014
In tax audit report you can write, " Nil, since there is no closing stock"
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