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Icds-2 tax audit form 3cd clause 13(d) and 13(f)

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(Querist)
21 September 2017 ONE OF MY CLIENT BOOKS MAINTAINING AS PER MERCANTILE SYSTEM AND CLOSING STOCK VALUED EXCLUSIVE DUTIES & TAXES (WHICH IS RECOVERABLE FROM TAX AUTHORITIES)

AS PER ICDS-2 VALUE OF CLOSING STOCK SHOULD BE INCLUSIVE OF DUTIES AND TAXES WHETHER RECOVERABLE OR NOT FROM TAX AUTHORITIES.

SUPPOSE MY CLOSING STOCK IN BALANCE SHEET IS 1,00,000/- (EXCLUDING DUTY & TAXES)

AND DUTIES AND TAXES RECOVERABLE ON THAT STOCK IS 12,500/-

AS PER MY QUERY IN TAX AUDIT REPORT FORM 3CD CLAUSE 13(D) AMOUNT TO BE INCREASE RS. 12500/- OR NOT
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sivaram

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sivaram (Expert)
21 September 2017 Yes Rs 12500 to be increased since in Income tax stock is valued at Inclusive method
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
21 September 2017 Section 145 A adjustment read along with ICDS 2 has to be done in the tax computation statement only. If done, then it becomes a compliance of section 145(2) meaning thereby no need to show the amount in clause 13(d) of form 3CD.
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