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

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This query is : Resolved

MANOJ KUMAR JAIN (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

sivaram

sivaram (Expert)

21 September 2017 Yes Rs 12500 to be increased since in Income tax stock is valued at Inclusive method

Bhaskaran Chackrapani Warrier

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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