Inclusion of Excise Duty in Turnover

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Heera Nahariya (Querist)
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24 December 2009 To inflate the turnover one has added excise duty in sales figure and to nullify the same excise duty is debited to trading account. (it has been done for the purpose of cc limit bank requirement.

What are the consequences?

CA SHARAD SINHA

CA SHARAD SINHA (Expert)
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24 December 2009 ANY CONSEQUENCE WHICH APPLIES TO INCORRECT REPORTING BY AN AUDITOR.SCHEDULE VI TO THE COMPANIES ACT REQUIRES SALES NET OF EXCISE DUTY TO BE DISPLAYED ON THE FACE OF THE P & L A/C AND THE SAME SET OF RULE IS GENERALLY ADOPTED FOR ANY GENERAL PURPOSE FINANCIALS STATEMENTS

Heera Nahariya

Heera Nahariya (Querist)
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24 December 2009 thanks a lot sir

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