Income tax audit.
This query is : Resolved
25 August 2016
Hello,
Please guide me on:
'How to conduct income tax audit of an assesse who owns few liquor shops'.
What points should I consider in conducting audit? Below are the details which are available:
1. All purchase details are duly available.
2. License fees paid details are available.
3. Bank guarantee details available.
4. Sales book/register is not available. All sales are recorded on average basis due to huge cash receipts on daily basis.
5. Expenses like salary, rent and other operating expense are settled through cash. No records are available for same as well.
What other points should I consider apart from above mentioned points?
.
Please guide me on:
'How to conduct income tax audit of an assesse who owns few liquor shops'.
What points should I consider in conducting audit? Below are the details which are available:
1. All purchase details are duly available.
2. License fees paid details are available.
3. Bank guarantee details available.
4. Sales book/register is not available. All sales are recorded on average basis due to huge cash receipts on daily basis.
5. Expenses like salary, rent and other operating expense are settled through cash. No records are available for same as well.
What other points should I consider apart from above mentioned points?
.
25 August 2016
keep form 3 cd ready and start filling the items one by one....you will come to know the scope....Do write back for any specific query in the same.
29 August 2016
Thanks Amol S Joglekar,
Let me start working on 3CD as per your suggestion, I will write back to you in case of any query.
Let me start working on 3CD as per your suggestion, I will write back to you in case of any query.
29 August 2016
You are most welcome. Do write back.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax on Deemed Capital Gain
- Exiting partner in partnership firm in gst portal
- Type of Capital Gain
- TDS _Long term Capital Gain ref.sec 214 Table 2
- Banking Related Issue
- Traces submitting correction statement error
- ITR-Capital Gain
- ITR-3 File/Error Found
- Rent claimed on building given on permissive possession basis
- IT returns for fresh job holders
- Account freezed for Ineligible ITC Scrutiny for GST Annual Return
- TDS on property - Form 141 query
- Seeking Advice: High Tax Shortfall on Job Switch + Let-Out House Property Loss in FY 2025-26
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
