Income tax audit.

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This query is : Resolved

Jay Kocheta (Querist)

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?
.

Amol S Joglekar

Amol S Joglekar (Expert)

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.

Jay Kocheta

Jay Kocheta (Querist)

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.

Amol S Joglekar

Amol S Joglekar (Expert)

29 August 2016 You are most welcome. Do write back.

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