Most Urgent Query 5.2.2011
This query is : Resolved
05 February 2011
All the experts are requested to put light on this matter urgently:
We are statutory auditors of a Pvt. Ltd. Company ( sales above 35.00 crores).
Now the co is taking wrong credit in VAT on capital goods & is also not paying VAT on sale of old ("Kattran" )raw materials (about 20.00 lakhs each year.)
We know that this is clearly violation of law.
PLEASE TELL ME WHAT ARE THE LIABILTY OF US AS A STATUTORY AUDITORS .
PLEASE ANSWER WITH SUPPORTING IF POSSIBLE SINCE I HAVE TO PROVE THE ANSWER.
We are statutory auditors of a Pvt. Ltd. Company ( sales above 35.00 crores).
Now the co is taking wrong credit in VAT on capital goods & is also not paying VAT on sale of old ("Kattran" )raw materials (about 20.00 lakhs each year.)
We know that this is clearly violation of law.
PLEASE TELL ME WHAT ARE THE LIABILTY OF US AS A STATUTORY AUDITORS .
PLEASE ANSWER WITH SUPPORTING IF POSSIBLE SINCE I HAVE TO PROVE THE ANSWER.
05 February 2011
If you feel as per law they have voilated the provisions of law then quantify the tax liability. If it is probabale that liability will arise in future, you can ask for making the provision in the books of accounts.
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
- Showing Gift from relative in ITR for this year
- Share accounting-->fifo - capital gain - period as per fifo?
- ITR selection for salaries and capital gain less than L
- Treatment of Pension ?annuity returns on PMVY
- Soyabean hsn code and gst rate
- ITR filing- non tax audit cases- Asstt.Year 2026-2027
- Last year TDS Claim
- GSTR-4 Annual Return ! Pending Returns for F.Y. 20-21 to 22-23
- Long Term Service award taxability in hands of company
- Regarding IMS Mandatory from 1st July 2026
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- Capital Gain on EUITY Shares
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
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
