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Ratios in tax audit

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(Querist)
21 October 2010 Whether we should take depreciation as per income tax act for calculating ratios for Clause 32 of tax audit? If yes then whether other adjustment of income tax also required?
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CA Shailesh Kumar Bhagat

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CA Shailesh Kumar Bhagat (Expert)
21 October 2010 32. Accounting Ratios with calculation as follows:-
(a) Gross profit / Turnover
(b) Net profit / Turnover
(c) Stock in trade / Turnover
(d) Material consumed / Finished goods produced.

The above is clause 32, I don't know why depreciation calculation is required for above ratios.

Just calculate the ratios , based on P/L and balance sheet.
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CA Navin Jain

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CA Navin Jain (Expert)
21 October 2010 CALCULATE THE RATIO ON THE BASIS OF BOOKS OF ACCOUNTS
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