Reporting Requirements

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This query is : Resolved

Ajay S.Yadav (Querist)

24 August 2016 Dear Experts kindly guide me on following issue:- 1.Disclosure required to be given in audit report or elsewhere by statutory and tax Auditor for cash deposit of Rs. 2crore or more by Company. 2. Safeguard for auditor from reporting such transaction.

Amol S Joglekar

Amol S Joglekar (Expert)

25 August 2016 the auditor can report the same in his annexure to audit report
In tax audit report, there is a separate item requiring to report such types of transactions.

Ajay S.Yadav

Ajay S.Yadav (Querist)

26 August 2016 dear sir plz tell me where i have to report this particular transaction in tax audit report

Ajay S.Yadav

Ajay S.Yadav (Querist)

26 August 2016 I think u r telling to disclose u/s 269SS but under 269SS if such cash deposite if shown as advance then it will not come under that. plz clarify

Amol S Joglekar

Amol S Joglekar (Expert)

27 August 2016 Not you tell the entry that is passed in your query
debit Bank account
credit cash........... right?
now tell the cash generation in cash book......how the amount of 2 crore is accumulated in cash book...... please explain.

Ajay S.Yadav

Ajay S.Yadav (Querist)

10 September 2016 It is advance from customer and customer do not have any issue in disclosing his name and pan. Hence, to safeguard myself as auditor what should i do ? 1. I can disclose it under notes to account . 2. In Audit report i will disclose it after opinion para as emphasis to notes to account
Is it sufficient ?

Amol S Joglekar

Amol S Joglekar (Expert)

12 September 2016 yes, you can do so. No problem.

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