Tax audit

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Querist : Anonymous

Querist : Anonymous (Querist)

12 October 2013 dear sir,

is it compulsory for a tax auditor to prepare balance sheet and p&l account when the assessee is being audited under any other act(banking/company)....in other words in case of form 3ca...

plz give valuable suggestions...

Nitesh Parmar

Nitesh Parmar (Expert)

12 October 2013 If Balance sheet and Profit & loss account is already prepared in other audit then need not required to prepare again.

Querist : Anonymous

Querist : Anonymous (Querist)

12 October 2013 dear nitesh sir....

but the confusion is that the depreciation rate under income tax act and companies act is different...how to deal with it??? kindly suggest me...

Ganeshbabu K

Ganeshbabu K (Expert)

13 October 2013 Depreciation as per companies act and income tax act is different ..
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But not required to prepare seperate balance sheet for this
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and he need to report allowable depreciation in his tax audit report in prescribed format..
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However depreciation as per companies act is added and depreciation as per income tax is allowed in computation of income

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