Tax Audit

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Shiv om Jindal (Querist)
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16 August 2010 Hello friends, i need certain clarifications regarding Tax Audit. 1. Whether the penalty paid by an assessee is to be shown against the relevant clause in 3CD even if the same was debited to capital account in case of prop./partnership as the clasue requires the words books of accounts.
2.In case of part B of Annexure 1 whether the advance tax paid should be shown in the relevant coulmn of taxes paid of provided for on income.
3. The last one is about sec 43B, whether the TDS/VAT etc. which were never made part of item debited to P & L, so do we need to consider while considering the compliance of 43B.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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16 August 2010 1) Penalty - Clause 17 says about 'amount debited to p & l a/c". In view of that ,if penalty is debited to capital account(treatment is wrong according to me) no need of disclosure in clause 17 (e)(ii).
2)If advance tax is booked, necessarily it should be included in Part B of Annexure 1.
3)If vat is not debited in P & L a/c, question of disallowance under section 43B does not arise.

Shiv om Jindal

Shiv om Jindal (Querist)
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16 August 2010 Thank you sir, futher i need some clarification regarding section 269SS and 269T. Suppose we have Loan o/s in our books as on 31st march 2009, but if the same is paid fully or for that matter overpaid, what is the treatment of Interest which is provided for as on 31.03.2010 in view of Section 269SS and 269T.

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