Tax audit
This query is : Resolved
19 September 2011
dear all
Can i claim loss by theft 400000(cash).. in p&l a/c....?
i m preparing a tax audit report.. is there any problems in future.. i have a FIR copy of that....
plz help...
Can i claim loss by theft 400000(cash).. in p&l a/c....?
i m preparing a tax audit report.. is there any problems in future.. i have a FIR copy of that....
plz help...
19 September 2011
You can claim it but if it is recovered or traced then you should offer to income on that year i think now it is better to charge to capital account take your auditor's suggestion.
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
19 September 2011
But our Profit will decrease a lot..
is thre any scrutny chances for this case.
is thre any scrutny chances for this case.
19 September 2011
Yes the scrutiny chances may be high for that purpose i am suggesting you show it as receivable on the assets side for 3 or 4 years then write off to p&l account as polices are try to trace that but not found and also safe side to face the scrutiny is take a letter from police as we traced for the stolen money then you write off to P&L then your safe and confident in case any scrutiny situation. Now a days scrutiny also be selection by the Computer system so selection of your case for scrutiny is 50:50 chance it may be select for scrutiny not for this thing may be for other.
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
19 September 2011
thanx a lot ..
this is better way for reoport....
om sai..
this is better way for reoport....
om sai..
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