Tax Audit Applicability (Sales as per Books or ICDS)
This query is : Resolved
Quick Summary
13 September 2022
Sales as per books of accounts maintained is Rs.95 Lacs, however revenue as per ICDS working is Rs.15 Crore.
I am confused which turnover should I consider for applicability of Tax Audit. If I choose sales as per books then tax audit is not applicable and if I choose ICDS working then Tax audit is applicable.
I have not come across any reference which says for tax audit applicability turnover should be considered as per ICDS working.
Please suggest which one to consider with any reference.
Thanks
I am confused which turnover should I consider for applicability of Tax Audit. If I choose sales as per books then tax audit is not applicable and if I choose ICDS working then Tax audit is applicable.
I have not come across any reference which says for tax audit applicability turnover should be considered as per ICDS working.
Please suggest which one to consider with any reference.
Thanks
13 September 2022
In case of individual choose as per books of accounts.
13 September 2022
Forgot to mentioned...It is a Private Limited Company
13 September 2022
Forgot to mentioned...It is a Private Limited Company
13 September 2022
CBDT has clarified that the books of account are to be maintained in accordance with the accounting policies applicable to the assessee. Thus, it can be concluded that the reporting in Form 3CD shall be in accordance with the books of account maintained by the assessee. Any adjustment made to profit or loss under the ICDS shall be reported in Clause 13 of Form 3CD.
Consider turnover as per books of accounts
Consider turnover as per books of accounts
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Difference between Date of Payment and Date of Deduction?
- Unregistered suppliers utility
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- ITDS U/S.194T of Firm
- GST Rate for Catering Services
- FCRA 6 E- Intimation
- Non-Compliance documents have not been submitted by the contractors debited
- EXPORT COMMERCIAL INVOICE HSN CODE
- URGENT-Eligible leaves being shown as 24 days for 3 years Articleship instead of 156 days in 108
- TDS ON EMAIL DOMAIN SERVICE BILL
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
