Tax audit report of contractor & engineer
This query is : Resolved
Guest
Guest
(Querist)
13 May 2012
Dear Sir,
Please suggest me reporting requirement under clause 12(a & B)of form 3CD.The assessee is having material in hand and Work in Progress at close of the year.Material in hand has been valued at cost(inclusive of purchase tax) or market price w.e. is lower and work in progress at net realisable value.Work executed has been shown net of service tax i.e. without taking into consideration section 145 A of the Income Tax Act, 1961
Thanks.
Please suggest me reporting requirement under clause 12(a & B)of form 3CD.The assessee is having material in hand and Work in Progress at close of the year.Material in hand has been valued at cost(inclusive of purchase tax) or market price w.e. is lower and work in progress at net realisable value.Work executed has been shown net of service tax i.e. without taking into consideration section 145 A of the Income Tax Act, 1961
Thanks.
13 May 2012
You may write in 12(a)-Lower of Cost or Net Relaisable Value which ever is less . and in 12(b) -No Deviation.
.
Where ever Cost is being considered, it should be inclusive of Vat or any other taxes being paid to bring the Inventory to the location and condition as on 31st March.
.
.
Where ever Cost is being considered, it should be inclusive of Vat or any other taxes being paid to bring the Inventory to the location and condition as on 31st March.
.
Message likes :
1 times
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
- House Property Reporting in ITR
- Refund Annexure-B
- TDS Claim year
- Liable to deduct tds and 44ADA
- Refund of 20%pre-deposit paid for stay application
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- TDS Challan Code
- Payment to foreign customer
- ASISSE return under the provisions of the Collection of Statistics Act, 2008 (7 of 2009)
- REGARDING SECTION 44AE
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
