Tax audit report of contractor & engineer

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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.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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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.
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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.
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