Tax Audit Sec 145A
This query is : Open
10 September 2009
Whether company trading in art work should give disclosure of deviation Sec 145A?
according to me there should be disclosure as the company follow the exclusion method, but as per last tax Audit report there were no disclosure for the same, why so?
according to me there should be disclosure as the company follow the exclusion method, but as per last tax Audit report there were no disclosure for the same, why so?
ARUN KUMAR V
(Expert)
11 September 2009
Sec 145A deals with valuation of stocks for the purpose of computation of total income.
But in the present case the entity is a Company as specified by the quriest inventory should be valued in the books as per Accounting Standard 2. AS 2 sepecifies exclusion of duties for which credit is allowable Sec145A tells to include all duties incurred to bring the asset to present condition.
Also as per AS 1 Disclosre of Accounting policies change and also AS 2, valuation change should be disclosed.
But in the present case the entity is a Company as specified by the quriest inventory should be valued in the books as per Accounting Standard 2. AS 2 sepecifies exclusion of duties for which credit is allowable Sec145A tells to include all duties incurred to bring the asset to present condition.
Also as per AS 1 Disclosre of Accounting policies change and also AS 2, valuation change should be disclosed.
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