Undervaluation of closing stock
This query is : Resolved
03 October 2015
Dear Sir/Madam
one of my clints(tax audited) has received notice u/s 148 for A.Y. 2011-12. in the notice the mistake is under valuation of closing stock . Now I want to file correct return u/s 148 but I don't know where the undervaluation of closing stock should be shown in return . My clint wants to give effect of under valuation of closing stock in return only but not in audited balance sheet and P&L A/c.
Please sugguest me how to deal with this case.
one of my clints(tax audited) has received notice u/s 148 for A.Y. 2011-12. in the notice the mistake is under valuation of closing stock . Now I want to file correct return u/s 148 but I don't know where the undervaluation of closing stock should be shown in return . My clint wants to give effect of under valuation of closing stock in return only but not in audited balance sheet and P&L A/c.
Please sugguest me how to deal with this case.
03 October 2015
01. what was the method of valuation used?
02. Were the quantitative details given in the audit report?
02. Were the quantitative details given in the audit report?
Message likes :
1 times
05 October 2015
1. cost or NRV which ever is lower
2. the qty details were not given in the audit report.
2. the qty details were not given in the audit report.
05 October 2015
Filing income tax return is NOT auditor's job.
As an auditor, method of valuation as selected by you is acceptable to income tax.
Since quantitative details were NOT given in the audit report, you can ask for the same from the CLIENT.
Based on these details, you can take the call
As an auditor, method of valuation as selected by you is acceptable to income tax.
Since quantitative details were NOT given in the audit report, you can ask for the same from the CLIENT.
Based on these details, you can take the call
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