What opinion we have to express in form 3cb of tax audit.
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 August 2014
dear all
tax audit of shares trading.
issue:
during the course of audit we have observed that accountant has made entry in sales and purchase a/c ( for the purchase and sale of shares ) are on the basis of confirmation statement and ledger a/c provided by various shares brokerage agencies and not on the basis of CONTRACT NOTE.
FURTHER AS ENTRY IS MADE ON BASIS OF CONFIRMATION STATEMENT AND LEDGER, THEIR MIGHT BE CHANCE THAT IN PURCHASE AND SALE ACCOUNT , AMOUNT DUE TO CLIENT AND AMOUNT DUE FOR CLIENT IS ENTER AS SALE AND PURCHASE.
FURTHER INTRADAY LOSS AND PROFIT MIGHT BE SET OF AGAINST REGULAR SALE AND PURCHASE OF SHARES.
what opinion we have to express in form 3cb of tax audit.
1 unqualified, qualified, adverse, or disclaimer.
2 whether its gave true and fair view.
thanks all.
tax audit of shares trading.
issue:
during the course of audit we have observed that accountant has made entry in sales and purchase a/c ( for the purchase and sale of shares ) are on the basis of confirmation statement and ledger a/c provided by various shares brokerage agencies and not on the basis of CONTRACT NOTE.
FURTHER AS ENTRY IS MADE ON BASIS OF CONFIRMATION STATEMENT AND LEDGER, THEIR MIGHT BE CHANCE THAT IN PURCHASE AND SALE ACCOUNT , AMOUNT DUE TO CLIENT AND AMOUNT DUE FOR CLIENT IS ENTER AS SALE AND PURCHASE.
FURTHER INTRADAY LOSS AND PROFIT MIGHT BE SET OF AGAINST REGULAR SALE AND PURCHASE OF SHARES.
what opinion we have to express in form 3cb of tax audit.
1 unqualified, qualified, adverse, or disclaimer.
2 whether its gave true and fair view.
thanks all.
Nikhil Kaushik
(Expert)
21 August 2014
that depends on whether there was any material misstatement on account of using report issued by broker instead of the contract note!
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