How ICDs will effect a business, books of which are being maintained on cash system of accounting? Please advise.
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Icds effect on cash system of accounting
Replies (8)
ICDS are not applicable for cash sytem...only accrual basis system is covered.
Do an auditor need to give disclosure as per ICDs at point 13 (f) in Form 3CA-CD or can that be skipped in case nothing is to be mentioned? Please advise.
when u choose Cash basis at point ( a) , it would be "Not Applicable".
when u choose Cash basis at point ( a) , it would be "Not Applicable".
If mercantile system is being followed, then do we need to mention against all the ICDs or again we can skip them?
no, then have to mention if any discrepancy otherwise the relevant compliances as required under ICDS
Like ICDS II- Inventory
you have to mention that
Finished goods Inventory has been valued at lower of Cost or Net Realisable Value and cost includes only direct expenditure as permitted in the ICDS.
Like ICDS II- Inventory
you have to mention that
Finished goods Inventory has been valued at lower of Cost or Net Realisable Value and cost includes only direct expenditure as permitted in the ICDS.
no, then have to mention if any discrepancy otherwise the relevant compliances as required under ICDS
Like ICDS II- Inventory
you have to mention that
Finished goods Inventory has been valued at lower of Cost or Net Realisable Value and cost includes only direct expenditure as permitted in the ICDS.
Like ICDS II- Inventory
you have to mention that
Finished goods Inventory has been valued at lower of Cost or Net Realisable Value and cost includes only direct expenditure as permitted in the ICDS.
This refers to the tax audit of a Cooperative Society. The secretary, who is not a member, is taking out cash and paying cash in "Security A/c - Secretary". The cash deposits and withdrawls in this account are more than Rs. 20,000/-. This account is shown on Liability side. Does this need reporting under clause 23 or 31 of Form 3CD? Is secretary, who is not a member, is person a specified under Sec. 40A(2)(b) in relation to a cooperative society?
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