I have a query relating to sales tax survey which i am posting for your valuable suggestions
During survey following variation was observed:
1. Stock in books as per tally was Rs 30 lacs and physical stock was Rs 20 lacs.
2. Cash in books was as per tally was Rs 2 lacs and physical cash was Rs 1 lac.
What would be the assessable tax and would penalty be imposed. Rate of tsx is 5%.
3. If at the time of survey 3 sale bill were not entered in tally or books for Rs 5 lacs which was discoved after survey, due to which stock would be reduced by another 5 lacs.
What would be the assessable value as per books Rs 30 lacs or Rs 25 lacs.
Menu
Sales tax survey
Replies (1)
Mr P Gupta,
Once a surveying team finds some difference in stock and cash it would mean that the accounts are not regularly maintained. However,as per rules of all states the entire books of a/c are to be verified before determining the exact turnover. The dealer should be given enough opportunity to explain his position on points of objection raised by tax authorities. If such answers furnished by the dealer are not satisfactory,then the authoriries can determine higher turnover and escaped/suppressed T.O. On this evaded tax(of suppressed T.O.) 10% penalty and interest @ 1.5%(or 2%) can be levied......MJK.
Recent Threads
- Exports against INR PO payable by Domestic Company
- Which websites are best for government exam prepar
- TDS on maturity payment of LIC of india
- ITR2 Gold ETF short and long term
- Query under faceless assessment
- Purchase of business
- Refund of ITC for advance paid to overseas supplie
- Clubbing query (when gifts given to multiple fami
- Transfer Pricing Audit Upload Form 3CEB - Income T
- Only a Few Pages Indexed by Google Despite Sitemap
Related Threads
CAclubindia
