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Tax audit clause 44
Yes, The Clause 44 of the Form 3CD is effective for Assessment Year 2022-23 i.e. for the Financial Year 2021-22 because the compliance of this clause was kept in abeyance till 31/03/2022 but for all the reports submitted after that date the clause is mandatory.
Don't go too far, first solve easier problem. In the Petrol dealer sum, there is no requirement of replacement cost.
Whenever that will be required, I will mention it...
Tell me what are the values of opening stock & purchase of the month in Rs.?
1.valuation of inventory on Jun 21 on 30 the (FIFO) method
op.Inv ten thousand*92=920000
purchases twenty thousand*90=1800000
ten thousand*95=950000
Total purchases = 20+10= thirty thousand
sold twenty thousand and unsold is three thousand
three thousand*90= two lakh seventy thousand
ten thousand*95= nine lakh fifty thousand
_______________
twelve lakh twenty thousand
closing inventory
Very Good...
Correction... Sold 27000 lts & unsold ... 13000 lts.
Now calculate the cost of inventory sold during the month...
sales - cogs
( thirty lakh forty thousand - twenty four lakh fifty thousand)...
That is Gross Profit...
What is Net Profit?
so Gross profit ( thirty lakh fourty thousand _ twenty four lakh fifty thousand = five lakh ninety thousand..
so , 590000 - 4 lakh. = net profit 1,90,000
Hope you have understood it clearly, and not copied down from book...
sir please explain me the Replacement cost in raw material usage ?? in what scenario they are using
Refer: https://www.legalraasta.com/blog/as-2-valuation-of-inventories/
https://www.indianaccounting.in/2017/11/as2-practical-questions.htm l
& the attachment for clear cut definitions...
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