Guys i am doing a Tax Audit of a company that has revenue of almost 1500 crores. My problem is that the company has had about 1000 additions of Fixed Assets this time and also there are various other transactions with Related parties. The problem is we have to input each and every such addition/ transaction in the E-Filing Utility software.
Guys need your inputs for the same as how this can be done in a easier way?
Mohit
Dude the Asset heads are classified into 5 or 6 under income tax act as we all knw...Wats the requirement to feed each and Every asset addition in E filing software?Which software is it?
Dude its that new E-Utlity. This time we have to enter details in that utility and upload it. That utility asks under each head the addition made, date of addition and amount. Who wants to sit and type 1000 odd line items individually.
you can show the addition only in two dates.....one on 1/4/2012 for assets more than 180 days and other on 4/10/2012 for assets less than 180 days......
(however this is not a approved method. but this is the most suitable way for large no. of additions and my boss is doing the same way.)
Yeah Ravinder i guess thats a decent idea of being true but not fair at the same time lol. But what abt Related party transactions lets say the assessee co. has purchased from subsidiary throughout the year and the line items cross more than 500.. Can we apply the same strategy here.
what about that......you only need to enter the total amount. that is, if purchases have been made just sum them up and enter the total amount.....
what's the tax audit limit by the way
No Ravinder.. This time we have to enter date of such payments made so its as good as inputing the whole ledger account. Last year and before, only writing total amount of was sufficient. But this time it is not the case.
@ Sivasiva - 1crore turnover
I faced the the problem while doin Tax audit... but thankfully additions/deletions were not very large!! It need to be relooked because its not an easy task to enter each addition/deletion as a line item and will require unneccessary efforts and time!
The IT Dept better bring out some Excel utility asap otherise this looks very tedious as of now.
CAclubindia
