Gone through ICAI Tax Audit GN;
Some interesting points for SME CA Firms;
Thread 📌📎
➡️ Other items of incomes not to be disclosed in 16d now.
➡️ EPF/ESI employee contt. disallowances u/s 36(1)(va) to be disclosed in 16d (should be matching with 20b details)
Some interesting points for SME CA Firms;
Thread 📌📎
➡️ Other items of incomes not to be disclosed in 16d now.
➡️ EPF/ESI employee contt. disallowances u/s 36(1)(va) to be disclosed in 16d (should be matching with 20b details)
➡️ If immovable property held as SIT, diff. b/w FMV and SP > 10%, to be included in 16d.
➡️ Profit on sale of asset, not credited to PL to be disclosed in 16e.
➡️ Adjustment of loans by book entries = acceptance/repayment by other than account payee cheque for Clause 31 purposes
➡️ Profit on sale of asset, not credited to PL to be disclosed in 16e.
➡️ Adjustment of loans by book entries = acceptance/repayment by other than account payee cheque for Clause 31 purposes
➡️ Deductions u/s 33 to be reported to extent of books audited by CA i.e. personal deductions are irrelevant for TAR reporting.
➡️ Clause 21(b) details must match with Clause 34 details: TDS not deducted/not paid/details of info not furnished.
➡️ Clause 21(b) details must match with Clause 34 details: TDS not deducted/not paid/details of info not furnished.
➡️ Clause 40:
✔️ Report only Turnover & NP for service providers
✔️ Dont report RM/FG ratio for traders (obvious)
✔️ Prescribed formula given for RM/FG ratio calculation for manufacturers.
✔️ Stock in trade means ONLY FINISHED GOODS. (RM not to be reported)
✔️ Report only Turnover & NP for service providers
✔️ Dont report RM/FG ratio for traders (obvious)
✔️ Prescribed formula given for RM/FG ratio calculation for manufacturers.
✔️ Stock in trade means ONLY FINISHED GOODS. (RM not to be reported)
➡️ Contingent liab debited to PL only to be reported in 21(g).
➡️ Must report any refund/demand issued/raised in GST/VAT/ESI/PF proceedings under Clause 41 (to the extent of books audited by assessee).
➡️ ITC opg. balance + availed and utilized + clg. bal. to be reported in 27(a)
➡️ Must report any refund/demand issued/raised in GST/VAT/ESI/PF proceedings under Clause 41 (to the extent of books audited by assessee).
➡️ ITC opg. balance + availed and utilized + clg. bal. to be reported in 27(a)
End of thread.
Please reply and add your points too to this thread..
Will help SME CA firms regarding some contentious/common issues.
Please reply and add your points too to this thread..
Will help SME CA firms regarding some contentious/common issues.
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