Tax Audit
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
27 September 2010
are we supposed to take average stock(avg+clo/2) in tax audit clause 32 for calculation of stock turnover ratio or only closing stock (of finished goods which is recommended by icai through guidance notes), if answer is closing stock ,is it specified anywhere i income tax act or rule ?
27 September 2010
on closing stock
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27 September 2010
Page 137 Of "Issues on Tax Audit" an ICAI publication says ratio is to be calculated on closing stock value only.
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27 September 2010
Page 47 (volume 115,issue no.1)of "The tax Refencer" a weekly publication of Direct taxes says, there can be different interpretations as to the items involved like gross profit,turnover,stock-in-trade. Place a suitable note explaning the basis adopted.
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