14 November 2011
Please let me know the procedure of valuation of Closing Stock, and preparation of trading account for the assessee who being a registered dealer under wbvat act,having GP margin 4% but filed IT Return u/s 44 AD. Besides if he is selected for VAT audit what should be his final accounts statement.
14 November 2011
There is no relation between profit shown as per 44ad and vat audit.you can show less profit in vat as shown in income tax through 44ad only
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