What are the records

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Ramesha.M (Querist)
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03 August 2012 Dear sir

tell me if proprietorship concern having turnover less than 60,00,000 for the A.Y.2012-13 what are the records he should be maintained under income tax purpose and sales tax purpose

Regards
ramesha

CA Guru M

CA Guru M (Expert)
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04 August 2012 In case of non tax audit as in your case the following books of accounts are to be maintained.

1. Cash book
2. Copies of Sales bills
3. Purchase invoices (for VAT audit)
3. Bills for general expenses.

The above are basic requirement.

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Ramesha.M

Ramesha.M (Querist)
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04 August 2012 dear sir,

If the concern business had applicable excise duty i.e first stage dealer so what are the records he should maintain

CA Guru M

CA Guru M (Expert)
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04 August 2012 Dear Ramesh,

The following list of records are required to be maintained for Excise purpose.

1. RG23 A PART-I (stock register for input)
2. RG23 A PART-II( register of duty credit)
3. RG23 C PART-I ( record of capital goods )
4. RG23 C PART-II ( record of duty credit on capital goods)
5. PLA (ACCOUNT CURRENT) record of payment of excise duty
6. DSA (RG- I) record of daily production, despatch &
closing stock

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Ramesha.M

Ramesha.M (Querist)
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04 August 2012 Dear sir

Thank you so much for your valuable response

Regards
RAMESHA.M

CA Guru M

CA Guru M (Expert)
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04 August 2012 You are most welcome.

Ramesha.M

Ramesha.M (Querist)
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14 August 2012 Help me for finalization of accounts

Dear Sir

I did
1. Sales and purchase entries
2. Tallied vat accounts
3. Bank statement up to 31.3.2012
4. Party confirmation statement i.e. creditors and debtors ledger tallied
5. Checking cash balance positive
6. Provision of vat payable and some items are payable
7. Expenses are like telephone and electricity are shows march month payable (Provisions)
8. Audit fees and accounting charges some expenses are I entered
Please help me next what I missed statutory or any other matters for finishing finalization of accounts this is proprietorship concern

Please specify items what you know

Regards
RAMESHA.M

CA Guru M

CA Guru M (Expert)
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25 August 2012 In addition to above also check

Opening balance as per PY Fin stat.

Check expenses which attract TDS & compliance with the same or else expenses will be disallowed to that extent.

Calculate depreciation & make the entry for the same.

Check sales & purchase return

Do stock verification & derive at the value for the same.

Check compliance with VAT returns/KVAT audit, PT etc.

Check whether Bank interest as booked as other income & collect Form 16A from bank.

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CA Guru M

CA Guru M (Expert)
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25 August 2012 Check cash expenses which are more than Rs.20K which will be disallowed u/s 40A(3)

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Ramesha.M

Ramesha.M (Querist)
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04 September 2012 Dear sir,

if the firm has made cash sales more than 20,000 for a single person in a daily that amount is allowed or disallowed

in our clients firm so many invoice cash sales he received cash every day upto 100000

is have any procedure to receipt cash? but still he not maintained receipt voucher system

thanks for your valuable information to remember my query

Regards
Ramesha.m

CA Guru M

CA Guru M (Expert)
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05 September 2012 Well Section 40A(3) is applicable for expenses which is are allowed as deduction while calculating taxable income.

Hence sec 40A(3) does not attract for cash sales received. Which is revenue & not expenses.

Kindly suggest your client to keep the receipt voucher for records purpose.

Ramesha.M

Ramesha.M (Querist)
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06 September 2012 Dear sir,

Thank you so much for your immediate response to my query thankxxx

Regards
Ramesha.m

Ramesha.M

Ramesha.M (Querist)
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08 September 2012 Dear sir,

Thank you very much for your all valuable replay

Regards
Ramesha.m

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