Clause 16(b) of Tax audit report
This query is : Resolved
01 October 2019
In clause 16(b) of Form 3CD we have to reflect...
Amounts not credited to the profit and loss account, being, -
b. the proforma credits, drawbacks, refunds of duty of customs or excise or service tax or refunds of sales tax or value added tax or Goods & Service Tax,where such credits, drawbacks or refunds are admitted as due by the authorities concerned;
In my client's case, he received refund of IGST paid on Export of Goods. Same is not credited to Profit and Loss account. Whether same will be reflected in clause 16(b) or not?
Further, any amount reflected in clause 16(b) will form part of Income from PGBP or not?
Amounts not credited to the profit and loss account, being, -
b. the proforma credits, drawbacks, refunds of duty of customs or excise or service tax or refunds of sales tax or value added tax or Goods & Service Tax,where such credits, drawbacks or refunds are admitted as due by the authorities concerned;
In my client's case, he received refund of IGST paid on Export of Goods. Same is not credited to Profit and Loss account. Whether same will be reflected in clause 16(b) or not?
Further, any amount reflected in clause 16(b) will form part of Income from PGBP or not?
01 October 2019
1. To show against clause 16(b)
2. Will form part of PGBP
2. Will form part of PGBP
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