17 April 2016
The Service Tax Department has to reconcile the turnover declared in ST - 3 Returns with various other documents submitted by the Assessee. The Audited Accounts are filed with the Registrar of Companies. The Turnover is declared in VAT and Income Tax Returns also. Then there is the TDS details reflected in 26 - AS form.
It is found that the figures in each of these documents is different. Balance Sheet reconciliation aims at reconciling the figures shown in ST - 3 Returns with the figure shown in the audited accounts. The procedure for reconciliation is simple + / - as per normal noms.
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