Icds-2 tax audit form 3cd clause 13(d) and 13(f)
This query is : Resolved
21 September 2017
ONE OF MY CLIENT BOOKS MAINTAINING AS PER MERCANTILE SYSTEM AND CLOSING STOCK VALUED EXCLUSIVE DUTIES & TAXES (WHICH IS RECOVERABLE FROM TAX AUTHORITIES)
AS PER ICDS-2 VALUE OF CLOSING STOCK SHOULD BE INCLUSIVE OF DUTIES AND TAXES WHETHER RECOVERABLE OR NOT FROM TAX AUTHORITIES.
SUPPOSE MY CLOSING STOCK IN BALANCE SHEET IS 1,00,000/- (EXCLUDING DUTY & TAXES)
AND DUTIES AND TAXES RECOVERABLE ON THAT STOCK IS 12,500/-
AS PER MY QUERY IN TAX AUDIT REPORT FORM 3CD CLAUSE 13(D) AMOUNT TO BE INCREASE RS. 12500/- OR NOT
AS PER ICDS-2 VALUE OF CLOSING STOCK SHOULD BE INCLUSIVE OF DUTIES AND TAXES WHETHER RECOVERABLE OR NOT FROM TAX AUTHORITIES.
SUPPOSE MY CLOSING STOCK IN BALANCE SHEET IS 1,00,000/- (EXCLUDING DUTY & TAXES)
AND DUTIES AND TAXES RECOVERABLE ON THAT STOCK IS 12,500/-
AS PER MY QUERY IN TAX AUDIT REPORT FORM 3CD CLAUSE 13(D) AMOUNT TO BE INCREASE RS. 12500/- OR NOT
21 September 2017
Yes Rs 12500 to be increased since in Income tax stock is valued at Inclusive method
21 September 2017
Section 145 A adjustment read along with ICDS 2 has to be done in the tax computation statement only. If done, then it becomes a compliance of section 145(2) meaning thereby no need to show the amount in clause 13(d) of form 3CD.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- REGARDING GST ON COMMERICIAL PROPERTY
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- TDS U/S. 194NF
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- Applicable TDS rate for sale of property in Nov 2024
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- MIS MATCH OF INVOICE NUMBER
- VERIFICATION OF REFUND RELATED
- GST Regis.
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
Trending Online Classes
CAclubindia
