Ratios in tax audit
This query is : Resolved
21 October 2010
Whether we should take depreciation as per income tax act for calculating ratios for Clause 32 of tax audit? If yes then whether other adjustment of income tax also required?
21 October 2010
32. Accounting Ratios with calculation as follows:-
(a) Gross profit / Turnover
(b) Net profit / Turnover
(c) Stock in trade / Turnover
(d) Material consumed / Finished goods produced.
The above is clause 32, I don't know why depreciation calculation is required for above ratios.
Just calculate the ratios , based on P/L and balance sheet.
(a) Gross profit / Turnover
(b) Net profit / Turnover
(c) Stock in trade / Turnover
(d) Material consumed / Finished goods produced.
The above is clause 32, I don't know why depreciation calculation is required for above ratios.
Just calculate the ratios , based on P/L and balance sheet.
21 October 2010
CALCULATE THE RATIO ON THE BASIS OF BOOKS OF ACCOUNTS
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