30 August 2010
Usually during the audits of companies as per Companies Act, we come across areas where the statutory compliances (with regard to IT, VAT, Service Tax etc) are not complied with OR complied but with errors.The VAT returns if wrong cannot be revised after 6 months. Same is with the case of Service tax returns also ( 1 year) How do we report these things in the audit report to the members of the company.
For tax audits, if the statutory payments are not made, the expenses will be disallowed. Is this applicable for VAT & Service tax.
CAclubindia
