25 August 2013
please tell how to report stock details in Form 3cd in case it is not possible to calculate item wise stock details due to large numbers of items.
25 August 2013
Tax Audit is required to be conducted in the case of the larger assessees and by not providing the stock details purpose of tax audit is not served. . In case where large number of stock items are there , select those items which are significantly traded. You may provided the details about the principal items of goods. .
25 August 2013
what to select in case of stationery shop having turnover just more than Rs 1 Crore? all the items are of equal significant in terms of value?
25 August 2013
As per revised guidence note on tax audit,,
The tax auditpr should obtain certificates from the assesse in respect of the principal items of goods traded,the balance of the openingstock, purchases, sales, and closing stock and the extent of shortage/excess/damage and the reasons therof.
The information is required to be given in report to the extent available with the auditee . . in my opinion better ask him to classify stock (like, note books, test books,pens&pencils,erasers,and others
better disclose Notes books stock, test books stock,,remaining can be disclosed under other trading stock
i assumed that only notebooks and test books are principal items(costlier)
you give which ever is possible to evaluate,,and which is available withthe auditee
25 August 2013
what to select in case of stationery shop having turnover just more than Rs 1 Crore? all the items are of equal significant in terms of value?
Reply- 1. Do you have the item wise quantitative details of traded items? 2. Do you have lists of opening and closing Stock showing quantitative details ? 3. Each item is having equal significant does not mean that all items are equally traded. For example 100000 files( all 15 types), 25500 Note Books ( all 65 varieties) , 350 diaries, 136500 pens (all 73 types) , 550 pencil boxes, 5000 paper boxes, 10 computers etc. have been sold. Select some of the major items from the above in terms of quantity and/or value. UYou may leave insignificant items like Rubber Bands, Sharpners, Pins etc. .
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