Menu
closing stock profit effect?
Have seen people adjusting value of closing stock to adjust profit. What are the risks associated with the same?
Replies (1)
A.O. may ask for basis or calculation through which closing stock figure is arrived.
If he finds out that stock is understated then he may make difference amount as addition to your profit and levy tax, interest and penalty on the same.
If he finds out that stock is understated then he may make difference amount as addition to your profit and levy tax, interest and penalty on the same.
Recent Threads
- Company Formation for clothing business
- TDS on purchase 194Q
- Compensation for urban land acquisition
- Understanding section 269st
- CASH AS GIFT OR FD AS GIFT
- NPS Pre Maturity full exit taxation rules
- Planning to ceased a Business
- Taxation for sale and purchase of REIT shares
- PAN - AADHAR LINK
- RECONCILIATION OF GSTR 2B Vs BOOKS WITH VBA
Related Threads
CAclubindia
