How ICDs will effect a business, books of which are being maintained on cash system of accounting? Please advise.
8 Replies
Lovepreet Singh
(Army of Final War)
(359 Points)
Replied 01 October 2017
ICDS are not applicable for cash sytem...only accrual basis system is covered.
SSG
(1936 Points)
Replied 03 October 2017
Do an auditor need to give disclosure as per ICDs at point 13 (f) in Form 3CA-CD or can that be skipped in case nothing is to be mentioned? Please advise.
Lovepreet Singh
(Army of Final War)
(359 Points)
Replied 03 October 2017
when u choose Cash basis at point ( a) , it would be "Not Applicable".
Lovepreet Singh
(Army of Final War)
(359 Points)
Replied 03 October 2017
when u choose Cash basis at point ( a) , it would be "Not Applicable".
SSG
(1936 Points)
Replied 04 October 2017
If mercantile system is being followed, then do we need to mention against all the ICDs or again we can skip them?
Lovepreet Singh
(Army of Final War)
(359 Points)
Replied 04 October 2017
no, then have to mention if any discrepancy otherwise the relevant compliances as required under ICDS
Like ICDS II- Inventory
you have to mention that
Finished goods Inventory has been valued at lower of Cost or Net Realisable Value and cost includes only direct expenditure as permitted in the ICDS.
Like ICDS II- Inventory
you have to mention that
Finished goods Inventory has been valued at lower of Cost or Net Realisable Value and cost includes only direct expenditure as permitted in the ICDS.
Lovepreet Singh
(Army of Final War)
(359 Points)
Replied 04 October 2017
no, then have to mention if any discrepancy otherwise the relevant compliances as required under ICDS
Like ICDS II- Inventory
you have to mention that
Finished goods Inventory has been valued at lower of Cost or Net Realisable Value and cost includes only direct expenditure as permitted in the ICDS.
Like ICDS II- Inventory
you have to mention that
Finished goods Inventory has been valued at lower of Cost or Net Realisable Value and cost includes only direct expenditure as permitted in the ICDS.
SSG
(1936 Points)
Replied 04 October 2017
This refers to the tax audit of a Cooperative Society. The secretary, who is not a member, is taking out cash and paying cash in "Security A/c - Secretary". The cash deposits and withdrawls in this account are more than Rs. 20,000/-. This account is shown on Liability side. Does this need reporting under clause 23 or 31 of Form 3CD? Is secretary, who is not a member, is person a specified under Sec. 40A(2)(b) in relation to a cooperative society?
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