Tax audit clause 44
Jyoti Narang (Kkk) (1204 Points)
24 August 2022
is it mandatory to give reporting under clause 44 for audit for fy 2021-22
28 Replies
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177946 Points)
Replied 24 August 2022
Yes, The Clause 44 of the Form 3CD is effective for Assessment Year 2022-23 i.e. for the Financial Year 2021-22 because the compliance of this clause was kept in abeyance till 31/03/2022 but for all the reports submitted after that date the clause is mandatory.
MPR Sanjay Kumar
(3118 Points)
Replied 24 August 2022
@ Dhirajlal rambhia sir, in what scenario the replacement cost is used in raw material could you please explain me what is a replacement cost when it is use?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177946 Points)
Replied 24 August 2022
Don't go too far, first solve easier problem. In the Petrol dealer sum, there is no requirement of replacement cost.
Whenever that will be required, I will mention it...
MPR Sanjay Kumar
(3118 Points)
Replied 24 August 2022
Dhiraj Lal rambhia sir I solved can I send it ,please check I did
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177946 Points)
Replied 24 August 2022
Tell me what are the values of opening stock & purchase of the month in Rs.?
MPR Sanjay Kumar
(3118 Points)
Replied 24 August 2022
Honourable Dhirajlal sir please check me sir,
1.valuation of inventory on Jun 21 on 30 the (FIFO) method
op.Inv ten thousand*92=920000
purchases twenty thousand*90=1800000
ten thousand*95=950000
Total purchases = 20+10= thirty thousand
sold twenty thousand and unsold is three thousand
three thousand*90= two lakh seventy thousand
ten thousand*95= nine lakh fifty thousand
_______________
twelve lakh twenty thousand
closing inventory
1.valuation of inventory on Jun 21 on 30 the (FIFO) method
op.Inv ten thousand*92=920000
purchases twenty thousand*90=1800000
ten thousand*95=950000
Total purchases = 20+10= thirty thousand
sold twenty thousand and unsold is three thousand
three thousand*90= two lakh seventy thousand
ten thousand*95= nine lakh fifty thousand
_______________
twelve lakh twenty thousand
closing inventory
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177946 Points)
Replied 24 August 2022
Very Good...
Correction... Sold 27000 lts & unsold ... 13000 lts.
Now calculate the cost of inventory sold during the month...
MPR Sanjay Kumar
(3118 Points)
Replied 24 August 2022
Cost of goods sold= ope.inve+ purchases-closing inventory= nine lakh twenty thousand+ twenty seven lakh fifty thousand - twelve lakh twenty thousand =24,50,000/_
sales - cogs
( thirty lakh forty thousand - twenty four lakh fifty thousand)...
sales - cogs
( thirty lakh forty thousand - twenty four lakh fifty thousand)...
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177946 Points)
Replied 24 August 2022
That is Gross Profit...
What is Net Profit?
MPR Sanjay Kumar
(3118 Points)
Replied 24 August 2022
Sir ,net profit formula is Gross profit _ Expenses
so Gross profit ( thirty lakh fourty thousand _ twenty four lakh fifty thousand = five lakh ninety thousand..
so , 590000 - 4 lakh. = net profit 1,90,000
so Gross profit ( thirty lakh fourty thousand _ twenty four lakh fifty thousand = five lakh ninety thousand..
so , 590000 - 4 lakh. = net profit 1,90,000
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177946 Points)
Replied 24 August 2022
Hope you have understood it clearly, and not copied down from book...
MPR Sanjay Kumar
(3118 Points)
Replied 24 August 2022
Dear sir ,I just gothrough the sum and searched in Google some examples ,to be frank I will tell the truth ...
sir please explain me the Replacement cost in raw material usage ?? in what scenario they are using
sir please explain me the Replacement cost in raw material usage ?? in what scenario they are using
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177946 Points)
Replied 24 August 2022
Refer: https://www.legalraasta.com/blog/as-2-valuation-of-inventories/
https://www.indianaccounting.in/2017/11/as2-practical-questions.htm l
& the attachment for clear cut definitions...
Attached File : 1648935 20220824190519 as 2.pdf downloaded: 99 times
MPR Sanjay Kumar
(3118 Points)
Replied 24 August 2022
Sir please explain me the Replacement cost in raw material usage ?? in what scenario they are using
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