What is vat audit under Delhi Vat and its procedure?
2 Replies
CA Sudhir Halakhandi
(PRACTICING CHARTERED ACCOUNTANT)
(13401 Points)
Replied 13 January 2009
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Types of Audit under the DVAT Act
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Section 49
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Provision to Section 49
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Section 58
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Section 58A
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Circumstances
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If the turnover exceeds Rs. 40 lacs, it is mandatory.
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The Commissioner may require a dealer or class of dealer to get their accounts audited
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If Commissioner so requires
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If Commissioner so requires, at any stage of the proceedings under the Act, having regard to nature and complexity of business.
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Whether any notice required
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No
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No
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Yes, in Form DVAT- 37
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Yes. However , no format is prescribed
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Who will conduct
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A Chartered Accountant
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An accountant defined u/s 2(1)(a), mainly, a Chartered Accountant or Cost Accountant
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VAT Depart- ment
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A Chartered Accountant or Cost Accountant or any other professional nominated by the Department.
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Areas to be covered
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Audit of books of accounts
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Books of Accounts
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Business Affairs
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Records including books of accounts.
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Period of audit
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Financial year
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As specified by the Commissioner
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As specified in the notice
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As specified by the Commissioner.
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Format of audit report
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As given u/s 44AB of Income Tax Act.
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As specified by the Commissioner
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As directed by the Commissioner to The VAT officer
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As specified by the Commissioner.
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Completion of audit
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31st December of the following year
Section 49
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As specified by the Commissioner
Provision to Section 49
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Not specified
Section 58
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Not specified
Section 58A
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Submission of report
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28th January of the following financial year
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As specified by the Commissioner
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As directed by the Commissioner to the VAT officer
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As specified by Commissioner; subject to maximum of 180 days.
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Expenses of audit
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To be borne by the dealer
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No expenses
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To be borne by the dealer
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THESE PROVISIONS HAVE BEEN TAKEN BY ME FROM A WEB-SITE . ANY VAT EXPERT FROM DELHI CAN CLEAR THE POSITION IN MORE BETTER FORM.
- CA SUDHIR HALAKHANDI
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