Is tax audit compulsory for companies irrespective of their
income?
- 2 Answers
- 11445 Views
- I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
Answer / tax beginner
AFAIK
Tax Audit is compulsory for Listed Companies. Tax Audit is
conducted to not only calculate Taxable Income as per IT
Act because it may differ from Income(Profit) as per
Companies Act but also for certification by Statutory
Auditors that The company is arriving at taxable Income
after taking into consideration all relevant
clauses/sections of Income Tax Act 1961.
Tax Audit is conducted to also verify / certify whether the
Book Profit shown by the Assesee is properly arrived at for
the purpose of Tax Payment and is in compliance with
relevant sections of the Income Tax Act.In Tax Audit
various deductions claimed by Assesse are disclosed,If any
deviation from standard clauses is found the same is
disallowed and added back to profit. e.g. Clause 17(e)
Fines and penalties etc.
Proper Disclosure is also one area wherein the Tax Audit is
required , I think (even though am not sure) that TAR is
filed with ROC for public usage along with 3CA and 3CD
| Is This Answer Correct ? | 4 Yes | 2 No |
Whether sales tax is chargeable on imported goods.
if company have receivables Rs 50000 & payables Rs. 65000 then what will be current ratio ?
Is wct charged on firm or proprietors ?
is tax good or bad?
Dear friends please let me know, what % of amount has deduct from vendors bill for civil supply and instollation work
"A" is a Registered Dealer of Maharastra State, "B" is a Registered Dealer of Gujrat state and agent of "A", "C" is a Registered Dealer of Gujrat State. "C" ordered "A" to sand goods of certain specification. "A" in his term issues good to "B" to make such goods in the specification desired by "C"."C" sands such goods to "A". "A" raises invoices to "C". Which type of Sale transactions occured in the situation.
IF 7th is Sunday, can we pay the TDS on 8th?
Can the proforma/format of C Form (Sales Tax Form for interstate)be seen on any web site? What declaration is exactly made by the purchaser in that form?
who is liable to pay excise duty on monthly basis?or what is slab for excise duty liable to pay for monthly,quarterly ro half yearly?
what is current TDS (tax deduction at source)rate?
sir, i have charged labour charges with material bill to x party for Rs.211000/- plz explain me how much TDS amount will deducte by party..
if my basic salary is Rs. 6000/-. then how much money deposited in A/c no 1;2;10;21& 22.pls show me the calculation in details.
Audit 
