What are the portions to be covered in tax audit and what
are the papers to be checked in tax audit by auditors?
- 2 Answers
- 5931 Views
- I also Faced
- E-Mail Answers
Answer Posted / v p narasimhan
All statutory compliances & its payments were tobe checked
and certified in the Tax Audit Report. Few cases as follows:
1) Tax Deduction on Payments to Contractors & Sub
Contractors - Verification of % & its deduction. Whether
the same has been paid to the Department in the subsquent
month before due date.
2) Provident Fund,Profession Tax, IT on Salary , Service
Tax, Sales Tax etc (all the Government Levies) Whether
deductions made properly in line with the Law and Payemnt
has been made properly before due date.
3) Interst,Dividend,Dividend Tax etc., also to be checked
the deduction & payment.
4) Cash payment should not be made >20,000 if so it will be
disallowed.
5) Huge cash balance should not be kept & it will leads to
wealth tax.
6) Any delayed payment on government levies will attract
interest.
7) what ever the rpovisions made earlier earlier year has
been set off to be checked.
| Is This Answer Correct ? | 12 Yes | 0 No |
Post New Answer View All Answers
hi friend i have selected in ssc cgle as accountant in audit department. can anyone tell about the work of accountant in audit department?
promotions of a new apointed auditor in cgda.
Define vouching?
what supporting documents do we vouch to for sales, purchases, receivables, payables, sales cutoff, and liabilities cutoff?
Explain the importance of evaluating an internal audit department?
Do you know what are the reasons for getting audited?
Explain the difference between internal audit and statutory audit?
What sort of image do you have?
Would you consider alternative vacancies if so which:
How does an internal audit differ from an external audit?
Why there is no opening balance for Profit and Loss Account?Refer me Detailed explanation. Thank you.
What sort of image do you have?
how to prepare the internal audit sheet ? explain me with example. (take example of LOGISTICS& SUPPLYCHAIN MANGEMENT COMPANY)
What is an internal audit?
What is the difference between internal audit and statutory audit?
