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Is tax audit compulsory for companies irrespective of their
income?
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Answer Posted / 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 |
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Dear Experts, I need your help in deriving a formula for calculating three taxes with a combination of cumulative and inclusive tax. Here are the examples with expected result. Please let me know the formula on how to get the given result. Example1: Total Product Value (V) = 1000 (with inclusive of all 3 taxes and below mentioned cumulative combinations) Tax1 rate is 10% and Tax1 is inclusive. Tax2 rate is 10% with Tax2 is inclusive and cumulative of Tax1 Tax3 rate is 10% with Tax3 is inclusive and there is no cumulative of Tax1, Tax2 Expected Results are: Tax1=76.34 Tax2=83.97 Tax3=76.34 Let me know formula to derive above values? Example2: Total Product Value (V) = 1000 (with inclusive of all 3 taxes and below mentioned cumulative combinations) Tax1 rate is 10% and Tax1 is inclusive. Tax2 rate is 10% with Tax2 is inclusive and cumulative of Tax1 Tax3 rate is 10% with Tax3 is inclusive and cumulative of Tax2 Expected Results are: Tax1=75.70 Tax2=83.27 Tax3=84.03 Please let me know formula to derive above values? Thanks in advance.
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