Hi,
If a auditor had given a form 3cd and latter it was found that the depriciation was not charged on one of the assets as it was wrongly clubbed by the accountant in work in progress. The client now wants to claim the depriciation and wants to file a revised return.
Can the chartered accountant give a new report and change the annexure I of the form 3CD is there a guideline for changing the audit report or rectifying a genuine mistake
regards
ashok mehta
Showing posts with label Income Tax. Show all posts
Showing posts with label Income Tax. Show all posts
Clarification regarding applicability of provisions of Section 194-I to payments made by the customers on account of cooling charges to the cold stora
Clarification regarding applicability of provisions of Section 194-I to payments made by the customers on account of cooling charges to the cold storage owners
CIRCULAR NO. 1/2008, DATED 10-1-2008
Representations have been received from various quarters regarding applicability of the provisions of Section 194-I to cooling charges paid by the various customers to the owners of cold storages. It has been represented that the cold storage owners provide a composite service, which involves preservation of essential food items including perishable goods at various temperatures suitable for specific food items for required periods and storage of goods being incidental to the activity of preservation. The cooling of goods is controlled through mechanical process. The customer brings its packages for preservation for a required period and takes away its packages after paying cooling charges. The customer does not hire the building, plant/machinery etc. in any manner and does not become a tenant of any kind.
2. The matter has been examined. The main function of the cold storage is to preserve perishable goods by means of a mechanical process, and storage of such goods is only incidental in nature. The customer is also not given any right to use any demarcated space/place or the machinery of the cold store and thus does not become a tenant. Therefore, the provision of 194-I is not applicable to the cooling charges paid by the customers of the cold storage.
3. However, since the arrangement between the customers and cold storage owners are basically contractual in nature, the provision of section 194-C will be applicable to the amounts paid as cooling charges by the customers of the cold storage. This may be brought to the notice of the Assessing Officers under your charge.
F.No.275/59/2007-IT(B
CIRCULAR NO. 1/2008, DATED 10-1-2008
Representations have been received from various quarters regarding applicability of the provisions of Section 194-I to cooling charges paid by the various customers to the owners of cold storages. It has been represented that the cold storage owners provide a composite service, which involves preservation of essential food items including perishable goods at various temperatures suitable for specific food items for required periods and storage of goods being incidental to the activity of preservation. The cooling of goods is controlled through mechanical process. The customer brings its packages for preservation for a required period and takes away its packages after paying cooling charges. The customer does not hire the building, plant/machinery etc. in any manner and does not become a tenant of any kind.
2. The matter has been examined. The main function of the cold storage is to preserve perishable goods by means of a mechanical process, and storage of such goods is only incidental in nature. The customer is also not given any right to use any demarcated space/place or the machinery of the cold store and thus does not become a tenant. Therefore, the provision of 194-I is not applicable to the cooling charges paid by the customers of the cold storage.
3. However, since the arrangement between the customers and cold storage owners are basically contractual in nature, the provision of section 194-C will be applicable to the amounts paid as cooling charges by the customers of the cold storage. This may be brought to the notice of the Assessing Officers under your charge.
F.No.275/59/2007-IT(B
Malaybhai--Querry
* An Indian Resident person (Mr. A) is working in TCS. In Jan'05 he was posted for a project in UK. For the entire fy 05-06 he was in UK. His salary was paid in India after TDS. He was getting an allowance of 200 Pounds per month. Now that he is back in India, he transferred some 1000 Pounds, out of his savings from the allowance, in his Indian account. Will this amout transferred be subject to tax?
Thanx/Malay
Thanx/Malay
Dipesh Vora-- query
dear members
i have a client (Say Mr. A) who has a Commission
Income of about 1 to 2 lacs (Shown as Business Income)
and Income from other sources shown in his personal
books every year.
He is also a sole proprietor of X & Co. where he
imports, exports, manufactures and trades in goods.
Separate books are maintained for X & Co. (total
turnover below 40 lacs every year including commision
income)
This year his sales has crossed audit limit for the
first time. Thus, I am auditing X & Co's accounts.
Following are my queries.
1) Commission is his business income, but shown in
personal books. So, it will nowhere come in X & Co.'s
books. Then, what will be the scope of my audit? will
I have to cover his personal books also?
2) Also, in annexure 1 to form 3CD, will gross
turnover include commission?.
3) Further, in annexure 1 to form 3CD, in the column
"amount of taxes paid / provided for in books". What
should I mention?(No provision is made in X & Co. and
all taxes paid are from his personal accounts)
4) All the loans exceeding Rs. 20,000/-, although used
for business (one can say that because there are no
much assets in his personal books except capital
balance in X & Co.) are shown in his personal accounts
(all old loans, but addition and repayment is there).
will I have to report the same in 3CD?
5) Whether I have to report any personal income under
clause 13(a) or 13(e) of form 3CD? (business income /
other income not credited to P & l A/c)
please advise
dipesh
i have a client (Say Mr. A) who has a Commission
Income of about 1 to 2 lacs (Shown as Business Income)
and Income from other sources shown in his personal
books every year.
He is also a sole proprietor of X & Co. where he
imports, exports, manufactures and trades in goods.
Separate books are maintained for X & Co. (total
turnover below 40 lacs every year including commision
income)
This year his sales has crossed audit limit for the
first time. Thus, I am auditing X & Co's accounts.
Following are my queries.
1) Commission is his business income, but shown in
personal books. So, it will nowhere come in X & Co.'s
books. Then, what will be the scope of my audit? will
I have to cover his personal books also?
2) Also, in annexure 1 to form 3CD, will gross
turnover include commission?.
3) Further, in annexure 1 to form 3CD, in the column
"amount of taxes paid / provided for in books". What
should I mention?(No provision is made in X & Co. and
all taxes paid are from his personal accounts)
4) All the loans exceeding Rs. 20,000/-, although used
for business (one can say that because there are no
much assets in his personal books except capital
balance in X & Co.) are shown in his personal accounts
(all old loans, but addition and repayment is there).
will I have to report the same in 3CD?
5) Whether I have to report any personal income under
clause 13(a) or 13(e) of form 3CD? (business income /
other income not credited to P & l A/c)
please advise
dipesh
Subscribe to:
Posts (Atom)
