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S NO PARTICULARS DONE BY SCOPE/MONTHS QUERY SHEET
1 OPENING TRIAL BALANCE
2 CASH VOUCHING
PETTY CASH
MAIN CASH
NEGATIVE CASH VERIFI.
3 BANK VOUCHING
(LIST DOWN ALL BANK AS PER T/B)
4 BANK RECO
(LIST DOWN ALL BANK AS PER T/B)
5 SALES VOUCHING
A) EXPORT
B) LOCAL
6 PURCHASE VOUCHING
A) IMPORT
B) LOCAL
7 INDIRECT INCOME
8
CORRESPONDING TDS OF DIRECT & INDIRECT
INCOME
7 CREDIT NOTE
8 DEBIT NOTE
9 SALARY REGISTER
10 CHECKING OF O/S EXPENSES & PROVISIONS
11 CHECKING OF PREPAID EXPENSES
12 FIXED ASSETS
ADDITION:
SALE:
DEPRECIATION:
13 JOURNAL VOUCHING
PERIOD:1/4/2011-30/9/2011
AUDIT PROGRAMME
S.S.JHUNJHUNWALA & CO. AUDIT STARTED:
CHARTERED ACCOUNTANTS. F.Y.:2011-2012
A.Y.:2012-2013
CLIENT NAME:
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14 STATUTORY DUES
TDS ON COMMISSION
TDS ON PROFESSION
TDS ON RENT
TDS ON SALARY
TDS ON JOB WORK
TDS ON LOADING & UNLOADING
TDS ON PROFESSIONAL CHARGES
PROVIDENT FUND
ESIC
PROFESSIONAL TAX
CST
VAT
SERVICE TAX
EXCISE
ANY OTHER
15 INVESTMENTS
16 LOANS
SECURED
UNSECURED
17 LEDGER SCURTINY
18 FINALISATION
19 SHARE CAPITAL
20 DEBTORS/CREDITORS:RESTATEMENT FOR
FOREIGN DEBTORS (AS 11)
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CLIENT: QUERY SH
FY: NOTED BY:
AY: SOLVED WITH:
QUERY PERTAINING:
Sr. Voucher No. Amount Name of the Account Head Particulars of Query
No. & Date Rs.(ROW NO IN EXCEL)
DATE:
S.S.JHUNJHUNWALA & CO.
CHARTERED ACCOUNTANTS
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DATE:
DONE BY:
AUDIT PERIOD:
BANK CHGES ROW NO: LEDGER PERIOD:
QUERY ROW NO:
NOT FOUND ROW NO:
OK
S.S.JHUNJHUNWALA & CO.
CHARTERED ACCOUNTANTS
COLOUR INDEX FOR VOUCHING
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MONTH AMT CR DD DOP PAID TDS DELAYS INT INT PAID
April 7/5/2012
May 7/6/2012
June 7/7/2012
July 7/8/2012
August 7/9/2012
September 7/10/2012
October 7/11/2012
November 7/12/2012
December 7/1/2013
January 7/2/2013
February 7/3/2013
March* 4/30/2013TOTAL 0 0 0 0 0
* COLLECT TDS CHALLAN OF MARCH MONTH OF AUDIT FILE
AY:
TDS ON :
S.S.JHUNJHUNWALA & CO.
CHARTERED ACCOUNTANTS
CLIENT:
FY:
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MONTH VAT 12.5% VAT 5% OUTPUT TAX CERDIT INPUT AMT PAYABLE
(B+C) (PAID ON PUR) (D-E)
APRIL 0 0
MAY 0 0
JUNE 0 0
JULY 0 0
AUGUST 0 0
SEPTEMBER 0 0
OCTOBER 0 0
NOVEMBER 0 0
DECEMBER 0 0
JANUARY 0 0
FEBRUARY 0 0
MARCH 0 0
TOTAL 0 0 0 0 0
MONTH CST PAYABLE EXCESS VAT AMT PAYABLE AMT PAID DUE DATE
(SALES) (IF ANY) (B-C)
APRIL 0 21/5/2010
MAY 0 21/6/2010
JUNE 0 21/7/2010
JULY 0 21/8/2010
AUGUST 0 21/9/2010
SEPTEMBER 0 21/10/2010
OCTOBER 0 21/11/2010
NOVEMBER 0 21/12/2010
DECEMBER 0 21/01/2011JANUARY 0 21/02/2010
FEBRUARY 0 21/03/2010
MARCH 0 21/04/2010
TOTAL 0 0 0 0
(COLLECTED ON SALES)
PAYMENT OF CST
S.S.JHUNJHUNWALA & CO.
CHARTERED ACCOUNTANTS
CLIENT:
FY:
AY:
PAYMENT OF VAT:
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DUE DATE DOP AMOUNT PAID DIFFERENCE
(IF ANY)
21/5/2010 0
21/6/2010 0
21/7/2010 0
21/8/2010 0
21/9/2010 0
21/10/2010 0
21/11/2010 0
21/12/2010 0
21/01/2011 0
21/02/2010 0
21/03/2010 0
21/04/2010 0
0 0
DOP DIFFERENCE
(IF ANY)
0
0
0
0
0
0
0
0
00
0
0
0
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Month
Ecxise
duty 10%
Edu Cess
2 %
Sec Edu
Cess 1% TOTAL
Modvat
10%
Edu Cess
2 %
Sec Edu
Cess 1% TOTAL
APRIL
MAY
JUNE
JULY
AUGUST
SEPTEMBER
OCTOBER
NOVEMBER
DECEMBER
JANUARY
FEBRUARY
MARCH
AY:
S.S.JHUNJHUNWALA & CO.
CHARTERED ACCOUNTANTS
CLIENT:
FY:
Excises Duty Payable MODVAT AVAILABLE
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Ecxise
duty 10%
Edu Cess
2 %
Sec Edu
Cess 1% TOTAL
AMOUNT PAID BALANCE
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MONTH SERVICE TAX COLLECTED SERVICE TAX PAID AMT PAYABLE DUE DATE DOP
(D-E)
APRIL 5/5/2011
MAY 5/6/2011
JUNE 5/7/2011
JULY 5/8/2011
AUGUST 5/9/2011
SEPTEMBER 5/10/2011
OCTOBER 5/11/2011
NOVEMBER 5/12/2011
DECEMBER 5/1/2012
JANUARY 5/2/2012
FEBRUARY 5/3/2012
MARCH 5/4/2012
TOTAL 0 0
PAYMENT OF VAT:
S.S.JHUNJHUNWALA & CO.
CHARTERED ACCOUNTANTS
CLIENT:
FY:
AY:
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AMOUNT PAID DIFFERENCE
(IF ANY)
0
0
0
0
0
0
0
0
0
0
0
0
0 0
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S.S.JUHUNJHUNWALA & CO.
PRECISION CUTTING SYSYTEMS PVT LTD
AY:2011-12 PY:2010-11
PAYMENT OF PF
MONTHS AMT CREDITED AMT CREDITED AMT CREDITED TOTAL DUEDATE(EMPLOYEE) (EMPLOYER) ADMIN PAYABLE
APRIL 0 15/5/2010
MAY 0 15/6/2010
JUNE 0 15/7/2010
JULY 0 15/8/2010
AUGUST 0 15/9/2010
SEPTEMBER 0 15/10/2010
OCTOBER 0 15/11/2010
NOVEMBER 0 15/12/2010
DECEMBER 0 15/1/2011
JANUARY 0 15/2/2011
FEBRUARY 0 15/3/2011
MARCH 0 15/4/2011
TOTAL 0 0 0 0
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DOP AMT PAID
0
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Sec. Description Amount RATE
Interest - Payable by Banks 10,000 10
Interest - Payable by Others 5,000 10
194B Winning from Lotteries / Crossword Puzzle 10,000 30
Payment to Contractors - Single Transaction 30,000 2
Payment to Contractors - Aggregate during FY 75,000 2
194D Insurance Commission 20,000 10
194H Commission / Brokerage 5,000 10
Rent 1,80,000 10
Rent - Plant / Machinery 1,80,000 2
194J Professional Fees 30,000 10
194A
194C
194 I
TDS RATE CHARTASSESSMENT YEAR 2012-2013
FINANCIAL YEAR 2011-2012
Nature of PaymentsMade to Resident
Threshold
Company
Firm
Co-op Soc.Local
Authority
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RATE RATE
10 20
10 20
30 30
1 20
1 20
10 20
10 20
10 20
2 20
10 20
IndividualHUF
If No PAN OR
InvalidPAN
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SR NO DOCUMENTATION COLLECTED
1 OPENING TRIAL BALANCE
2 LAST YEAR'S SIGNED FINANCIAL STATEMENTS
3 ADDITION TO FIXED ASSETS-XEROX OF INVOICE(APRIL-SEP)
4 SALE OF FIXED ASSETS
5 COPY OF ADVANCE TAX PAID
AY: 2013-2014
DOCUMENTATION TO BE COLLECTED FOR AUDIT FILE
S.S.JHUNJHUNWALA & CO.
CHARTERED ACCOUNTANTS
CLIENT: GILL & Co. Pvt. Ltd
FY: 2012-2013
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RATE OF DEPRECIATION AS PER COMPANIES ACT
WDV SLM WDV SLM WDV
2 3 4 5 6
I. (a ) 5% 1.63% .. .. ..
(b ) 10%. 3.34% .. .. ..
(c) 100% 100% .. .. ..
13.91% 4.75% 20.87% 7.42% 27.82%
15.33% 5.28% .. .. ..
Nature of assets Single Shift Double Shift Triple Sh
1
(b ) continuous process plant,2[* *
*] for which no special rate has been
prescribed under (ii) below [NESD]
(ii) Special rates
BUILDINGS(other than
factory buildings) [NESD]
FACTORY BUILDINGS
PURELY TEMPORARY
ERECTIONSsuch as
wooden structuresII.PLANT AND MACHINERY
1[(i) General rate applicable to,
(a ) plant and machinery (not being a
ship) other than continuous process
plant for which no special rate has
been prescribed under (ii) below
A.1.Cinematograph films
Machinery used in theproduction and exhibition of
cinematograph films [NESD]
Rates ofdepreciation
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20% 7.07% .. .. ..
20% 7.07% .. .. ..
25.89% 9.50% .. .. ..
20% 7.07% .. .. ..
20% 7.07% .. .. ..
20% 7.07% 30% 11.31% 40%
15.62% 5.38% 23.42% 8.46% 31.23%
8.Glass
manufacturingconcernsexcept direct
fire glass melting furnaces
Recuperative and regenerative glass
melting furnaces
20% 7.07%
3[3.Electrical machinery, X-ray and
electro-therapeutic apparatus and
accessories thereto, medical,
diagnostic equipments, namely, cat-
scan, ultrasound machines, ECGmonitors, etc. [NESD]
4.Juice boiling pans (karhais) [NESD]
5.Motor-cars, motor-cycles, scooters
and other mopeds [NESD]
6.Electrically operated vehicles
including battery powered or fuel cellpowered vehicles [NESD]
7.Sugarcane crushers (indigenous
kolhus and belans) [NESD]
.. ..
(a ) Recording equipment,
reproducing equipment, developing
machines, printing machines, editing
machines, synchronisers and studio
lights except bulbs(b ) Projecting equipment of film
exhibitingconcerns
2. Cycles [NESD] ..
9.Machinery used in the manufacture
of electronic goods and components
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16.20% 5.6%]
3.Drum containers
manufactureMoulds [NESD]
4.Earth-moving machinery employed
in heavy construction works, such as
dams, tunnels, canals, etc. [NESD]
5.Glassmanufacturingconcernsexcept direct
fire glass melting furnacesMoulds
[NESD]
6.Moulds in iron foundries [NESD]
7. Mineral oilconcernsField
operations (above ground)Portable
boilers, drilling tools, well-head tanks,
rigs, etc. [NESD]
8. Mines and quarriesPortable
underground machinery and earth-
moving machinery used in open cast
mining [NESD]
9.Motor buses and motor lorries
other than those used in a business
of running them on hire [NESD]
9A.Motor tractors, harvesting
combines [NESD]
10.Patterns, dies and templates
[NESD]
B. 1.4[Aeroplanes, aero engines,
simulators, visual system and quick
engine change equipment [NESD]
2.Concrete pipes
manufactureMoulds[NESD]
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30% 11.31% 45% 18.96% 60%
27% 10% .. .. ..
.. ..
.. ..
3.Rubber and plastic goods
factoriesMoulds [NESD]
30% 11.31% ..
11.Ropeway
structuresRopeways,
ropes and trestle sheaves
and connected parts [NESD]
40% 16.21% ..
4.Data processing machines
including computers [NESD]
40% 16.21% ..
.. ..
2. Cinematograph filmsBulbs of
studio lights
.. ..
5.Gas cylinders including
valves and regulators
[NESD]
D. 1.Artificial silk manufacturing
machinery with wooden parts
100% 100% ..
5.Iron and Steel
industriesRolling mill rolls
4.Glass
manufacturingconce
rnsDirect fire
glass melting
furnaces
4A.Flot Glass Melting Furnaces
(NESD)
12.Shoe and other leather goods
fabricsWooden lasts used in the
manufacture of shoes
C. 1. [** ** **]
3. Flour millsRollers
2.Motor buses, motor lorries and
motor taxis used in a business of
running them on hire [NESD]
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18.10% 6.33% .. .. ..
25.88% 9.50% .. .. ..
100% .. .. ..
6. Match factoriesWooden match
frames
7. Mineral oilconcerns(a ) Plant
used in field operations (below
ground)Distribution returnablepackages; (b ) Plant used in field
operations (below ground) but not
including assets used in field
operations (distribution)Kerbside
pumps including underground tanks
and fittings
8. Mines and quarries
(a ) Tubs, winding ropes, haulageropes and sand stowing pipes
(b ) Safety lamps
100%
9.Salt worksSalt pans, reservoirs
and condensers, etc., made of earthy,
sandy or clay material or any other
similar material
10. Sugar worksRollers
III. FURNITURE AND FITTINGS
2.Rate for furniture and fittings used
in hotels, restaurants and boarding
houses; schools, colleges and other
education al institutions, libraries;
welfare centres; meeting halls,
cinema houses; theatres and
circuses; and for furniture and fittings
let out on hire for use on the occasion
of marriages and similar functions
[NESD]
IV. SHIPS
1. Ocean-going ships
6[1.General Rates [NESD]
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27.05% 10% .. .. ..19.80% 7% .. .. ..
14.60% 5% .. .. ..
20% 7.07% .. .. ..
10% 3.34% .. .. ..
NOTES
1. Buildings
include roads,
bridges,
culverts, wells
and tube-wells.
2. Factorybuildings does
not include
offices,
godowns,
officers and
employees
quarters,
roads, bridges,
culverts, wells
and tube-wells.
(i) Fishing vessels with wooden hull
[NESD]
SLM means straight line method
(ii) Dredgers, tugs, barges, survey
launches and other similar ships used
mainly for dredging purposes [NESD](iii) Other ships [NESD]
2.Vessels ordinarily operating on
inland waters
(i) Speed boats [NESD]
(ii) Other vessels [NESD]
WDV means written down value
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3. Speed boat
means a motor
boat driven by
a high speed
internal
combustion
engine capable
of propelling
the boat at a
speed
exceeding 24
kilometres per
hour in still
water and so
designed that
when running
at a speed it
willplane,i.e., its
bow will rise
from the water.
4.Where,
during
anyfinancial
year, any
addition has
been made to
any asset, or
where anyasset has been
sold,
discarded,
demolished or
destroyed,
thedepreciatio
non such
assets shall be
calculated on
apro
rata basis from
the date of
such addition
or, as the case
may be, up to
the date on
which such
asset has been
sold,
discarded,
demolished or
destroyed.
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5.The
following
information
should also be
disclosed in the
accounts:
(i)depreciatio
nmethods
used; and
(ii)depreciatio
nrates or the
useful lives of
the assets, if
they are
different from
the principal
rates specified
in the
Schedule.
6.The
calculations of
the
extradepreciati
onfor double
shift working
and for triple
shift working
shall be made
separately in
the proportion
whilethenumberof
days for which
the concern
worked double
shift or triple
shift, as the
case may be,
bears to the
normalnumber
of working
days during the
year. For this
purpose, the
normalnumber
of working
days during the
year shall be
deemed to
be
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(a ) in the case
of a seasonal
factory or
concern,
thenumberof
days on which
the factory or
concern
actually worked
during the year
or 180 days,
whichever is
greater;
(b ) in any
other case,
thenumberof
days on which
the factory or concern
actually worked
during the year
or 240 days,
whichever is
greater.
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The extra shift
depreciation
shall not be
charged in
respect of any
item of
machinery or
plant which has
been
specifically,
excepted by
inscription of
the letters
NESD
(meaning no
extra shift
depreciation)
against it in
sub-items
above and alsoin respect of
the following
items of
machinery and
plant to which
the general
rate of
depreciation
of7[13.91] per
cent applies
(1 ) Accountingmachines.
(2) Air-
conditioning
machinery
including room
air-
conditioners.
(3 ) Building
contractors
machinery.
(4 ) Calculatingmachines.
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(5) Electrical
machinerysw
itchgear and
instruments,
transformers
and other
stationary plant
and wiring and
fitting of
electric light
and fan
installations.
(6) Hydraulic
works,
pipelines and
sluices.
(7)
Locomotives,
rolling stocks,
tramways andrailways used
by concerns,
excluding
railway
concerns.
(8) Mineral oil
concernsfield
operations:
(a )8[* * *]
(b ) Prime
movers(c)
8[* * *]
(d) Storage
tanks (above
ground)
(e ) Pipelines
(above ground)
(f) Jetties and
dry docks
(9 ) Mineral oil
concernsfieldoperations
(distribution)
kerbside
pumps,
including
underground
tanks and
fittings.
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(10) Mineral
oil
concernsrefi
neries :
(a)9[* * *](b ) Prime
movers
(c)9
[* * *]10
[(d) LPG
Plant]
(11 ) Mines
and quarries :
(a ) Surface
and
underground
machinery
(other than
electrical
machinery and
portableunderground
machinery)
(b ) Head-
gears
(c) Rails
(d)9[* * *]
(e ) Shafts and
inclines
(f) Tramways
on the surface
(12) Neo-post
frankingmachines.
(13 ) Office
machinery.
(14 ) Overhead
cables and
wires.
(15) Railway
sidings.
(16)
Refrigerationplant container,
etc. (other than
racks).
(17) Ropeway
structures :
(a ) Trestle
and station
steel work.
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(b ) Driving
and tension
gearing.
(18) Salt
worksReserv
oirs,
condensers,
salt pans,
delivery
channels and
piers if
constructed of
masonry,
concrete,
cement,
asphalt or
similar
materials;
barges and
floating plant;
piers, quaysand jetties; and
pipelines for
conveying
brine if
constructed of
masonry,
concrete,
cement,
asphalt or
similar
materials.
(19 ) Surgicalinstruments.
(20)
Tramways
electric and
tramways run
by internal
combustion
enginesperm
anent way:
carscar
trucks, car
bodies,
electrical
equipment and
motors; tram
cars including
engines and
gears.
(21 )
Typewriters.
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(22) Weighing
machines.
(23 ) Wireless
apparatus and
gear, wireless
appliances and
accessories.]
(24 )11
[* * *][7. Continuo
us process
plant means a
plant which is
required and
designed to
operate 24
hours a day.
8.Notwithstand
ing anything
mentioned in
this Schedule,
depreciation on
assets, whose
actual cost
does not
exceed five
thousand
rupees, shall
be provided at
the rate of
hundred per
cent:]
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13[Providedtha
t where the
aggregate
actual cost of
individual items
of plant and
machinery
costing Rs.
5,000 or less
constitutes
more than 10
per cent of the
total actual cost
of plant and
machinery,
rates of
depreciation
applicable to
such itemsshall be the
rates as
specified in
Item II of the
Schedule.]
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SLM
7
..
..
..
10.34%
..]
ft
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..
..
..
..
..
16.21%
11.87%]
..
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29.05%
..
..
..
..
..
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..
..
..
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....
..
..
..
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I
1 5
2 10
3 100
4 100
II 10
III
1 15
2 15
3 i. 40
Furniture and fittings includingelectrical
fittings
Machinery and plant : (See Note 3)
RATE %
Buildings : (See Note 2)
Buildings which are used mainly for
residentialpurposes except hotels and
Boarding House
Buildings which are not used mainly for
residential purposes and other thanmentioned in 1 & 3
Machinery and plant other than those
covered bysub-items 2, 3 and 8 below
IIRates ofDepreciation(Applicable w.e.f.
A.Y. 2006-07, ReferNotificationNo. 67/2005
dt. 28th February, 2005 w.e.f. 2-4-2005)
Buildings acquired on or after 1-9-2002
forinstalling P & M forming part of water
supply project or water treatment system
Purely temporary erections such as
wooden structures.
Motor-cars (other than those used in
business ofrunning them on hire)acquired or put to use onor after 1st April,
Aeroplane Aeroengines
DEPRECIATION AS PER INCOME TAX ACT
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iii. 40
v. 60
vi. 50
vi.a) 50
vii. 30
viii. 100
ix. 100
x. 100
xi. 30
Newcommercial vehicleacquired on
or after1.4.1999 but before 1.4.2000
in replacement ofcondemned
New commercial vehicles acquired
on or after 1-4-2001 but before 1-4-
2002 and is putto use before 1-4-
ii. Motor buses, Motor lorries and Motor
taxies
used in a business of running them
on hire.
30
Commercial vehicleacquired on or
after 1.10.1998 but before 1.4.1999
and is put to usebefore 1.4.1999 for
iv. Newcommercial vehicleacquired on
or after1.10.1998 but before
1.4.1999 and is put touse before
agefor the purpose of business or
profession.
60
Newcommercial vehicleacquired on
or after 1-1-2009 but before 1-4-
2009 and put to use before 1-4-2009Moulds used in rubber and plastic
goods factories
Air pollution control equipments
Solid waste control equipments
P & M used in semi-conductor
industry
Water pollution control equipments
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4 50
5 60
6 50
7&8. 100/80/60
9 i.
a. Annual publication 100
b. Other books 60
ii. 100
IV
20
V
Life saving medical equipments
(For Itemsrefer to Rule 5 App. I)
Books owned by assessees
carryingon a profession
For other items of P & M refer to Rule 5
App. 1
40
Containers made of glass or plastic used
as refills
Computers (including computer software)
Machinery and plants used in weaving
processing,and garment sector of textile
industry purchasedunder TUFS on or after
xi.a)
Books owned by assessees carrying
onbusiness in running lending
libraries
Ships
Refer to Rule-5 App.-I
Intangible Assets
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25
NOTES:. ere an asse s pu o use or ess an ays n a prev ous year n w c s
purchased,depreciationthereon shall be allowed at 50% of thedepreciationallowable in respect of
the block of asset comprising such asset.
2. Buildings include roads, bridges, culverts, wells and tubewells
3. Plant has been held to include:
movable partitions[Jarrold vs. John Good & Sons Ltd., 40 TC 681 (CA)]
9. No amortisation benefits u/ss. 35A and 35AB can be claimed in respect of intangible assets.
10. In respect of depreciable assets employed in power projects,depreciationmay be computed
under the Straight Line Method on individual assets [Rule 5(1A)] [Appendix IA]. Alternatively, the
undertaking, may at its option, also claim depreciation at the normal rates (Rule 5(1) Appendix I),
subject to the option being exercised prior to thedue dateof filing the return of income. In the event
of sale or disposal of such assets, if the sale consideration.
hospital[CIT vs. Dr. B. Venkata Rao 111 Taxman 635 (SC)]. However, w.e.f. A.Y. 2004-05, it shall
not include buildings, furniture and fittings.. eprec a onon asse s acqu re on re purc ase as s s ou e a owe o e rer w ere e
terms of the agreement provide that the equipment shall eventually become the property of the hirer
or confer on the hirer an option to purchase the equipment [CircularNo. 9 (R. Dis. No. 27(4) - IT/43),
5.Depreciationin respect of motor car manufactured outside India acquired on or after 28-2-1975 orbefore 1-4-2001 shall be allowed.
6. The claim of depreciation is mandatory w.e.f. A. Y. 2002-03 overriding Supreme Courts decision
inCIT vs. Mahendra Mills 109 Taxman 225which held that thedepreciationclaim is optional.
7. Totaldepreciationallowable in the year of succession/ amalgamation/demerger, to
predecessor/amalgamating/ demerged co. and successor/amalgamated/resulting co. is to be
restricted todepreciationallowable as if succession/ amalgamation/demerger had not taken place,
and suchdepreciationis to be apportioned on the basis of number of days usage by each of them.
8.Depreciationis allowable even on jointly owned assets.
sanitary & pipeline fitting[CIT vs. Taj Mahal Hotel, 82 ITR 44 (SC)]
ceiling and pedestal fans[CIT vs. Jagadees Chandran & Co., 75 ITR 697 (Mad.); Sundaram Motors
Pvt. Ltd. vs. CIT, 71 ITR 587 (Mad.); CIT vs. Tarun Commercial Ltd., 151 ITR 75 (Guj)].
wells[CIT vs. Warner Hindustan Ltd., 117 ITR 15 (AP)].
Knowhow, patents, copyrights, trademarks,
licences,franchisesor any other business
or commercialrights of similar nature
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Allowability of depreciation on non-compete fee u/s. 32 of the Income Tax Act, 1961
i. is less than WDV of such assets Balance (i.e., WDV sale consideration) can be claimed
asdepreciation, provided that such a deficiency is written off in the books.
ii. is in excess of the WDV Excess (to the extent of the difference between actual cost and
WDV will be taxable as Business profit and thebalanceasCapital Gains). ona eprec a on o ac ua cos o new mac nery or p an o er an s ps an
aircrafts) acquired and installed after 31st March, 2005 by an assessee engaged in the business of
manufacture or production of an article or thing shall be allowed on satisfying certain conditions.
Related posts:
Stock Exchange card is not an intangible asset eligible for depreciation U/s. 32 (1) of the Income TaxAct 1961
Can Assessee claim Depreciation on car Registered in the name of its partners or directors?
Even if Income is exempt Assessee need to adjust written down value of fixed Assets with
depreciation as per Income tax Act, 1961
Commercial Vehicle Acquired b/w 01.01.2009 to 31.03.2009 will be eligible to depreciation @ 50%
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CHECKLIST FOR VERIFICATION AND DOCUMENTATION
1. Tax Audit Report including other reports, if any, under 80-HHC, 80-I, 10A/B etc.
2. Annual Accounts with groupings (Balance sheet and Profit & Loss Accounts)
3. Trial Balance including Branch Trial Balance
Main
Debtors If voluminous, on floppy.
Creditors
Other detailed accounts. (Advances etc.)
4. Draft Tax Audit Report with annexures
5. Management Representation Letter
6. Compliance Certificate u/s 383A
7. Audit Programme
8. Audit Queries and comments of seniors. Only final disposal queries after solving routine
9. Documentation for CARO Report
274(1)(g) Representation from Directors for qualification.
Internal Audit Report. Points noted & subsequent compliance
Transaction with parties listed u/s 301 for comparison Compliance of section 58A and section 58AA and RBI guidelines
Cost Audit Report, if any.
Outstanding of statutory dues.
Sources of long term / short term funds and applications.
10. Fixed Assets
Details of additions made during the year
In case of new projects, proof of commencement.
Copy of government grants received during the year and accounting treatment
Compliance of AS-10 Accounting for Fixed Assets, AS-11 Accounting of effe
11. Investments
Physical Verification Report of Investment held by the company
Valuation Statement with cost and market value
Compliance of AS-13 Accounting for Investments.
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12. Inventories
Physical Inspection Report (Year end)
Stock statement as per Excise Records
Summary or production statement
Method of stock valuation as per AS-2 Valuations of Inventories
Stock statement and reconciliation statement of branch / agents.
Statement showing workings as per Provisions of 145A. Valuation report of Inventories like Raw materials, Finished goods, Work in proc
Cost sheet to prove cost of manufacture.
Worksheet for realisable value.
13. Sundry Debtors
Confirmation of debtors called for during the year. Position at the time of audit, i.
Age analysis of debtors
Status of legal case filed if any
Compliance of AS-11 Accounting of effect on change in foreign exchange fluctu
Provision for doubtful debts / writing off bad debts.
14. Cash and Bank Balances
Physical verification report of cash (Year end)
Bank balances confirmation and reconciliation statements for all banks and overvi
FDR confirmation including accrued interest.
15. Loans and Advances
Copy of balances with excise authorities in RG23 A Part II, RG23 C Part II & PL
Age wise analysis of advances / loans given
Security details in case of loans given and verification of securities. Confirmation of ICDs, interest receipts and TDS certificates.
Compliance of AS-11 Accounting of effect on change in Foreign Exchange Fluct
Review of tax assessment and Provisions VS Payments.
16. Current Liabilities and Provision
Age wise analysis of outstanding payables
Computation of Income tax for provision of taxation
To verify proof for 43B liabilities payments
Subsequent to year-end payments to determines outstanding liabilities.
17. Secured / Unsecured Loans
Confirmation of loans outstanding
Compliances of AS-11 Accounting of effect on change in Foreign Exchange Flu
Interest provision, interest workings and TDS
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Security documentation comments on review of from 8 & 13 and other paper.
18. Share Capital / Statutory Records
In case of increase in share capital, Copy of resolution passed and copy of form 2
Minute books. Board meeting/General Body. Note all the matters affecting accou
Section 301 Register
Registrar of contracts Annual Returns
Corporate Governance (Audit Committee) norms, if applicable.
19. Documents for AS-22 Accounting of Taxes on Income, AS-20 Earning Per Share an
Calculations of AS-22, AS-20 & AS-18
20. Revenue recognition
Statement showing quantity sold as per books and as per excise records
Statement showing reconciliation of excise duty paid with sales
Statement showing reconciliation of sales tax collected with sales Statement of Export Sales, FOB sales realisation.
Explanatory statement of any unusual items of income
Cenvat accounting
Other income, recoveries from contractor/others, Interest, Dividend and Rent
Sale of scraps
21. Expenses Incurred
Statement showing quantity purchase as per books and as per excise records
Compliance of AS-5 Accounting for Prior period items
Explanatory statement of any unusual items of expenses Consumption / conversion ratio for all products and comparison of it with previou
Comparison of Gross Profit Ratio with Last Three Years along with reasons for m
Reasonableness of expenses considering the size of the company
Any personal expenses debited to Profit and Loss Account.
22.Notes to Account
Review contingent liability list
Cases against company admitted but not crystallized liabilities List of small scale industries whose amount outstanding for more than 30 days
Quantity reconciliation of raw materials / finished goods
C.I.F. value of Imports
Expenditure in Foreign Currency
Remittance in Foreign Currency on account of dividends
Earnings in Foreign Currency
Method of accounting consistently followed or not.
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queries
t on change in Foreign Exchange Fluctuations, AS-16 Borrowing Cost, AS-19 Accounting
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ss, Stores and consumable, Packing materials and other inventories
. debtors who have paid after year-end.
ations
ew of items appearing for more than six months.
and Copy of RT 12 returns, balances with other Government and semi Government bodies
uations regarding conversation of receivable.
tuations
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iled with Registrar of Companies.
ts and audit.
AS-18 Related Party Disclosures Compliance
s year and note on major fluctuations/variations.
ajor variation/fluctuations.
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or Lease and AS-26 Impairment of Assets.
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S NO PARTICULARS
1 OPENING TRIAL BALANCE
2 CASH VOUCHING
PETTY CASH
MAIN CASH
NEGATIVE CASH VERIFI.
3 BANK VOUCHING
(LIST DOWN ALL BANK AS PER T/B)
4 BANK RECO
(LIST DOWN ALL BANK AS PER T/B)
5 SALES VOUCHING
A) EXPORT
B) LOCAL
6 PURCHASE VOUCHING
A) IMPORT
B) LOCAL
7 CREDIT NOTE
8 DEBIT NOTE
9 SALARY REGISTER
10 CHECKING OF O/S EXPENSES
11 CHECKING OF PREPAID EXPENSES
12 FIXED ASSETS
ADDITION:
SALE:
DEPRECIATION:
13 JOURNAL VOUCHING
S.S.JHUNJHUNWALA & CO. AUDIT STARTED:
CHARTERED ACCOUNTANTS. F.Y.:2011-2012
PERIOD:1/4/2011-30/9/2011
AUDIT PROGRAMME
CLIENT NAME:
BANK BOOK IS COMPARED WITH BANK STATEMENT TO RECONCILE & BALA
DATE. ANY PAYMENT BOOKED NOT CLEARED IN 6 M0N ARE ASKED FOR REA
SUPORTING ARE DEMANDED WHERE EVER REQUIRED.WHETHER PAYMENT
IS CHECKED. CARE IS TAKEN THAT DATE BELONG TO CURRENT YEAR, BILL IN
SIGNATURE OF PREPARER, AUTHORISE, AND RECEIVER IS CHECKED.TOTATI
REQ.LIKE 20000/- CRETERIA & REVENUE STAMP IS CHECKED.ANY QUERY IS
SHEET.CONTRA ENTRIES IS CHECKED.CARE IS TAKEN THAT EXP. IS INCURRED
BALANCE IS CHECKED IN SYSTEM
ALL PAYMENT IS VERIFIED ALONG WITH NECESSARY DOCUMENTS. ACCOUN
CHECKED.DATE,CO.NAME, AUTHORISATION IS CHECKED.TDS DEDUCTED IS
A.Y.:2012-2013
LAST YEAR'S SIGNED B/S IS COMPARED WITH OPENING TRAIBALANCE & AN
REPORTED.
MATERIAL AMT IS SET SAY RS.100/-AMT BELOW ARE CHECKED ONLY FOR A
PURPOSE
REMARKS
EACH TYPE OF SALES IS VERIFIED SEPRATELY.PO OF BUYER IS ASKED FOR,RE
VERIFID,ACCOUNTING ENTRY IS VERIFIED, INVOICE IS PROPERLY CHECKED
OF PO,TERMS OF PO ARE COMPARED WITH ACTUAL SALES & ANY DIFFEREN
BUYER ON INVOICE & IN SYSTEM IS CHECKED,QUANTITY, RATE, TOTAL IS VE
CHECKED,AUTHORISATION IS CHECKED. LR COPY IS CHECKED WITH ALL PAR
INVOICE,GATE PASS IS CHECKED(IF PROVIDED), DELIVERY ORDER COPY IS CH
BE IN ORDER.
NAME OF THE SELLER IS VERIFIED ALONG WITH INVOICE & SYSTEMS. DATE
CHECKED FOR CURRENT YEAR,CLIENT NAME ,PARTICULARS ,QUANTITY, RAT
ANY) IS CHECKED PROPER POSTING IS VERIFIED,LRCOPY AND RECEIPTS NOT
PAYMENT ENTRY IS CHECKED. PROPER HEAD OF ACCOUNTING IS CHECKED.
MADE WITHIN 06 MONTHS ARE ASKED TO REVERSE TO PNL A/C
PRORATA BASIS IS USED TO CHARGE EXPENSES & PREPAID EXP.
XEROX COPY OF INVOICE IS TAKEN.WHETHER ANY LOAN IS TAKEN FOR THE
REPAIRS TO FA IS CHECKED PROPERLY. SALE ENTRY IS VERIFIED PROPERLY
DEPRN. AND LOCAL TAXES TO BE CHARGED AND ANY GAIN or LOSS ENTRY A
VERIFIED. RATE OF DEPRN IS CHECKED AS PER SCH XIV , PRORATA BASIC IS
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TDS ON COMMISSION
TDS ON PROFESSION
TDS ON RENT
TDS ON SALARY
TDS ON JOB WORK
TDS ON LOADING & UNLOADING
TDS ON PROFESSIONAL CHARGES
PROVIDENT FUND
ESIC
PROFESSIONAL TAX
CST
VAT
SERVICE TAX
EXCISE
ANY OTHER
15 INVESTMENTS
16 LOANS
SECURED
UNSECURED
PROPER DEDUCTION IS CHECKED ALONG WITH SALARY VOUCHING. HERE A
PF/ESIC/PT ACCOUNT IS CHECKED ALONG WITH CHALLAN & CONTRIBUTION
IS CHECKED. DETAILED FORMATS IS USED FOR VOUCHING.
WHETHER PROPER DEDUCTION IS MADE OR NOT IS CHECKED AT THE TIME
THE PAYMENT IS VERIFIED WITH THE PROPER CHALLAN (CORRECT SECTION,
NO, AMT, ANY INTERST IS PAID.PROPER PRESCRIBED FORMAT IS USED WHI
CREDITED IN ACCOUNTS,DUE DATE, PAYMENT DATE, AMT PAID, DELAY, INT
THEREOF IS CHECKED.
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CE AT THE REPORTING
SON & REVERSAL.
IN CASH WAS NECESSARY
NAME OF CLIENT,
G IS CKECKED. STAT
ECORDED IN QUERY
FOR COMPANY. NEGATIVE
TING ENTRIES ARE
HECKED HERE
DIFFERENCE IS
COUNTING ENTRY
ONGITION CETERIA IS
ITH DATE OF SALE & DATE
CE IS NOTED,NAME OF
RIFIED,LOCAL TAXES ARE
ICULARS WITH
ECKED. INVOICE SHOULD
F PO & PURCHASE IS
E,DISCOUNT GIVEN(IF
IS CHECKED.
PAYMENT WHICH IS NOT
SSETS IS CHECKED.
ITH PROPER EFFECT OF
ND CALCUTION IS
SED TO CHARGE DEP. AMT
L SHOULD BE IN NAME OF
KED & CAPITALISIED.
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T CREDITED IN
BY ER. & ADMIN CHARGES
F BANK/CASH/JV. HERE
DATE OF PAYMENT,PAN
H CONSIST OF AMT
EREST CALCULATION
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1. Register of Investments not held by company in its own name u/s 49(1)
2. Register of fixed deposit under Acceptance of Deposit Rules, 1975
3. Register of Securities bought back u/s 77A.
4. Register of Charges u/s 143.
5. Register & Index of Members u/s 150 & 151.
6. Register of Debenture holders u/s 1527. Register of Beneficial Owner u/s 152A.
8. Register of Foreign Members u/s 157.
9. Processdings of General & Board Meetings (Minutes) u/s 193.
10. Books of Accounts u/s 209
11. Cost Records u/s 209(1)(d).
12. Register of Contracts in which Directors are interested u/s 301.
13. Register of Directors, Manager & Secretary u/s 303.
14. Register of Directors Shareholding u/s 307.
15. Register of Inter Corporate Loans & Investments u/s 372A.
16. Register of Renewed & Duplicate Share Certificate.
1. Director Attendance book.
2. Shareholder/Proxy Attendance book.
3. Register of Sealed Documents.
4. Register of Share Application & Allotment.
5. Register of Share Transfer/ Transmission.
6. Register of Dividend.
7. Register of Power of Attorney/Probate etc.
8. Register of Dividend Mandate.
9. Register of Bank Account Particulars.
10. Register of Electronic Clearing Service.
11. Register of Fixed Assets.
12. Register of Form 24AA from Directors
13. Register of Nominations received.
14. Register of Share Warrants.
15. Register of Proxies.
Mandatory Statutory Registers under Companies Act, 1956
Non-Mandatory Statutory Registers under Companies Act, 1956
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TAX COLLECTION AT SOURCE (TCS)Concept of TCS: - in this concept the seller of specified goods collect tax from the buyer under the secti
Definition of buyer: - Buyer is a person who buys the goods for sale. The mode of buying may be
- Central/State government.
- Public company.
- Embassy, High commission or representation of foreign country.
- Any club.
- Any person who buys the goods for personal consumption & not for sale.
Definition of seller: - seller of the specified goods is covered in TCS act. Seller may be
- individual or huf
- firm
- co-operative society
- company
- state or central government
- local authority
Specified goods: - Specified goods are those goods, sale or purchase of these goods attracts TC
1- Alcoholic liquor for human consumption.2- Timber
3- Tendu leaves.
4- Forest produce other than timber and tendu leaves.
5- Scrap or waste.
Tax Rate: - Rate of TCS is different from one item to other. The rate of TCS is as follows.
- Alcoholic liquor for human consumption 1%(one percent)
- Timber 2.5%(two point five percent)
- Tendu leaves. 5%(five percent)
- Forest produce other than timber and tendu leaves.2.5%(two point five percent)
- Scrap or waste. 1%(one percent)
-
TCS Exemption:-
- The tcs will be zero or exempt when the buyer buys the goods for manufacturing or reproduc
- In this condition the buyer supplies Form 27C to the seller mentioning that he is the not a tra
- The seller needs to deliver copy of Form 27C to the commissioner of income tax.
TAN: - Every person who collects tax means the seller needs to apply for TAN no. and the TAN Number
This TAN number will combine work for TDS/TCS.
The seller need to deposit the tax amount within one week from the last day of the month in which tReturn: - the seller who collected TCS need to deposit return with Form 27EQ quarterly.
http://freeworking.hubpages.com/hub/How-to-Avoid-TDS-Tax-Deduction-on-Source-on-Fixed-Deposithttp://freeworking.hubpages.com/hub/UNIQUE-IDENTIFICATION-NUMBER-IS-LAUNCHING-IN-INDIAhttp://freeworking.hubpages.com/hub/FORM-16--16A-FROM-FUV--SOFTWAREhttp://freeworking.hubpages.com/hub/FORM-16--16A-FROM-FUV--SOFTWAREhttp://freeworking.hubpages.com/hub/UNIQUE-IDENTIFICATION-NUMBER-IS-LAUNCHING-IN-INDIAhttp://freeworking.hubpages.com/hub/How-to-Avoid-TDS-Tax-Deduction-on-Source-on-Fixed-Deposit -
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n 206C (1). This is also called TCS and full form is Tax collected at source.
irect purchase, tender or any auction to the specified goods. But these are not covered as buyers in
. There are only some of goods which attract TCS and the list of these items is as follows.
tion and not for sale.
er and will reprocess the goods which are purchased with duly stamped and signature.
should be written to all challans, Forms & certificate of TDS/TCS.
e amount received of TCS with challan no. 281 also used for tds. The seller also need to issue a ce
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Tax Collected at source (TCS) Act.
rtificate to the buyer of TCS Form 27 D which can be issued monthly or six monthly basic.
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SR NO PARTICULARS
1) Name of Client:
2)
3) Year Of Incorporation:
4)
(1/4/2011-31/03/2012)
2) List of Share holder .
(1/4/2011-31/03/2012)
3) PAN NO.
4) TAN NO.
5) VAT/CST NO.
6) SERVICE TAX REGN NO.
7) Type of Business:
8)
S.S.JHUNJHUNWALA & CO.
CHARTRED ACCOUNTANTS
DET
Telephone no. Website:
Emial address:
5)
Name of Director, Period
of holding office in the
current year & Provide DINfor each Director.
1)
2)
3)4)
5)
6)
7)
1)
2)
3)
Type of product or/&
service provided
4)
6)
7)
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9) Registered Office:
10) Production Site(s)
11) Accounting Package :
12)
13) Details of Returns
a) TDS Return
b) VAT/CST Return
c) Service Tax Return
d) Excise Return
15) Authorised Persons:
a) Cash
b) Bank
c) Sales
d) Purchase
e) Salary
f) Statutory Payments
g) Statutory Returns
16)
1
2
3
4
5
6
Assosciate
Companies(related
party)
1)
2)
3)
4)
5)
6)
Half yearly/Q
Register of Securities bought back u/s 77A.
Name & Design
Mandatory Statutory RegistersRegister of Investments not held by company in its own name
u/s 49(1)
Register of fixed deposit under Acceptance of Deposit Rules,
1975
Register of Charges u/s 143.
Register & Index of Members u/s 150 & 151.
Register of Debenture holders u/s 152
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7
8
9
10
11
12
13
14
15
16
17)
12
3
4
5
6
7
8
9
10
11
12
13
14
15
Books of Accounts u/s 209
Cost Records u/s 209(1)(d).
Register of Contracts in which Directors are interested u/s301.
Register of Beneficial Owner u/s 152A.
Register of Foreign Members u/s 157.
Processdings of General & Board Meetings (Minutes) u/s 193.
Register of Dividend Mandate.
Register of Renewed & Duplicate Share Certificate.
Non-Mandatory Statutory Registers
Director Attendance book.Shareholder/Proxy Attendance book.
Register of Sealed Documents.
Register of Share Application & Allotment.
Register of Share Transfer/ Transmission.
Register of Dividend.
Register of Power of Attorney/Probate etc.
Register of Directors, Manager & Secretary u/s 303.
Register of Directors Shareholding u/s 307.
Register of Inter Corporate Loans & Investments u/s 372A.
Register of Proxies.
Register of Bank Account Particulars.
Register of Electronic Clearing Service.
Register of Fixed Assets.
Register of Form 24AA from Directors
Register of Nominations received.
Register of Share Warrants.
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ILS REQUIRED
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Maintained/ Non-Maintained
arterly/Monthly Return
tion Of Concerned Person
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Maintained/ Non-Maintained
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Maharashtra Value Added Tax Act
INTRODUCTION
1. The system of Value Added Tax (VAT) has been implemented, in the State of Mah
2. The following Acts have been repealed on introduction of VAT:
i. The Bombay Sales Tax Act, 1959, (BST)
ii. The Maharashtra Sales Tax on the Transfer of Property in goods inv
iii. The Maharashtra Sales Tax on the Transfer of the Right to use any
iv. The Bombay Sales of Motor Spirit Taxation Act, 1958.
3. Thus all transactions of purchase and sales of goods, within the State of Maharash
4. There will be only one tax; i.e., VAT no separate Purchase Tax, Turnover Tax, Res
5. No Concessional Forms such as Form 14, 14A, 14B, 13A and BC Form etc., whi
6. No Resales: All transactions of sales of goods, as well as deemed sale of goods s
7. Immediate Input Tax Credit, in the month/quarter in which the eligible goods p
8. Composition Schemes for Retailers, Hoteliers, Caterers, Bakers, 2nd Hand Moto
9. CST will continue for the time being. Thus all transactions of Inter-State Sale
10. Tax payable by a Dealer: VAT = Tax on Sales- Input Tax Credit- Credit
INCIDENCE AND LEVY OF TAX
As per the provisions of MVAT, only a dealer is liable to pay tax on the turnover of sa
However an agriculturist, educational institution and transporters shall not be deeme
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Dealers liable to pay Tax: [Sec 3]
1. The dealers, holding a valid registration certificate under the earlier laws, w
2. The dealers, holding a valid registration certificate under the earlier laws, w
3. New dealers, whose turnover of sales exceeds the prescribed limits durin
4. A dealer, who becomes liable to pay tax under CST Act, although his turno
5. A successor in business of any dealer shall become liable to pay tax on and
6. A dealer, applying for voluntary registration, shall be liable to pay tax from
In Capital Registration [Sec 16, R 8]
Every dealer, who becomes liable to pay tax under the provisions of MVAT, shall appl
Turnover limits for the purpose of Liability/Registration
[Sec 3(4)]
Category of dealer
Importer
Others
It may be noted while the total turnover of Rs. 1,00,000/- and 5,00,000/- is in respe
Both the conditions have to be satisfied for the purposes of liability/registration unde
Documents required for the purposes of Registration
The Commissioner of Sales Tax, Maharashtra, has issued a circular dated 4th May, 2
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Documents to be submitted along with the application for registration:
(Note: Copies of documents must be self-attested and are subject to verification fro
G. In case of fresh registration:
1. Proof of constitution of business (as appropriate):
i.
ii.
iii.
iv.
H.
2. Proof of permanent residential address* (please provide at leas
i. Copy of ration card.
ii. Copy of passport.
iii. Copy of driving licence.
iv. Copy of election photo identity card.
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v. Copy of property card or latest receipt of property
vi. Copy of latest paid electricity bill in the name of th
3. Proof of place of business:
i.
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ii.
4.
5. Two latest passport size photographs of the applicant **
6. Copy of Income Tax Assessment Order having PAN or copy of
7. Challan in original showing payment of registration fee.
I. Registration in case of change in constitution of the dealer:
2. Proof of change in constitution (e.g. if proprietary dealer converted t
3. Copy of latest return-cum-challan.
4. Challan in original showing payment of registration fee.
5. PAN of new firm.
J. Registration in case of change in place of business:
0. Proof of new place of business as given in A-3 above.
1. Copy of latest return-cum-challan of the dealer.
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2. Challan in original showing payment of registration fee.
K. Registration in case of transfer of business:
0. All documents from 1 to 6 given in A.
1. Copy of transfer deed.
2. Copy of latest return-cum-challan of the original dealer.
* In case of partnership firm, proof of residence has to be provided for
** In case of partnership firm, photographs of only applicant partner n
Further, in case ofVoluntary Registration, it is necessary that the ap
L. Rate of Tax: [Secs. 5 & 6] as per
Sc e u es:
Schedule A
Schedule B
Schedule C
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Schedule D
Schedule E
Tax payable by a Dealer: [Sec 4]
A dealer is liable to pay tax on the turnover of sales of goods, within the State, as pe
Tax Period
Tax Period in relation to a dealer may be a Calendar Month, Quarter (a period of thre
FILING OF RETURNS AND PAYMENT OF TAXES
Every Registered Dealer shall be required to file correct, complete and self-consisten
Periodicity and due date:
(a)
(b)
(c)
Category of Dealers
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Tax Liability for the purpose means aggregate of taxes payable by a registered deal
Special provision for first & last return:
New dealers to file their first return from 1st April to the end of the quarter in which
The last return, in cases of closure/transfer of business or shifting of place of busines
Return Forms and Payment of Tax:
All such returns, whether monthly, quarterly or six monthly have to be filed in prescri
The tax payable, if any, as per return, shall be paid in to the Government Treasury al
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In case of delayed payments, interest is payable @ 15% p.a. Such interest is manda
If tax payable for any period is nil or there is credit c/f, the return shall be submitted
Revised return, for any period, can be filed within 6 months from the end of year in
INPUT TAX CREDIT (ITC) (SET OFF): - [Sec 48, Rules 51 to 56]
Eligibility: All registered dealers, whether manufacturer or traders, eligible to take
Entry Tax: The amount of entry tax, paid by a registered dealer on the goods the
ITC on Capital Goods: Tax paid on certain items of capital goods (defined) such
ITC on Miscellaneous Goods: The amount of Vat paid on purchase of miscellane
ITC on Fuel: Tax paid on purchase of goods, which is used as fuel, shall be eligibl
ITC on Opening Stock: The goods which is held as closing stock as on 31st Marc
Note: For claiming set off on opening stock, the Registered Dealer (Reseller) shall file
Reduction in Set off: The amount of set off, available to a registered dealer, shall
xiii. 4% of the purchase price of respective goods, if taxable goods use
xiv.
4% of the purchase price of respective goods, if taxable goods use
xv. 4% of the purchase price of respective packing material used in th
xvi. 4% of the purchase price of respective goods, if taxable goods sent
xvii. Specified percentage of set off, if taxable goods used in Works Con
xviii. In case of Liquor, sold by dealers holding Liquor Vendor Licence in
xix. In case of dealers, whose total receipts on account of sale are less
xx. In case of closure of business, the set off on goods held in stock (o
Wherever such reduction in se toff is required to be done, it shall be done in t
If, for the purpose of reduction of set off, wherever required, it is not possible
Condition for grant of set off:
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21. Set-off to be allowed only to a registered dealer.
22. A valid Tax Invoice is must to claim set off.
23. Proper maintenance of account of all the purchases in a chronologic
24. The set-off on eligible goods, purchased on or after 1st April 2005,
25. The set-off on opening stock (closing stock as on 31-3-2005) has t
26. The set-off on eligible assets, held in stock as on 31st March 2005,
No Set off: - No set-off, under any Rule shall be admissible in respect of;
aa. Purchase of motor vehicles (other than goods vehicles) which are t
bb. Purchase of Motor Spirit by any dealer other than a dealer in Motor
cc. Purchase of Crude Oil, used by an oil refinery for refining.
dd. Any purchase of consumables or capital assets by a job worker (lab
ee. Any purchase made by a dealer holding Entitlement Certificate und
ff. Any purchase of goods of incorporeal or intangible nature other tha
gg. Tax paid on works contracts in building construction.
hh. Purchases of building material, which are not resold but used in the
ii. Purchases of Office Equipments, Furniture, Fixture and Electric Inst
It may further be noted that:
jj. Small dealers/retailers, hoteliers, caterers, bakers etc., opting for C
kk. There is no setoff of CST paid on inter-State purchases.
ll. There is no set off for any other taxes paid such as excise duty, im
mm. No setoff of taxes paid on purchases affected before the date of re
Credit C/f and Credit B/f: If during a tax period (month/quarter/six months) the
Goods Return, Debit/Credit Notes: Section 63 (5) and (6) of the MVAT Act pro
Exports: Exports are treated as zero-rated. Thus no tax is payable on export of g
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However, the Trading exporters (who were earlier purchasing goods against Form 1
Inter-State Sales: The transactions of inter-State sales and inter-state movemen
Essential ingredients of a Tax Invoice: Under the scheme of VAT, the most im
xl. The word Tax Invoice in bold letter at the top or at a prominent pl
xli. Name, Address and Registration Number of Selling Dealer.
xlii. Name and Address of the Purchasing Dealer.
xliii. Serial Number and Date
xliv. Description, Quantity and Price of the Goods sold.
xlv. The amount of tax charged, to be shown separately.
xlvi. Signed by the selling dealer or a person authorized by him.
xlvii. A declaration u/r 77(1).
BILL OR CASH MEMORANDUM
Section 86(6) requires every registered dealer to issue, at his option, either a Tax In
The dealer, choosing to issue Tax Invoice must comply with the requirements prescri
The dealers, who have opted for Composition Scheme u/ss 42(1) and 42(2), are not
A bill or cash memorandum should be serially numbered, dated and signed by the de
A duplicate copy of all such bills/cash memorandum or Tax Invoice is required to be
COMPOSITION SCHEMES
Sections 42 (1) and (2) provides for Composition Schemes for various classes of deal
(1) Restaurants, Clubs and Hotels (2) Caterers (3) Bakers (4) Retailers and (5) Deal
WORKS CONTRACTS
As there is no separate act governing works contract transactions, all such transactio
Accordingly the value of the goods at the time of the transfer of property in the good
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xlviii. labour and service charges for the execution of the works where th
xlix. amounts paid by way of price for sub-contract, if any, to sub-contr
l. charges for planning, designing and architects fees;
li. charges for obtaining on hire or otherwise, machinery and tools for
lii. cost of consumables such as water, electricity, fuel used in the exe
liii. cost of establishment of the contractor to the extent to which it is r
liv. other similar expenses relatable to the said supply of labour and se
lv. profit earned by the contractor to the extent it is relatable to the su
Provided that where the contractor has not maintained accounts which enable
WORKS CONTRACT SALE PRICE
TABLE
Serial No.
-1
1
2
3
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4
5
6
7
8
9
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10
11
12
13
14
*The percentage is to be applied after first deducting from the total contract price, th
The value of goods so arrived at under Rule 58 (1) shall, for the purposes of levy of t
Note: The dealer, opting to pay tax as per the above scheme, is entitled to take full i
WORKS CONTRACT COMPOSITION SCHEME
Section 42(3) provides for a Works Contract Composition Scheme, whereby a dealer,
However, in respect of such contract/s, where the dealer has chosen to pay tax by w
Note: A dealer, executing works contract, whether chooses to pay tax u/r 58 or unde
WORKS CONTRACT TDS PROVISIONS
Section 31 provides that the Commissioner may, by notification, require any dealer o
11. All such employers shall have to:
. Take a Tax Deduction Number (Works Contract) from the Sales Tax
a. Deduct tax, at prescribed rate, from the amount paid or payable to
b. Deposit the amount so deducted with the Govt. treasury within 10
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c. Issue a certificate of deduction of tax, immediately, in Form 402.
d. Submit monthly (quarterly) statement of tax deducted at source, in
e. Maintain necessary records in prescribed format, Form 404.
f. File an annual return of TDS, in Form 405, within 3 months from th
g. Attend and produce records before the assessing authority as and
Notes:
8. The TDS provisions are applicable only to specified employers.
9. The tax is required to be deducted only in such cases, where paym
10. There are provisions for reduced rate of deduction or no deduction
11. A contractor, awarding sub-contracts, is not required to deduct TD
12. TDS provisions are not applicable in respect of works contract liable
Employers notified for the purposes of TDS
SCHEDULE
Serial No.
-1
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-1
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-2
-3
-4
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-5
-6
-7
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-8
Note: No such deduction shall be made where the amount or the aggregate of the
Tax on Right to Use Goods (LEASING AND HIRE CHANGES)
Earlier the tax on leasing and/or hire charges was payable under the provisions of M
Sale of Food by Residential Hotels
Rule 59 provides for determination of taxable turnover of sales of goods (food) in cas
Reduction in Sale Price in certain cases
13. If a dealer has chosen not to collect tax separately from its custom
[Rule 57 (1)]
Sale Price * Rate of Tax/100+Rate of Tax
14. In case of a dealer selling goods, originally manufactured by a deal
SALE/PURCHASE OF GOODS BY PSI UNITS
PSI Units: The units enjoying benefits, whether by way of exemption or deferral, u
Resale of goods purchased from PSI Units: As the units, enjoying exemption,
MAINTENANCE OF ACCOUNTS
Section 63(1) requires, every dealer liable to pay tax under the MVAT Act, and any o
Sections 63(2) and (3) empowers the Commissioner to give direction to any dealer o
Section 63(4) requires every dealer to keep all his accounts, registers and document
Section 63(5) requires goods return claims to be made in the period (month, quarter
Similarly section 63(6) requires that the effect of all such debit notes or credit notes,
Rule 68 requires every registered dealer to preserve all books of account, registers a
AUDIT OF ACCOUNTS
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Section 61(1) of the MVAT Act provides that: Every dealer liable to pay tax shall:
o. if his turnover of sales or, as the case may be, of purchases, excee
p. if he is a dealer or person who holds a liquor licence in prescribed f
get his accounts in respect of such year audited by an Accountant, within the prescri
Explanation. For the purposes of this section, "Accountant" means a Chartered Acc
Rule 65.The report of audit under section 61 shall be in Form 704.
Rule 66.The report of the audit under section 61 shall be submitted within eight mon
Failure to furnish such report, in time, may attract penalty equal to one-tenth per ce
Provided that the dealer fails to furnish a copy of such report within the aforesaid per
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arashtra, w.e.f. 1st April, 2005.
olved in the execution of Works Contract (Re-enacted) Act, 1989.
goods for any Purpose Act, (Lease Tax) and
tra, which used to be covered under the above Acts, till 31st March 2005, will now be go
ale Tax, Surcharge, Works Contract Tax, and Lease Tax etc.
ch used to be there under earlier law.
ch as Works Contracts, Leases etc., by a dealer, within the State of Maharashtra, are lia
rchased.
r Vehicle dealers and Contractors etc.
, Export, Import, Deemed Export, High Seas sales, Inter-State Branch/Consignment Tra
/f
les within the State of Maharashtra. The term dealer has been defined u/s 2(8) of the Ac
to be a dealer (subject to fulfilment of conditions).
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hose turnover of either of sales or purchases exceeds the specified limits during the fina
hose turnover of either of sales or purchases has not exceeded the specified limits durin
g any year, commencing on or after 1st April, 2005, liable to pay tax from the date on w
er of sales within the State does not exceeds the prescribed limits, shall become liable t
from the date of succession.
the date of registration.
y for registration to the prescribed authority, in Form 101, within 30 days from the date
Total
turnover
of sales
Turnover of
taxable
goods
purcha
sed or
sold
Rs. 1,00,000
Rs.
10,000
Rs. 5,00,000
s.
10,000
t of Turnover of Sales (which includes all sales whether tax free or taxable), the turnove
this category. [Sec 3(4)]
05, whereby a dealer is required to submit following documents along with the applicati
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the original)
In case of
proprietary
firm:
No proof
required
.
partnership
firm:(Regist
ered or
unregistered)
Copy of
partners
hipdeed.
In case of
company:
Copy of
Memora
ndum of
Associati
on and
Articles
ofAssociati
on.
In case of
other
constitution:
Copy of
relevant
docume
nts.
t 2 documents out of the following documents):
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tax of Municipal Corporation/Council/ Grampanchayat as the case may be.
e applicant.
In case of
owner:
Proof of
ownershi
p of
premise
s, viz.
copy of
property
card or
ownershi
p deed
or
agreeme
nt with
the
builder
or any
other
relevant
docume
nts.
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In case of
tenant/sub-
tenant:
Proof of
tenancy/
sub-
tenancy
like copy
of
tenancyagreeme
nt or
rent
receipt
or leave
and
licence
or
consent
letter,
etc.
PAN card (in case of Proprietary business: PAN of Proprietor; in case of partnership bu
o partnership firm then copy of Partnership deed, etc.).
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all partners, in case of body corporate, proof of residence of applicant.
ed to be submitted. In case of corporate bodies, the details of place of residence and PA
plicant dealer is having a current bank account and such dealer has to be introduced eith
Essential
Commod
ities
(Tax
free) Nil
Gold,Silver,
Precious
Stones,
Pearls
etc. 1%
Declared
Goods,
Industrial
Inputs,a
nd such
other
specified
goods 4%
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Foreign
Liquor,
Country
Liquor
etc.Moto
r Spiritsat
specified
rates 20%
All other
goods
(not
covered
by A to
D) 12.50%
r the rates specified in the schedules. The tax so payable for any tax period shall be redu
e month; i.e., Apr to Jun, July to Sep, Oct to Dec and Jan to Mar) or six months (prescri
return, in prescribed form, by the due date. [Sec 20, Rules 17 to 20]
Periodic
ity
Due
date
Monthly 15 days
6
Monthly
25 days
Specified Dealers
Dealers covered by
Notification u/s 41(4)
Retailers- Who have
opted for Composition
Scheme
Others-
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(i) Tax
liability
during
previous
year,Rs.
12000/-
or less
6
Monthly
25 days
(ii) Tax
liability
during
previous
year,
more
than
Rs.1200
0/- butdoes not
exceeds
Rs. 1
lakh
Quarterly 25 days
(iii) Tax
liability
during
previous
year,exceeds
Rs. 1
lakh
Monthly 25
days(Fo
r the
months
of Janand
Feb, 20
days)
ler, in respect of all places of business within the State of Maharashtra, under the Central
egistration is granted, and, thereafter all quarterly returns till the end of year. (Within 2
s etc., to be filed up to the date of event. (Monthly, quarterly or 6 monthly as the case
ibed form (Return cum challan). There are separate forms prescribed for various categori
ong with the return. [Sec 32, R 41]
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ory and shall be paid along with the return.
to the office of the assessing officer. (However, in Mumbai, at the special counters set u
hich such tax period falls or before receipt of notice for assessment, whichever is earlier.
full set off of the taxes paid on inputs i.e. Value Added Tax paid, within the State of Mah
sale of which is liable for VAT under MVAT, will be eligible for full setoff.
s machinery, components, parts and spares etc. are also eligible for full set off.
ous goods, debited to Profit & Loss A/c (such as printing and stationery, repairs, sales pr
for set off, in excess of 4%.
2005, by a registered dealer, who is a trader/reseller, will be liable for tax, as and whe
a detailed statement in Form No. 6, to the assessing officer, on or before 30-4-2005. (D
e reduced to the extent as provided, under the following circumstances: -
as fuel.
in manufacture of tax-free goods.
packing of tax-free goods.
to any other State in India as Branch Transfer or on Consignment.
tract for which the dealer has chosen to pay tax under the Composition Scheme.
Form FL-II, CL-III, and CL/FL/TOD/III, as per formula, if the actual sale price is less tha
han 50% of total gross receipts of business then setoff restricted to corresponding purc
her than capital assets), on the date of closure, to be disallowed and accordingly be red
e tax period in which such contingency arises.
to identify the corresponding purchases then proportionate reduction on FIFO basis.
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al order stating therein the date on which the goods so purchased, the name and registr
has to be claimed in the tax period in which the goods has been purchased (entered in t
be claimed in the first return to be filed for the tax period commencing 1st April 2005.
and sold on or before 31st December 2005, to be claimed in the tax period in which suc
eated by the claimant dealer as capital assets and parts components, accessories thereo
Spirit.
our job), whose only sales are waste or scrap of goods obtained from such labour job.
r a Package Scheme of Incentives. (Such units are entitled for refund of tax paid on pur
n Import Licence, Exim Scrips, Special import Licence, Duty Free Advance Licence, Expor
activity of building construction.
llations, treated by the claimant dealer as capital assets.
omposition Scheme, u/ss 42(1) and 42(2) of MVAT Act, are not entitled for any set off.
ort duty, service tax, octroi or such other levy or levies.
istration.
tax on total turnover of sales is less than the amount of input tax credit, then such exce
ides that the amount of goods returned during any period shall be reduced from the tot
ods out of India. However full set off available of input tax paid on purchases, from withi
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) may purchase such goods against Form H of CST Act, provided all other conditions of
t of goods are governed by the CST Act. Thus the tax on such sale is levied according to
ortant document is tax invoice. A registered dealer is entitled to claim set-off only on th
ace.
oice or Bill/Cash Memorandum, for every sale made by him. (Irrespective of the amoun
bed in sec 86(2), enumerated above.
entitled to issue a Tax Invoice. Such dealers shall issue a Bill or Cash Memorandum.
aler or his servant or manager. Such bill or cash memorandum shall contain such particu
reserved for a period of three years from the end of the year in which sale took place.
lers, as may be notified by the State Government from time to time. The dealers opting f
rs in 2nd Hand Motor Vehicles.
ns are now taxable as deemed sales under the MVAT Act. The rate of tax, on such deem
s (whether as goods or in some other form) involved in the execution of works contract
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e labour and service done in relation to the goods is subsequent to the said transfer of p
ctors;
the execution of the works contract;
ution of works contract, the property in which is not transferred in the course of executi
latable to supply of the said labour and services;
vices, where the labour and services are subsequent to the said transfer of property;
pply of said labour and services:
a proper evaluation of the different deductions as above or where the Commissioner find
Type of
Works
contract
*Amou
nt to be
deduct
ed from
thecontrac
t price
(%)
-2 -3
Installation
of plant and
machinery
Fifteen
per cent.
of air
conditioners
and air
coolers
Ten per
cent.
Installation
of elevators
(lifts) and
escalators
Fifteen
per cent.
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Fixing of
marble
slabs,
polished
granite
stones and
tiles (otherthan mosaic
tiles)
Twentyfive per
cent
Civil works
like
construction
of buildings,
bridges,
roads, etc.
Thirty
per cent.
Constructionof railway
coaches or
under
carriages
supplied by
Railways
Thirty
per cent.
Ship andboat building
including
construction
of barges,
ferries, tugs,
trawlers and
dragger
Twenty
per cent.
Fixing of
sanitary
fittings forplumbing,
drainage
and the like
Fifteen
per cent.
Painting and
polishing
Twenty
per cent.
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Construction
of bodies of
motor
vehicles and
construction
of trucks
Twenty
per cent.
Laying of
pipes
Twenty
per cent.
Tyre
retreading
Forty
per cent.
ye ng an
printing of
textiles
Forty
per cent.
ny o er
works
contract
Twenty
per cent.
e amounts paid by way of price for the entire sub-contract to sub-contractors, if any.
ax, be the sale price or, as the case may be, the purchase price relating to the transfer o
put tax credit; i.e., full setoff of MVAT paid on purchases used in works contract.
at his option, may choose to pay tax @ 8% on the total contract value. (After deduc
ay of composition, the amount of setoff available on inputs will be restricted to 64% of t
r the composition scheme, u/s 42(3), is entitled to issue tax invoice in respect of all such
r person or class of dealers or persons (hereafter referred as the employer) to deduct t
Department. Application to be made, in Form 401, within three months from the day he
a contractor during a given period.
ays from the end of month in which such tax deducted or required to be deducted.
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respect to each of such contractor, to the respective prescribed officer, in Form 403, wit
end of the year.
hen asked to do so.
nt to a dealer (contractor) is Rs. 5,00,000/- or more during a year.
certificate, granted by the Commissioner, on an application, in Form 410, made by the c
from such sub-contractor.
to tax under the CST Act.
Classes of
Employers
Amount
to bededuct
ed-2 -3
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The Central
Government
and any
State
Government
Two per
cent of
the
amount
payable
as above
in thecase of a
contract
or who
is a
registere
d dealer
and four
per cent
in any
other
case
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All
Industrial,
Commercial
or Trading
undertaking
s, Company
orCorporation
of the
Central
Government
or of any
State
Government
, whether
set up under
any special
law or not,
and a Port
Trust set up
under the
Major Ports
Act, 1963
do
A Company
registered
under the
Companies
Act, 1956
do
A local
authority,
including a
Municipal
Corporation,Municipal
Council, Zilla
Parishad,
and
Contonment
Board
do
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A Co-
operative
Society
including a
Co-operative
Housing
Societyregistered
under the
Maharashtra
Co-operative
Societies
Act, 1960
do
A registered
dealer under
the
Maharashtra
Value Added
Tax Act,
2002
do
An
Insurance or
Finance
Corporation
or
Company;and any
Bank
included in
the Second
Schedule to
the Reserve
Bank of
India Act,
1934, and
any
Scheduled
Bank
recognised
by the
Reserve
Bank of
do
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Trusts,
whether
public or
rivate
do
mount payable to a dealer by such employer is less than rupees 5 lakh during any year.
harashtra Tax on Right to Use Goods Act. But now, as there is no separate Act, all such
e of residential hotels charging composite amount, for lodging and boarding, which is inc
rs, the tax payable by him on the turnover of sales shall be calculated by reducing from
r enjoying exemption under the Package Scheme of Incentive, and the tax is not recove
nder the Package Scheme of Incentives may continue to enjoy the same. However they
o not charge tax on their sale, the subsequent dealer will not be in a position to take inp
her dealer who is required to do so by the Commissioner, to maintain a true account of
r any class of dealers to maintain accounts and records in such form and in such manner
relating to his stock of goods, purchases, sales, delivery of goods and payments made
, six months) in which appropriate entries are made in the books of account.
which are in the nature of increasing or decreasing either sale price or purchase price of
d other documents pertaining to stocks, purchases, dispatches and del