Deferred Tax Assets and Liabilty reversal |
* Reconcilation with IT profit and Book Profit |
* for IT and Company Depreciation |
* Section 43A adjustment |
* Timing difference reversal in the subsequent year |
* for Unabsorbed Dep |
* for Carried forward Loss |
* for deferred expenses |
* disallownces under section 40(a)(ia), |
* Section 43B Payments ie disallowed earlier year and now allowed in memo |
* Opening restatment for the current year [wp_ad_camp_1] |
Reconcilation of |
* VAT With Return and reconcile with Turnover |
*Excise With ER-1 and reconcile with Turnover |
*CST -CST Return and reconcile with Turnove |
*TCS -Reconcil with Scrap Sales Ledger and Apply TCS % |
TDS/TCS Deduction and payment analysis |
* Quarterly Return submitted by the compay for E-TDS |
* Analysis of payment with ledger and challan |
** Reconcile the amount of TDS with Profit and loss account for finding out Tds short deduction and non deduction. |
** Non deduction and short deduction gross expenses to consider for disallowance under section 40(a) (i), 40(ia) etc |
TAX AUDIT COVERAGE |
Imporatant Aspects to be covered in IT Memo Prepartion |
* Give Proper Link of PAT from PL for the IT and 115JB |
* Allow the Exp – Already disallowed in the previous year Memo |
** confirm whether they have paid during the year |
** Prepare a list for 40A(3) Payments and give link to Memo |
** Give proper link to Loss on sale of assets (Add) and Profit on Sale of Assets (Less) in the memo |
** Give Proper link to 43A Adjustment for capital goods fluctuation |
** Proper Link to IT and Compay Act Depreciation for workings |
** Separte the Non Business income to other Heads-eg Dividend |
** Disllowable Exp List |
Disallowable Expenses Analysis |
* Donation |
*TDS Interest – |
*Fine and penalty |
*Cash payment Exeeding Rs20000 |
Sec 40A(2) Excess payment than Normal payments |
*Pooja Exp |
*Under section 40(a) (Non Deduction of TDS) |
*Sec 40(ia)a and nature of TDS disallowances |
proviso to section 36(1)(iii) |
of section 43B- Bonus,gratutity , |
Delay in payment of employee contribution in conection with PF, ESI |
Other Details for 3CD |
**List of Payment under section 40A(2)(b).(Related Party Payments) |
**Payment of gratuity not allowable under section 40A(7) |
**Priliminary Expens under Section 35D |
115JB Calculation |
** Calculation for unabsorbed dep and business loss |
** Make correct provision for 115JB |
** Consider the Credit of privious year then make provision |
** Book Entries for 115JB MAT Provision and Credit Adjustment |
** Make correct provision for 115JB after considering PY MAT cr u/s 115JJA |
** Preparation of Form 29B for MAT calculation ( if MAT applicable ) |
OTHERS |
** prepare a sheet for Advance Tax and interest workings |
** TDS Receivable working as per uploadable foramt . |
** Assessment Status |
ANNEXURE FOR 3CD |
** Excise duty |
** VAT Annexure |
** ESI and PF Annexure |
** TDS and TCS Annexure |
** IT Depreciation |
** Stock Qty Annexure |
** Set off and Carried forward Annexure |
** Calculation of Ratio |
** Annexure I Part A,B |
ANNEXURE FOR 3CEB (For TP) |
* Parent company address ( Associated Enterprises ) |
* % of Share holding |
* Details of RM imported and quantity wise break up |
* Details of CG imported and quantity wise break up |
* Details of Technical fee |
* Details of Running Royalty exp to AE |
* Reconcilation in Tally with Excell of the Associated Enterprises |
* Method of Arm Length Price |
* Calculation of operating profit for adopt suitable method of ALP |
OTHER REQUIREMENTS |
** Cash flow Statements ( if Company turnover >50 crore ) and Level I Enterprises |
** Fund Flow Statement |
** Details of Contingent Liabilities |
** List of Assessment Pending with IT Department and other Departments |
**List of cases which are under Litigation |
**Report of Internal Auditors |
Requirements Regarding E-filing of Income Tax Return and ROC Return |
Signed Trial balance |
Copy of PAN Card |
Copy of TAN Card |
Copy of Income Tax Challans |
Copy of TDS Certificates |
Copy Memorandum of Association |
Copy of Incorporation Certificate |
Auditors Appointment Letter |
List of Directors along with complete address, designation, and date of joining for the previous year |
List of share holders along with complete address and number of shares holds in %. |
Digital Signature of Director of the Company |
DIN of the Directors |
List of transfer of shares as on the date |
CIN number of the Company |
Secretarial Requirements |
Increase in Share Capital |
Apppionment / Resignation of Director details |
Co Audit Details |
AGM/ EGM Details |
Resoluation Copies |
Charge Creation Details |
Directors Remuneration details under sec 217(2A) |
Document Evidence for |
** Authorised capital |
** Paid up Capital |
** Present directors/ verification and Management certificates |
** Change of directors |
**Present share holders/ changes and verification with |
members register and Management certificate. |
UNDER COMPANIES ACT 1956 |
PARTICULARS OF REGISTERS |
Register of investments not held in company’s name |
Register of Deposits |
Creation/modification/satisfaction of charge & keeping a record of the charges |
Register of charges |
Register of members |
Index of members where their number is more than 50 |
Register and index of debenture holders |
Foreign register (and a duplicate) of members and debenture holders, if any |
Copies of all returns u/s 159 & 160 |
Minute books containing minutes of the proceedings of general meetings, board meeting & committees of the board |
Books of accounts |
Register of contracts, with companies and firms, in which directors are interested giving details |
Register of contracts with companies and firms in which directors are interested directly or indirectly |
Register of directors, managing directors, managers and secretary |
Register of directors shareholding |
Register of appointment of directors or an associate as a selling agent outside India of goods produced by the company, and for supply of or rendering of service |
Register of loans to companies ‘under the same management’ |
Register of loans made, guarantees given or securities provided to companies and investments in shares and debentures of other companies |
Information pursuant to Section 217(1)(e) |
Power and fuel consumption |
ELECTRICITY: |
a) Purchased Power (KWH) |
Total Amount (Rs. In lacs) |
Rate/KWH (Rs) |
b) Own Generation (KWH) |
Diesel Generator |
KWH Per Litre of Diesel Oil |
Cost/KWH (Rs.) |
FURNACE OIL: |
Quantity (Litre) |
Amount (Rs. In Lacs) |
Rate (Rs/litre) |
Consumption per unit of Production |
Technology Absorption Expenditure (Rs. In lacs) |
Foreign Exchange Earnings (Rs. In Lacs) |
Foreign Exchange Outgo (Rs. In Lacs) |
Preparation of General Business profie as per SCH VI |
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