Question ID :
39355
Tax Audit - Stock Summary
In the case of trading concern of electronics products, how to show the stock summary of principal items of goods traded?
Can it be given as a summary of products of similar use? such as LEDs, ACs, Machines, etc.
Posted by
Hunny Badlani
on
Aug 19, 2019
Filed Under
AUDIT
Yes, definitely it can be given Product wise. It is not necessary to provide item /specific product wise detail.
Posted by
Siddharth Jain on
Aug 19, 2019
Answer ID :
79129
It is better to keep a detailed stock summary as it is maintained in the books of accounts. But in annexure to Tax Audit Report summary of the same can be shown.
Posted by
CA PRADEEP C B on
Aug 19, 2019
Answer ID :
79130
Yes. Product wise summary can be shown.
Posted by
CA. chunauti dholakia on
Aug 19, 2019
Answer ID :
79146
Need to show the details of PRINCIPAL ITEMS only per ICAI publication viz., "Issues on Tax Audit"
Posted by
B.CHACKRAPANI WARRIER on
Aug 24, 2019
Answer ID :
79147
Sir
In my opinion you have to tally the Qty.purchased,sold after taking into account opening and closing Stock and best way you can show will be acceptable provided the quantitative tally is there.
charan Dass Sharma
Posted by
Charan Dass Sharma on
Aug 25, 2019