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2.) VAT Audit Next I had been sent to conduct the vat audit of
some other limited companies:
>Shiva Polymers Pvt. Ltd.;
>Vision World Pvt. Ltd.;
>Spects World Pvt. Ltd.;
>Yaashi Steels Pvt. Ltd.
Procedure Adopted:
• At first, I asked the clients to furnish the
quarterly returns for the four quarters of
the financial year ended 31st March’2010.
• Then I took the quarterly balances of the
purchases, sales, vat input, vat output,
etc. as per their books of accounts.
• Next I enquired into the reasons for
difference(if any) between the figures of
purchases, sales, etc as per the returns
and the books of accounts.
• I also checked whether the vat liability
was met within the due dates as per the
law for the time being in force in India.
• Finally a statement showing reconciliation
of the balances as per returns and as per
the books of accounts was prepared and
Form 88 filled up.
3.) Tax Audit I had also been engaged in the tax audits of
several proprietorships ,partnerships and
limited companies. I collected all the details
required to fill up forms 3ca, 3cb and 3cd. Such
details include among others-
• Depreciation as per income tax act,1961;
• Details of any carried forward losses;
• Details of expenditures disallowed under
the Income Tax rules;
• Details of loans exceeding the limits as
per section 269SS ;etc.
Finally, I filled up the relevant forms pertaining
to tax audit.
Thanking You,
Yours Faithfully,