TAX AUDIT

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Clause 16 (b) Any sum received from employees towards contributions to any provident fund or superannuation fund or any other fund mentioned in section 2(24)(x); and due date for payment and the actual date of payment to the concerned authorities under section 36(1)(va). Amount deducted from employees salary is income u/s 2(24). Contributed within due date (including grace days) deduction available u/s 36(1)(va) . Obtain list of contribution to employees to PF/ESIC, etc and dates of their payments Verify Challans evidening contribution to various fund If data voluminous, test checks can be done and so mentioned. KALYANIWALLA & MISTRY
Clause 17 Amounts debited to the profit and loss account, being:- (a) expenditure of capital nature Verify bills/vouchers of certain specific accounts e.g. Advertisement expenses, software expenses etc. to ensure that amount of capital nature are not claimed as revenue. In cases of controversy, auditor should report by way of abundant caution, (b) expenditure of personal nature Scrutinize ledger accounts like telephone, motor car, entertainment expenses – whether personal expenses of any director/employee are debited to Profit and Loss a/c Expenses incurred for directors/employees are perquisites in their hands. Company can not have personal expenses. KALYANIWALLA & MISTRY
Page 1 and 2: CLAUSE - 12A to 21, 25 to 27 KALYAN
Page 3 and 4: Clause 13 Amounts not credited to
Page 5 and 6: Clause 13 (d) any other item of inc
Page 7 and 8: Clause 14 Any interest paid on mon
Page 9: Clause 16 (a) Any sum paid to an em
Page 13 and 14: Clause 17 (d) expenditure incurred
Page 15 and 16: Clause 17 If the tax is deducted an
Page 17 and 18: Clause 17 (g) interest, salary, bon
Page 19 and 20: Clause 17 (i) provision for payment
Page 21 and 22: Clause 17 (l) amount of deduction i
Page 23 and 24: Clause 17A Amount of interest inad
Page 25 and 26: Clause 19 Amounts deemed to be pro
Page 27 and 28: Clause 21 In respect of any sum re
Page 29 and 30: Clause 25 Details of brought forwa
Page 31 and 32: Clause 26 Section-wise details of
Page 33 and 34: Clause 27 Tax not deducted at all

TAX AUDIT

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