TAX AUDIT

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Clause 17 Section 40(a)(ii) – Income tax paid and the interest paid thereon not allowed as a deduction Section 40(a)(iia) – Wealth tax paid is not allowed as a deduction Section 40(a)(iii) Salary payable outside India or in India to a non-resident not allowed as a deduction if tax has not been deducted and paid. Section 40(a)(v) - Tax on non-monetary perquisites paid by the employer, not allowed as a deduction, since such tax does not constitute a taxable perquisite in the hands of the employee. Verify employment contract to understand TDS liability. KALYANIWALLA & MISTRY
Clause 17 (g) interest, salary, bonus, commission or remuneration inadmissible under section 40(b)/40(ba) and computation thereof The remuneration payable by a firm to the partner is governed by the partnership deed. Under Income-Tax Act, remuneration and interest payable by the firm to the partner allowable only if certain conditions are fulfilled. Verify the partnership deed, to ascertain the salary payable to partners as mandated by the deed In this clause computation of disallowance amount has to be given. 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 and 10: Clause 16 (a) Any sum paid to an em
Page 11 and 12: Clause 17 Amounts debited to the p
Page 13 and 14: Clause 17 (d) expenditure incurred
Page 15: Clause 17 If the tax is deducted an
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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