i want u'r opinion and valuable suggestion
One of my client is civil contractor up to last Fin year there was no audit
and i follow him special types of business u/s 44AD and max 8 % N.P i had
shown and follow cash system no book of a/c maintained up to last year.
Current year in FY.2008-09 crossed T.O of Rs.40 Lacks i advise him to follow
cash system in beginning of year but party is like contractor don't
understand a/c language and end of the year Bill of sales taken in T.O only
actual payment received and purchase fully invoice taken ( whatever he
received material at site)in a/c and filled MVAT return, a/c was not
completed that time now i have finalised a/c and come to know creditors is
there in a/c more than Rs.10 lacks and i don't know what is work in progress
in closing stock ----party can't understand all of this.
I have finalised a/c Net Profit as per P&L more than @10% ( actually u/s
44AD limit is 8%) i want to explain u that i am showing Net Profit above
normal limit,but in audit report how to mention cash system because in B/S
creditors are there , if i show cash system there is no problem of Work in
progress also
i want u'r valuable suggestion
Can i write HYBRID SYS OF A/c suppoese reply is NO but CAN WE SAY CASH
SYSTEM when creditors are there but material are actually used in
construction work and suppose i take certificate from proprietor for
auditor's safety is it okay?
--
Ajit K.Desai
201/A12/Sec-2/Shantinagar,Miraroad(E)9322570031,022-28114379
For all the recent tax amendments visit www.taxmannindia.blogspot.com
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Thanks & regards
DHAVAL DESAI
website:http://taxmannindia.blogspot.com/
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Dhaval Desai
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