Important aspects of new MVAT audit form 704.

I owe this information to Western indian regional council (WIRC of ICAI) and speaker sir CA C.B.THAKAR

Friends,
               On October 29 2009 at IMC Churchgate, Mumbai there was a seminar on Important aspects of new MVAT audit form 704 by Speaker CA C.B.Thakar.

So hereby i am giving the details what was discussed and attaching a very good sheet which was compiled and given to us at that seminar

I hope this will help you a lot

The important details discussed are as under:
1. Another template of new vat audit form will be released by 2nd nov 2009.

2. During filling the Form 1st enter the annexure part then many amts will be directly added in schedules.

3. Read the instruction carefully before filling the form 704.

4.In the Form 704 (only one part is applicable)
Part 1A -------------- For tax audit dealer (and tax audit report also to be submitted)
Part 1B--------------- For statutory audit dealer (and statutory audit report also to be submitted)
Part 1C--------------- For other cases (here also we have to submit profit & loss A/c and balancesheet but as certified by dealer)

5.There is difference in Stock statement and maintenance of stock records.

6.local H Form part to be shown in -----------Annexure H
   OMS H Form part to be shown in ----------Annexure I

7. Earlier------------Main thrust of report was certify the corectness and completeness of returns filled
 NEW Form --------Main thrust is on certification of tax liability of the dealer

8.(Part 1)Para 3------------ negative remarks
   (Part1)Para 5-------------other obervation

9.Auditor has to certify that he has read & understood the instructions and followed the same while filling the return

10.Now if the returns are revised difference cant be adjusted in last return (Circular 26T of 2006 dated 18.09.2006 not applicable for new form) Therefore mostly all returns to be revised

11.Read the attachments it has all the additional information

Hope this will help you while auditing.
 
-Thanks & regards  
Dhaval Desai  

Just click here to download:http://www.ziddu.com/download/7143731/vatauditsheet.zip.html  

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