3. Major Points for examination
Income Tax
Revenue – 26AS
Valuation - Transfer pricing report
Tax Audit report – Depreciation, Cenvat, Cost audit
Reverse Charge – TDS returns
Foreign Payments – TDS / Form 15CA
VAT
VAT return - Output
VAT TDS return – reverse charge
3 CA Gaurav Gupta
4. Major Points for examination
3CD
Point 4 - Indirect tax Liability under various laws
Point 18 – information about amount of depreciation under
Section 32 of the Income Tax Act, 1961 and that of CENVAT
credit availed by the service providers on capital goods.
Point 21 – Penalties paid
Point 26 – Payment under Section 43B
Point 27 – Details of credit available and carried forward to the
next year. Hence, the Auditor can authenticate the amount of
credit carried forward in the service tax returns with the
information provided in terms of this clause.
Clause 28 - Information regarding prior period incomes and
expenses booked in the year under Tax Audit. The Auditor shall
ensure that service tax is paid on these amount in case they
are subject to service tax.
4 CA Gaurav Gupta
5. Major Points for examination
ROC
Annual return and other filings - Output
Authentication of financials
Signatory details – name and address of directors
Share issuance – Reverse Charge
CARO – more than six months dues
RBI
Form 15CA – foreign payments
FIRC – foreign receipts
ECB filings
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6. Major Points for examination
Other Points
Orders and assessments
Penalties paid
SCNs and contingent liability
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8. Major details to be required
Financials
Director’s Report
Balance sheet with annexure
Profit and loss with annexure
Trial Balance
Statutory Auditor report
Tax auditor report
VAT
VAT returns
VAT summary
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9. Major details to be required
TDS returns
Deduction returns
Form 26AS
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10. Disclaimer
This presentation has been prepared for internal use of ICAI and its members. The contents of this document are
solely for informational purpose. It does not constitute professional advice or a formal recommendation. The
presentation is made with utmost professional caution but in no manner guarantees the content for use by any
person. It is suggested to go through original statute / notification / circular / pronouncements before relying on the
matter given. The presentation is meant for general guidance and no responsibility for loss arising to any person
acting or refraining from acting as a result of any material contained in this presentation will be accepted by us.
Professional advice recommended to be sought before any action or refrainment.
CA Gaurav Gupta
Partner
MGS & Co.
507 B, D-Mall, Netaji Subhash Palace, Delhi - 110034
+91 11 32962487
+91 11 2735 2487
+91 98110 13940
cagauravmgs@gmail.com
Thank you