DVAT Audit Report
Part-3
ABOUT FORM AR-1
Form AR-1 has been notified by Notification No.No.F.7(420)/Policy/VAT/2011/1203-1213 dated 11.02.2013. As per Notification every dealer ( except dealers exclusively dealing in commodities listed in First Schedule to the Act and 100% export turnover dealers) whose turnover in year 2011-12 or any subsequent year is 10 crores or more, is required to get his accounts audited for 2012-13 and furnish report in Form AR-1 to the department till 15.11.2013.
Now we will discuss about Form AR-1 in detail. Form AR-1 has following structure:
1. INSTRUCTIONS
2. EXECUTIVE SUMMARY
3. PART-1 TO PART-12
4. ANNEXURES ( no format specified)
1. Only this form to be used for audit report under section 49 of the act.
2. This Form contains 12 parts and all are mandatory for all dealers.
3. No Format of Annexures has been specified and auditor need to give exhaustive details.
4. Auditor shall ensure that all prvisions of DVAT Act, DVAT Rules Notifications, circulars, determination order, advance ruling etc. has been complied with.
5. If books are audited under any other act then certified copy must be taken for co-relation with Dvat records
6. If dealer has multi-state activity the Trial Balance, Trading Account and Profit & Loss account must be taken for Delhi business activity.
7. Where prescribed documents are not provided to the auditor, auditor should determine tax liability as per documents available ( like best judgement assessment).
8. Auditor should co-relate documents of vat, cst, custom, excise or any other law.
9. Auditor shall not any difference between intentional and unintentional errors, omission etc.
10. No field should be left blank and "0"or "NA"should be entered as applicable.
11. All parts should be certified by auditor and auditor should put his seal and sign on each page.
12. Enclosure-
a. Statutory Audit report including related party disclosure required under AS-18.
b. Tax audit report under income tax act including related party disclosure as required under AS-18
c. Audited Balance Sheet, Profit & Loss A/c/ Income and Expenditure A/c
d. In case dealer having multi-state business activity-Trial Balance , Trading A/c and Profit & Loss A/c for business activities in Delhi
1. Details of dealer- Name & address, TIN, Ward and period of audit;
2. Defaults to be furnished in numbers- Nos. of returns of DVAT & CST (separately),
3. Defaults to be furnished in amounts- understatement of local turnover, local taxable trunover, central turnover, central taxable turnover, computation of DVAT and CST, complying TDS provisions, mis-utilisation of Central declaration Forms
4. Rating (excellent/Good/Average/Poor) to be given for maintenance of books of accounts & compliances of DVAT/CST laws
In next parts of this blog we'll analyse Part-1 to Part-12 of Form AR-1.
1. INSTRUCTIONS
2. EXECUTIVE SUMMARY
3. PART-1 TO PART-12
4. ANNEXURES ( no format specified)
1.INSTRUCTIONS
Under this section following major points has been clarified:1. Only this form to be used for audit report under section 49 of the act.
2. This Form contains 12 parts and all are mandatory for all dealers.
3. No Format of Annexures has been specified and auditor need to give exhaustive details.
4. Auditor shall ensure that all prvisions of DVAT Act, DVAT Rules Notifications, circulars, determination order, advance ruling etc. has been complied with.
5. If books are audited under any other act then certified copy must be taken for co-relation with Dvat records
6. If dealer has multi-state activity the Trial Balance, Trading Account and Profit & Loss account must be taken for Delhi business activity.
7. Where prescribed documents are not provided to the auditor, auditor should determine tax liability as per documents available ( like best judgement assessment).
8. Auditor should co-relate documents of vat, cst, custom, excise or any other law.
9. Auditor shall not any difference between intentional and unintentional errors, omission etc.
10. No field should be left blank and "0"or "NA"should be entered as applicable.
11. All parts should be certified by auditor and auditor should put his seal and sign on each page.
12. Enclosure-
a. Statutory Audit report including related party disclosure required under AS-18.
b. Tax audit report under income tax act including related party disclosure as required under AS-18
c. Audited Balance Sheet, Profit & Loss A/c/ Income and Expenditure A/c
d. In case dealer having multi-state business activity-Trial Balance , Trading A/c and Profit & Loss A/c for business activities in Delhi
2. EXECUTIVE SUMMARY
This part is mainly summary of defaults made by dealer in DVAT and Central returns. Defaults to be reported in 2 types i.e. number of defaults and amount of default. Following are main details to be furnished in this part-1. Details of dealer- Name & address, TIN, Ward and period of audit;
2. Defaults to be furnished in numbers- Nos. of returns of DVAT & CST (separately),
3. Defaults to be furnished in amounts- understatement of local turnover, local taxable trunover, central turnover, central taxable turnover, computation of DVAT and CST, complying TDS provisions, mis-utilisation of Central declaration Forms
4. Rating (excellent/Good/Average/Poor) to be given for maintenance of books of accounts & compliances of DVAT/CST laws
In next parts of this blog we'll analyse Part-1 to Part-12 of Form AR-1.
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