This document outlines major points for examination regarding reconciliation with income tax, VAT, ROC, and RBI filings. It discusses examining items like the tax audit report, VAT returns, annual ROC filings, and foreign payment forms. The document also lists major financial details that should be retrieved from a desk review, such as the financial statements, director's report, trial balance, and auditor's reports. Reconciliations should be done between the tax returns and information reported in the tax audit report and financial statements.

1. Reconciliation with other laws and
information to be retrieved from Assessee
Ludhiana Commissionerate
February 18, 2016
1 CA Gaurav Gupta

2. Reconciliation with other laws –
income tax / ROC / VAT
CA Gaurav Gupta2

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
5 CA Gaurav Gupta

6. Major Points for examination
 Other Points
 Orders and assessments
 Penalties paid
 SCNs and contingent liability
6 CA Gaurav Gupta

7. Information to be retrieved –
Desk review
CA Gaurav Gupta7

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
8 CA Gaurav Gupta

9. Major details to be required
 TDS returns
 Deduction returns
 Form 26AS
9 CA Gaurav Gupta

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