Audit Under Fiscal Laws – Test 2

Tax Auditor is required to furnish in Form 3CD, break-up of total expenditure of entities registered or not registered under the GST. Such breakup includes:

Tax auditor is required tro report in Form 3CD, whether the assessee or its parent entity or alternate reporting entity is liable to furnish the report as referred to in sub-section (2) of section 286. If yes, tax auditor is required to furnish:

(i) Where report has been furnished by the assessee or its parent entity or an alternate         reporting entity

(ii) Name of parent entity

(iii) Name of alternate reporting entity (if applicable)

(iv) Date of furnishing or report.

Select the appropriate one

Break-up of total expenditure of entities registered or not registered under the GST is required to the report:

Normally, the report of the tax auditor cannot be revised later. However, in certain situations tax auditor need to revise the tax audit report. Identify that situation:

Which clause of Form 3CD requires the tax auditor to furnish certain information in a case where any land or building or both is transferred during the previous year for a consideration less than value adopted or assessed or assessable by any authority of a State Government referred to in section 43CA or 50C.

Particulars of payments made to persons specified under section 40A(2)(b) requires reporting under:

As an auditor appointed u/s 44AB of the Income Tax Act, 1961, how would you verify and report on the following: The assessee has borrowed 50 lakhs from various persons partly in cash and partly by account payee cheque.

Clause 32(d) of Form 3CD requires the tax auditor to report:

Clause 37 of Form 3CD requires the tax auditor to report:

Clause 31(b) of Form 3CD requires the auditor to furnish the particulars of each specified sum in an amount exceeding the limit specified in Sec. 269SS taken or accepted during the previous year. The limit specified u/s 269SS is:

Mr. Sharma carries on the business of dealing and export of diamonds. For the year ended 31st March 2019, you as the tax auditor find that the entire exports are to another firm in U.S.A. which is owned by Mr. Sharma’s brother.

You are the Tax auditor of BL & Co., a partnership firm engaged in the business of playing of Goods Carriages for the financial year 2018-19 having a turnover of Rs. 20 crores. How would you deal and report on payment of 30.000 in cash to Mr. R on 10th September, 2018 towards settlement of invoice for expenses accounted in financial year 2017-18.

Clause 21(a) of Form 3CD requires the tax auditor to furnish the details of amounts debited to the profit and loss account, being in the nature of capital, personal, advertisement expenditure etc. Which of the following amounts does not require reporting under Clause 21(a)

Where any land or building or both is transferred during the previous year for a consideration less than value adopted or assessed or assessable or assessable by any authority of a State Government referred to in section 43CA or 50C, the tax auditor is required to furnish in Form 3CD:

How many types of audit are prescribed under GST Regime:

As per Sec. 35(5) of SGST Act, 2017, every registered person whose turnover during a financial year exceeds the prescribed limit shall get his accounts audited by a___________.

As per Sec. 35(5) of CGST Act, 2017, every registered person whose turnover during a financial year exceeds the prescribed limit shall get his accounts audited. The limit prescribed for this purpose is:

As per Sec. 35(5) of SGST Act, 2017, every registered person whose turnover during a financial year exceeds the prescribed limit shall get his accounts audited and shall submit__________.

As per Rule 80(3) of CGST Rules, 2017, every registered person whose aggregate turnover during a financial year exceeds the prescribed limit. shall get his accounts audited and he shall furnish a copy of audited annual accounts and a reconciliation statement, duly certified in____________.

Every registered person who is required to get his accounts audited in accordance with the provisions of Sec. 35(5) of CGST Act, 2017, shall furnish, the annual return. The annual return is to be furnished:

Every registered person who is required to get his accounts audited in accordance with the provisions of Sec. 25(5) of SGST Act, 2017, shall furnish, the annual return along with:

Reconciliation statement furnished u/s 44(2) of CGST Act, 2017 reconciles the

As per Sec. 65 of CGST Act, 2017, the Commissioner or any officer authorized by him, by way of a general or a specific order, may undertake audit of any resisted person for such period, as such frequency and in such manner as may be prescribed. For this purpose, audit is to be conducted at the

As per Sec. 65 of CGST Act, 2017, the Commissioner or any officer authorized by him, by way of a general or a specific order, may undertake audit of any registered person for such period, at such frequency and in such manner as many be prescribed. The registered person shall be informed by way of a notice not less than:

As per sec. 65 of CGST Act, 2017, the Commissioner or any officer authorized by him, by way of a general or a specific order, may undertake audit of any registered person for such period, at such frequency and on such manner as may be prescribed. Audit shall be completed within a period of

As per Sec. 65 of CGST Act, 2017, the Commissioner or any officer authorized by him, by way of a general or a specific order, may undertake audit of any registered person for such period, at such frequency and in such manner as may be prescribed. On conclusion of audit, the proper officer shall, within______. inform the registered person, whose records are audited, about the findings, his rights and obligations and the reasons for such findings.

Special Audit under the GST regime is covered under:

A member of the Institute in practice, shall be deemed to be guilty of professional misconduct if he accepts in a financial year more than —— tax audit assignments or such other limit as may be prescribed by ICAI from time to time under section 44AB.

A HUF has turnover of Rs.3 Crores and follows cash system of accounting. Choose appropriate alternative.

In the case of a person who carries on business or profession but who is not required by or under any other law to get his accounts audited, the audit report has to be given in Form No.———-