9911796707
TMI BlogInventory Valuation report under clause (ii) of section 142(2A) of the Income-tax Act, 1961X X X X Extracts X X X X X X X X Extracts X X X X ..... from *my/ our examination of the books of account and other documents, it appears that proper books of account and other documents with respect to inventory have been kept by the head office, other premises and the branches of the assessee visited by * me/us, and proper data adequate for the purposes of inventory valuation have been received from branches not visited by * me/us subject to the comments given below: (a) (b) …………………….. 5. In * my/our opinion and to the best of * my/our information and according to explanations given to * me/us, the Inventory Valuation presented herein below in * my/our report is true and correct subject to comments given below: (a) (b) ……………………………….. 6. The prescribed particulars and such other particulars as were required by the Assessing Officer by order No. _______________________ dated __________________are annexed hereto. In * my/our opinion and to the best of *my/our information and according to explanations given to * me/us, these are true and correct. 7. Any variations observed in the Inventor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is in the affirmative, specify the amount by which the profit or loss for the relevant period has been affected by such change (iv) During the relevant period, has there been any insurance claim relating to inventory due to fire or accident or any other reason. If so, give details. Note: In case available, details of HSN codes and SAC code for services should be provided for principal products/ services. 8. Give summarized details of Financial Results (as per the Audited Accounts of the Assessee) Details of Financial Results (as per the Audited Accounts of the Assessee) S. No. Particulars Year under reporting Previous Year 1 Previous Year 2 1 Turnover 2 Profit (Loss) before tax 3 Less: Taxes paid 4 Profit (Loss) after tax 5 Raw Materials Consumed 6 Opening Inventory 7 Closing Inventory 8 Average Inventory Holding Period (days) ={365/(Turnover [1]/Average Inventory)} Average Inventory = {[6]+[7]}/2 9 Average Raw Material Stock to Consumption (days) 10 Average. Stores and Spares Stock to Consumption (days) 9. In respect of items manufactured, full quantitative details of raw materials and finished products as indicated below (consolidated at ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... balance may be clubbed under "Others" 10. (i) Has the assessee conducted physical verification of raw materials, stores and finished products, etc. or traded goods mentioned above? (ii) Details of discrepancies, if any 11. (i) Whether valuation is in conformity with the Income Computation and Disclosure Standards (ICDS) notified under sub-section (2) of section 145 of the Income-tax Act, 1961? (ii) Details of discrepancies, if any 12. Details of inventory valuation for the relevant period under reporting by the Cost Accountant (wherever ICDS II is applicable) - (i)(a) Valuation of Finished Goods Sl. Description Item Code UOM Opening Stock Closing Stock Qty COP/ PV (Rs.) NRV (Rs.) Lower of (6) or (7) Value (5) x (8) (Rs.) Qty COP/ PV (Rs.) NRV (Rs.) Lower of (11) or (12) Value (10) x (13) (Rs.) (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) 1 Product 1 2 Product 2 3 Product 3 ......... Total COP: Cost of Production PV: Purchase Value NRV: Net Realisable Value Notes: Add or delete rows as per the number of finished products (i)(b) Valuation of Stock-in-trade S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or (12) (Rs.) Value (10) x (13) (Rs.) (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) 1 IMP 1 2 IMP 2 3 IMP 3 ……. Total Note: 1. Add/Delete Rows as per the number of Intermediate Products 2. Intermediate products include only such products which are at intermediate stage and not included elsewhere. (vi) Valuation of Others Description Opening Value (Rs.) Closing Value (Rs.) Jigs, Tools, and Dies Stores, Spares and Consumables Scrap Others Total (vii) Summary of Inventory Valuation as on _______________ Sl. Particulars Value as per Form No. 3CD (Rs.) (If Form No. 3CD not furnished, then value as per audited accounts) Value as per Cost Accountant (Rs.) Variation if any (Rs.) Opening Closing Opening Closing Opening Closing (1) (2) (3) (4) (5) (6) (7) (8) (5) - (3) (6) - (4) 1 Finished Goods 2 Stock- in-Trade 3 Work-in-Progress 4 Raw Material 5 By-Products 6 Intermediate products 7 Jigs, Tools, and Dies 8 Stores, Spares and Consumables 9 Scrap 10 Others 11 Total 12 Impact on Profit or Loss 13 Impact on Income Tax (v ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... size/Affordable/ Premium/Commercial etc. which is identifiable as different sale unit 2. Completed Units mean Plots/Flats/commercial units/Villas/Floors which are ready for sale and have been included in inventory as such 3. The valuation of Land (Shown separately in Inventory Valuation in financials) and Development Rights can be shown here, if required. (ii) Valuation of Construction Work-in-progress Sl. Description Closing Stock %age Completion Total to-date construction cost(Rs.) Cost as per recognised revenue (Rs.) Value of Workin- progress [(4)-(5)] (Rs.) (1) (2) (3) (4) (5) (6) 1 Project 1 2 Project 2 3 Project 3 ……… Total Opening Stock %age Completion Total to-date construction cost (Rs.) Cost as per recognised revenue (Rs.) Value of Work-inprogress [(8)-(9)] (Rs.) (7) (8) (9) (10) Note: Add number of rows depending on the number of Projects (iii) Valuation of construction materials Sl. Description Item Code UOM Opening Stock Qty Purchase cost (Rs.) Replacement rate (Rs.) Lower of (6) or (7) (Rs.) Value (5) x (8) (Rs.) (1) (2) (3) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... untant B. Inventory valuation for Assessees engaged in the trading of Securities which are dealt with by the ICDS VIII. (i)(a) Valuation of Listed Shares held as Stock-in-trade Sr. Description Opening Stock Closing Stock Qty AC (Rs.) NRV (Rs.) Lower of (4) or (5) (Rs.) Value (3)X (6) (Rs.) Qty AC (Rs.) NRV (Rs.) Lower of (9) or (10) (Rs.) Value (8)X (11) (Rs.) (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) 1 Share 1 2 Share 2 3 Share 3 …….. Total AC: Actual Cost NRV: Net Realisable Value Note: Add number of rows depending on the number of shares (i) (b) Valuation of Unlisted Shares held as Stock-in-trade Sl. Description Opening Stock Closing Stock Qty AC (Rs.) NRV (Rs.) Lower of (4) or (5) (Rs.) Value (3)X (6) (Rs.) Qty AC (Rs.) NRV (Rs.) Lower of (9) or (10) (Rs.) Value (8)X (11) (Rs.) (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) 1 Share 1 2 Share 2 3 Share 3 ………. Total AC: Actual Cost NRV: Net Realisable Value Note: Add number of rows depending on the nu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rity Total Impact on Profit or Loss Impact on Income Tax Note: Specify the amount by which profit or loss would be affected by the changed valuation. (vi) Details of inventory valuation carried out by the Cost Accountant Inventory Items Method of valuation used by the Cost Accountant In case of variation in the method adopted by the assessee, state reasons for variations in quantity, rates and value along with method adopted by the Cost Accountant for various items of inventory giving full justification. Opening stock Closing stock a. Listed Shares b. Unlisted Shares c. Debt Securities d. Convertible Securities e. Any other Security Note: Specify the method used to determine the Actual Cost and Net Realisable Value for each category of financial instruments. (vii) Any other relevant comment, observation or qualification of the Cost Accountant Note: Securities not listed on a recognised stock exchange; or listed but not quoted on a recognised stock exchange with regularity from time to time shall be valued at actual cost initially recognised. C. Inventory valuation of livestock, agriculture and forest products, mineral oils, ores and gases, except ..... X X X X Extracts X X X X X X X X Extracts X X X X
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