Quantitative Information in return forms-----Income tax act coming closer to the bottomline and will have to move towards recognising cost accountants

The law does not seek mandatory maintenance of quantitative details of goods traded or manufactured, but the return form now seeks quantitative details of raw materials consumed and finished goods produced with details of out-turn. Not a happy situation for taxpayers, considering that the form has been announced after the end of the financial year.


The law does not seek mandatory maintenance of quantitative details of goods traded or manufactured, but the return form now seeks quantitative details of raw materials consumed and finished goods produced with details of out-turn. Not a happy situation for taxpayers, considering that the form has been announced after the end of the financial year.

Blog Contributed by RV


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