11/25/2023 0 Comments Ending inventory meaning![]() Further, Ind AS 2 notified under the Companies (Indian Accounting Standard) Rules, 2015 also provides the definition. The notified AS 2 as per the Companies (Accounting Standards) Rules, 2006 defines the term inventory. Inventory includes raw materials in stock, semi-finished goods in the factory and warehouse, and the finished products ready for sale in a manufacturing concern. The inventory of a business covers all goods, merchandise, and materials held by it for sale. Provided that where the assessment in relation to any assessment year has been reopened under section 147 of the Act within the period specified in section 149 of the Act, all the books of account and other documents which were kept and maintained at the time of reopening of the assessment shall continue to be so kept and maintained till the assessment so reopened has been completed.] (5) The books of account and other documents specified in sub-rule (2) and sub-rule (3) shall be kept and maintained for a period of years from the end of the relevant assessment year: Provided that where the person keeps and maintains separate books of account in respect of each place where the profession is carried on, such books of account and other documents may be kept and maintained at the respective places at which the profession is carried on. (4) The books of account and other documents specified in sub-rule (2) and sub-rule (3) shall be kept and maintained by the person at the place where he is carrying on the profession or, where the profession is carried on in more places than one, at the principal place of his profession: (3) A person carrying on medical profession shall, in addition to the books of account and other documents specified in sub-rule (2), keep and maintain the following, namely :- ( i)Īn inventory as on the first and the last day of the previous year, of the stock of drugs, medicines and other consumable accessories used for the purpose of his profession. “film artist” means any person engaged in his professional capacity in the production of a cinematograph film whether produced by him or by any other person, as-Ī director, including an assistant director Ī music director, including an assistant music director Īn art director, including an assistant art director Ī dance director, including an assistant dance director “cash book” means a record of all cash receipts and payments, kept and maintained from day-to-day and giving the cash balance in hand at the end of each day or at the end of a specified period not exceeding a “authorised representative” means a person who represents any other person, on payment of any fee or remuneration before any Tribunal or authority constituted or appointed by or under any law for the time being in force, but does not include an employee of the person so represented or a person carrying on legal profession or a person carrying on the profession of accountancy Original bills wherever issued to the person and receipts in respect of expenditure incurred by the person or, where such bills and receipts are not issued and the expenditure incurred does not exceed fifty rupees, payment vouchers prepared and signed by the person: Provided that nothing in this clause shall apply in relation to sums not exceeding twenty-five rupees ] (2) The books of account and other documents referred to in sub-rule (1) shall be the following, namely:- ( i)Ī journal, if the accounts are maintained according to the mercantile system of accounting Ĭarbon copies of bills, whether machine numbered or otherwise serially numbered, wherever such bills are issued by the person, and carbon copies or counterfoils of machine numbered or otherwise serially numbered receipts issued by him: ![]() (1) Every person carrying on legal, medical, engineering or architectural profession or the profession of accountancy or technical consultancy or interior decoration or authorised representative or film artist shall keep and maintain the books of account and other documents specified in sub-rule (2) : ![]() Books of account and other documents to be kept and maintained under section 44AA(3) by persons carrying on certain professions.ĦF. ![]()
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