Conduct of TNVAT Audit for FY 2012-13

[yash arya]

Dear sir,

A registered Dealer in TN is requesting us to do vat audit under TNVAT for FY 2012-13 . The due date for submission of audit report is 31 Dec 2013. Is  there any bar  to conduct audit for the old period and submit report at current date now ?  What type of qualification in audit report for the delay by the Dealer is  suggested ? Dealer has to pay penalty of Rs.10,000 for the delay.

-Shekar R

[DR.MARIAPPAN GOVINDARAJAN]

Whether you have got clarified in the above issue? If not please inform.

[Ganeshan Kalyani]

Audit has to be conducted through a chartered accountant. Otherwise penalty will be levied for non compliance.

AI Summary

VAT audit requirement: delayed TNVAT audit may be submitted but must be conducted by a chartered accountant. Request concerns conducting a TNVAT audit for FY 2012-13 after the due date and the appropriate audit report qualifications for the delay. Responses state the audit must be conducted through a chartered accountant and that non compliance will attract a penalty; the dealer also faces a prescribed monetary penalty for late submission.