TaxTMI 
TaxTMI 
TaxTMI 
Audit for closed unit
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....udit for closed unit<br> Query (Issue) Started By: - venkat eswaran Dated:- 31-3-2016 Last Reply Date:- 1-4-2016 Central Excise<br>Got 2 Replies<br>Central Excise<br>Dear All. One of our unit closed ....
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....in Dec-15 and RC was surrendered. The unit was started in Jul-14. Whether the audit will come for closed unit? All records to be kept at what period ? For your valuable commends, Thanks in advance ....
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.... Venkat Reply By Ganeshan Kalyani: The Reply: Sir the assessment is a deemed assessment in Central Excise. However the department may issue Notice in case of not involving fraud, collusion or suppre....
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....ssion of facts etc., within a period of two years. And in case there is fraud, collusion or suppression of facts the department may issue notice within a period of 5 years. Hence it is advisable to ke....
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....ep the records intact upto to such period. Thanks. Reply By KASTURI SETHI: The Reply: A unit whose turnover is less than 60 lakhs they are not to be subjected to audit. However, if any unit under t....
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....he doubtful category audit can be conducted. As opined by Sh.Ganeshan Kalyani, Sir. You are to wait for and keep the records intact for five years. Do not take initiative in this regard. Sometimes aud....
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....it is conducted on random basis for SSI units.<br> Discussion Forum - Knowledge Sharing ....