TaxTMI 
TaxTMI 
Inventory Valuation report under section 268(5)
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....y the head office, other premises and the branches of the assessee visited by me, and proper data adequate for the purposes of inventory valuation * have been/have not been received from branches not visited by me subject to the comments given below: (a) (b) .......................... In my opinion and to the best of my information and according to explanations given to me, the Inventory Valuation presented herein below in my report is true and correct subject to comments given below: (a) (b) ...................................... The prescribed particulars and such other particulars as were required by the Assessing Officer by order No. ........... dated .............. are annexed hereto. In my opinion and to the best of my information and according to explanations given to me, these are true and correct. Any variations observed in the Inventory Valuation Report compared to the disclosures made in Form No. 26 (or if no Form No. 26 has been furnished, then value as per audited accounts) have been adequately explained along with the reasons and justifications thereof. Place Date Signature Name of the Accountant: Member Registration Number: ....
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....ares and Consumables (ix) Scrap (x) Any other item (b) State whether there is any change in the method of valuation of any of the items mentioned in (a) above, as compared to the method employed in the immediately two preceding tax years. Yes/No (c) If answer to (b) above is yes, specify the amount by which the profit or loss for the relevant period has been affected by such change (d) During the relevant period, has there been any insurance claim relating to inventory due to fire or accident or any other reason. Yes/No (e) If answer to (d) above is yes, give details of insurance claim relating to inventory due to fire or accident or any other reason 4. Give summarized details of Financial Results (as per the Audited Accounts of the Assessee) S. No. Particulars Year under reporting Year 1 preceding to Year under reporting Year 2 preceding to Year under reporting 1 Turnover 2 Profit (Loss) before tax 3 Less: Taxes paid 4 Profit (Loss) after tax ....
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....; 3. Item 3 ......... Others (b) (ii) Quantitative adjustments (refer Note 5): S. No. Finished products / Work-in-Progress If there are quantitative adjustments in (ii)(a), furnish the detailed reasons for quantitative adjustments 1. Item 1 2. Item 2 3. Item 3 ......... Others 6. (i) Has the assessee conducted physical verification of raw materials, stores and finished products, etc. or traded goods mentioned above? Yes/No (ii) Details of discrepancies, if any 7. (i) Whether valuation is in conformity with the Income Computation and Disclosure Standards (ICDS) notified under section 276(2)? Yes/No (ii) Details of discrepancies, if any 8. Details of inven....
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....O P NRV Lower of (6) or (7) Value (5) x (8) Qty COP NRV Lower of (11) or (12) Value (10) x (13) (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) 1 WIP 1 2 WIP 2 3 WIP 3 ......... Total (c) Valuation of Raw Materials Sl. Description Item Code UOM Opening Stock Closing Stock Qty Purchase cost Replacement rate Lower of (6) or (7) Value (5) x (8) Qty Purchase cost Replacement rate Lower of (11) or (12) Value (10) x....
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....sp; Total (f) Valuation of Others Description Opening Value Closing Value Jigs, Tools, and Dies Stores, Spares and Consumables Scrap Others Total (g) Summary of Inventory Valuation as on .......... Sl. Particulars Value as per Form No. 26 (If Form No. 26 not furnished, then value as per audited accounts) Value as per Cost Accountant Variation if any 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 ....
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.... A. Inventory valuation for Assessees engaged in the Construction Contracts which are dealt with by the ICDS III: (i) Valuation of Completed Units Ready for Sale (refer Note 10) Sl. Subtype if any Closing Stock Opening Stock Description Type of Completed Units Qty Cost of the unit for each type NRV Value [(5) X Lesser of ((6) or (7))] Qty Cost of the unit for each type NRV Value [(9) X Lesser of ((10) or (11))] (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) 1 Project 1 2 Project 2 3 Project 3 ..... Total ....
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.... (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) 1 Item 1 2 Item 2 3 Item 3 ......... Total (v) Summary of Inventory Valuation for Construction Contracts as on .................. Sl. Particulars Value as per Form No. 26 (If Form No. 26] not furnished, then value as per audited accounts) Value as per Cost Accountant Variation if any Opening Closing Opening Closing Opening Closing (1) (2) (3) (4) (5) (6) (7) (8) ....
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....nbsp; .......... Total (i)(b) Valuation of Unlisted Shares held as Stock-in-trade Sr. Description Opening Stock Closing Stock Qty AC NRV Lower of (4) or (5) Value (3)X (6) Qty AC NRV Lower of (9) or (10) Value (8)X (11) (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) 1 Share 1 2 Share 2 3 Share 3 .......... Total ....
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.... 2 Any other Security 2 3 Any other Security 3 .......... Total (v) Summary of Inventory Valuation for Shares, Debentures and other Financial Instruments held as stock- in-trade as on ......... Sl. Category Value as per Form No. 26 (If Form No. 26 not furnished, then value as per audited accounts) Value as per Cost Accountant Variation if any Opening Closing Opening Closing Opening Closing (1) (2) (3) (4) (5) (6) (7) (8) (5) - (3) (6) - (4) 1 Listed Shares ....
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.... (ii) Valuation of Inventory of Agriculture and Forest Produce Sl. Description UOM Closing Stock Opening Stock Quantity NRV Value (4)X(5) Quantity NRV Value (7)X(8) (1) (2) (3) (4) (5) (6) (7) (8) (9) 1 Produce 1 2 Produce 2 3 Produce 3 ............ Total (iii) Valuation of Inventory of Mineral Oils, Ores and Gases Sl. Description UOM Closing Stock Opening Stock Quantity NRV Value (4)X(5) Quantity NRV Value (7)X(8) (1) (2) (3) (4) (5) (6) (7) (8) (9) 1 Product 1 2 Product 2 ....
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....ther case also, name shall be provided in full. 2. The address shall contain Country/Region, ii. Flat/Door/Block number iii. Road/Street/Block/Sector, iv. PIN/ZIP Code, v. Post Office, vi. Area/locality, vii. District, viii. State. 3. In case available, details of HSN codes and SAC code for services should be provided for principal products/ services. 4. While filing details in Part B, Row No. 4, please note the following: (i) Inventory of all such raw materials that constitute top 80% of the total inventory value of raw materials should be reported item-wise separately. Inventory of all other raw materials constituting balance may be clubbed under ―Others‖. (ii) Add number of rows depending on the number of raw materials (iii) Other adjustments include Shortage/ Wastages / Rejects, etc. 5. While filing details in Part B, Row No. 5, please note the following: (i) Add number of rows depending on the number of items (ii) Separate quantitative details on the above lines should be given in respect of by-products, if any. (iii) Where the assessee is trading in goods, quantitative details on the above lines sho....