Form WW - Filing of Manual Form WW Audited Statement of Accounts for the year 2015-16 and 2016-17 in Tamil Nadu

FILING OF FORM WW

AUDITED STATEMENT OF ACCOUNTS.

As per Section 63-A of the Tamil Nadu Value Added Tax Act, 2006, every registered dealer whose total turnover including zero rated sale and sales in the course of inter-State trade or commerce as specified in section 3 of the Central Sales Tax Act, 1956 (Central Act 74 of 1956) in a year, exceeds one crore rupees, shall get his accounts in respect of that year, audited by an Accountant (Chartered Accountant or Cost Accountant) and submit a report of such audit in the prescribed Form (Form WW) in duplicate, duly signed and verified by the Chartered Accountant or Cost Accountant, to the Assessing authority, within 9 months (i.e. on or before 31^st December) from the end of the Financial year.

 If the registered dealer fails to get his accounts audited and submit a report of such audit within the period of 9 months from the end of the financial year, the Assessing authority may, after giving a reasonable opportunity of being heard, direct such registered dealer to pay by way of penalty of sum of rupees ten thousand, in addition to any tax payable, in respect of the said period:

Provided that, this section shall not apply to the departments of Central and State Governments, local authorities, the railway administration as defined under the Railways Act 1989 (Central Act 24 of 1989), the Tamil Nadu State Road Transport Corporations and similar such registered dealers, as may be notified by the Government.

What are the documents to be produced to the

Chartered Accountant or Cost Accountant for

preparation of Form WW?

·                   Account Books, Records and Registers

·                   All Purchase Bills in original

·                   All Sale Bills under TNVAT and CST

·                   Bank Account Details like Saving Bank, Current Account, Joint Account, Cash Credit Account, Overdraft Account etc.

·                   Capital Goods ITC Adjustment Account

·                   Cash Book

·                   Classification of goods purchased / sold rate of tax wise or exempted or zero rated etc.,

·                   Closing Stock Details of Raw Materials, Work in Progress, Finished Goods, Trading Goods and Packing Materials, Consumables

·                   Details of Purchase returns if any with relevant records

·                   Details of Sales returns if any with relevant records

·                   Form   8 Register

·                   Form 10 Register

·                   Form 12 Register

·                   Form 13 Register

·                   Forms used such as C Form, F Form, Form JJ and other statutory forms if any  under TNVAT and CST.

·                   ITC Adjustment Register

·                   Monthly Returns filed under TNVAT and CST Acts

·                   Payment details of taxes and fees by cash or cheque or demand draft or by e-payment.

·                   Place of Business Details like Branch, Godown, Factory, Warehouse and Sales Depot

·                   Production Cum Stock Account Register in Form H

·                   Profit and Loss Account

·                   Purchase Register

·                   Sales on behalf of Principal Account

·                   Sales Register

·                   Stock Transfer Account

·                   Trading and Manufacturing Account

·                   Types of Incentives received if any like IFST, Deferral, Waiver, MOU

What are the aspects to be considered by the

dealers or entrepreneurs who were filing

Form WW

1.   The last date for filing of monthly return for the month of March is succeeding 20^th April

2.   If the dealer finds any omission or error in the returns filed the dealer shall file a revised return rectifying the omission or error within a period of six months from the date of relevant period to which the return relates.   Hence revised returns if any have to be filed within 6 months along with proof of payment of tax and interest thereon under Section 42(4) of the TNVAT Act, 2006.

3.   If there is any omission or error the revised returns may b e filed well in advance without waiting for the filing of Form WW due date of 31^st December to avoid penalty for escaped turnover.

4. Most of the dealers are furnishing in the monthly returns only purchases and sales relating to business activities and hence the sale of used assets like two wheelers, four wheelers, old air conditioners, old machineries etc., and other assets not related to business were not properly disclosed in the monthly returns and hence they were detected by Chartered Accountants or Cost Accountants during the preparation of Form WW.

5.  At the time of filing of Form WW at the fag end i.e. 31^st December the stipulated time for filing of revised return lapses and any turnover not disclosed in the monthly returns detected and disclosed after lapse of 6 months will be treated as only escaped turnover and hence there is possibility of levy of penalty. Hence please furnish revised returns well in advance before filing Form WW.

6. Form WW – Audited statement should be filed in duplicate duly signed by a Chartered Accountant or Cost Accountant before 31^st December to avoid penalty of Rs. 10,000.00.

FILING OF MANUAL FORM WW RETURN

FOR THE YEAR 2015-16 

        Rule 16-A of the Tamil Nadu Value Added Tax Rules, 2007 has been modified with effect from 29.1.2016 mandating the filing of audit report electronically in the amended Form WW in the new portal of the Department of e-C Tax. Since the monthly returns and other transactions are being filed by the dealers in the new portal e-C Tax (https://ctd.tn.gov.in) from June, 2016 and for the months of April 2016 and May 2016 were filed in old portal.

        The on-line filing of Audit Report in the amended Form WW through the new portal is applicable from the assessment year 2016-17.

      The e-services provided through the old portal www.tnvat.gov.in will be closed on 31^st December, 2016 and hence the dealers can file manual Form WW i.e Audited Statement of Accounts for the financial year 2015-16 in the pre-revised format (old format).

To view the Circular Please click the link below:

Form WW new format prescribed in G.O.Ms.No.18, Commercial Taxes and Registration (B1) Department, dated 29.1.2016 for the year 2016-17 for manual filing:

https://ctd.tn.gov.in/documents/10184/10943/G.O.+%28Ms%29+No.18/08af34f0-6cc0-4268-9259-f07d8a3f17a0?version=1.0

https://ctd.tn.gov.in/documents/10184/10934/15_2016/6cd12d58-d1c2-470e-845d-1e01be8d6672?version=1.0

The e-services provided through the old portal www.tnvat.gov.in will be closed on 31^st March, 2017 and hence the dealers can file Form WW i.e Audited Statement of Accounts for the financial year 2015-16 in the pre-revised format (old format) in old portal if not filed already.

https://ctd.tn.gov.in/documents/10184/188169/extn+of+tnvat+upto+310317/62ba22c6-9814-4fc2-8a51-f7155f3016f5

               The audit report for the financial year 2015-16 in Form WW to be furnished under Rule 16-A (1), by a registered dealer having his principal place of business or additional place of business in the revenue districts of Chennai, Kancheepuram, Thiruvallur and Vellore, on or before 31^st December, 2016, may be furnished on or before the 10^th January, 2017. To view the Government Order issued please click the link given below:

https://ctd.tn.gov.in/documents/10184/188169/GO+132/3aca0c72-5510-49a0-a955-cc7a84e5ad80

FILING OF MANUAL FORM WW RETURN

FOR THE YEAR 2016-17

The manual filing of Audit Report in the amended Form WW is applicable from the assessment year 2016-17.  31.12.2017 is the last date for filing of Form WW for the assessment year 2016-17.

To view the latest article based on the Government Order issued on 25.01.2018 regarding last date for filing of Form WW and penalty details based on the belated submission click the link given below:

https://abhivirthi.blogspot.com/2018/01/last-date-details-for-submission-of.html

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