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https://help.tallysolutions.com/docs/te9rel49/Tax_Audit/Audit_loan_deposit_accept_repay.htm

Auditing of Loans/Deposits Accepted (clause 24(a)) and Loans/Deposits Repaid (Clause 24(b))

Auditing process Loans/Deposits Repaid (Clause 24(b)) is similar to Loans / Deposits Accepted (clause 24(a)). For illustration purposes, Auditing of Loans/Deposits Accepted (clause 24(a)) is explained.

To audit all the Receipt vouchers related to Loans / Deposits Accepted (clause 24(a)),

Go to Gateway of Tally > Audit & Compliance > 44AB Audit > Loans / Deposits Accepted

  • Select the required Ledger

The Ledger Vouchers for the selected Ledger will be displayed as shown:

  • Press Spacebar to select a particular transaction (transactions can be selected one-by-one randomly by pressing Spacebar on the required transactions OR all transactions can be selected by pressing Ctrl+Spacebar)

  • Click on F9: Audit or press Alt+F9

The Audit Details screen is displayed as shown below:

Audit Status:

 

On Hold: This options should be selected if the user is not able to arrive at a conclusion currently. Later he can view the transactions and audit them again.

Accepted by Cash: Select this Audit Status, if any loan is received in Cash

 

Accepted by Cheque/DD: Select this Audit Status, if any loan is received by Crossed Account Payee Cheque or Crossed Account Payee Demand Draft.

 

External Clarification: This option should be selected to request for further clarifications from the Client incase the information available in the Voucher or entries is not clear or incomplete. For more details, refer External Clarification.

 

Internal Observation: This option should be selected when the user is not sure of the Audit Status and needs clarification from the Audit team.

 

Not a Loan: Select this option, if the Amount received is not actually a Loan according to Section 269SS.

 

  • In the Audit Details screen,

  • Select the required Audit Status from the drop down

  • Enter the required value in the Amount field if the Audit status selected is Accepted by Cash or Accepted by Cheque/DD. By default the Voucher amount will appear in this field.

  • Enter the Audit Remarks in the Audit Note field

Note: The Amount field will not appear when the Audit status is selected as External Clarification, Internal Observation, On Hold or Not a Loan.

The completed Audit Details screen is displayed as shown:

  • Press Enter to accept the Audit Details selected.

Note: To change the audit status to Unaudited, press Ctrl+F10 by selecting the audited voucher.

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