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CS Professional · Goods and Services Tax (GST) and Corporate Tax Planning · Assessment, Audit, Scrutiny, Demand and Recovery, Advance Ruling, Appeals and Revision

Which one of the following is expressly listed in section 71(2) of the CGST Act as a record the person in charge must make available on demand for scrutiny?

The income-tax audit report, if any, under section 44AB of the Income-tax Act, 1961 is expressly listed in section 71(2). Along with the trial balance, audited accounts and cost audit report, it must be produced on demand for scrutiny by the officer or audit party.

  1. APersonal bank passbooks of the directors
  2. BThe income-tax audit report, if any, under section 44AB of the Income-tax Act, 1961Correct
  3. CBoard minutes of every subsidiary company
  4. DCustoms bills of entry for the last ten years

Explanation

Section 71(2) lists records prepared by the registered person, trial balance, audited annual accounts, cost audit report, income-tax audit report under section 44AB, and any other relevant record. Directors' passbooks, subsidiary minutes and ten years of bills of entry are not listed items.

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