1) A company is newly floated and does not have P&L but only Balance sheet. Is statutory audit is required?
2) Turnover limit for applicability of VAT audit.
3) 2 services are provided. One is exempt & other is subject to Tax. How cenvat credit can be availed?
4) What is Schedule VI?
5) Different Types of Cash Flow
6) Different components of deferred tax
answer to your querries in the order u asked :
1) Statutory Audit under companies act is required for every company incorporated under Companies Act 1956 whether such company has commenced business or not.
2) For VAT, each state has its own provisions. So i think first you should mention the name of state for which you want to know this limit.
3) If an assessee is providing both exempt as well as taxable service then rule 6 of CENVAT credit rules, 2004 should be followed. There are two options available under this rule, (a) maintain separate accounts and (b) not maintain separate accounts. for more details see rule 6 of CCR 2004 on www.cbec.gov.in
4) under Companies Act 1956, final accounts of a company have to be prepared according to schedule VI of the Act.
5) to know about different types of cash flow you should refer AS-3 i.e accounting standard 3, cash flow statement.
6) for this you should refer AS-22, accounting for taxex on income.
for your convenience i m attaching file for revised schedule VI
Thanxx.....................
Sri Aurobindo Gnostic Centre of Education
New Delhi
CA
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