CAN ANY 1 EXPLAIN ,WHAT IS THE MEANING OF LCs,& WHAT IS ITS RELEVANCE,...DURING STOCK AUDIT...

LC is like one type of guarantee provided by buyer's banker to seller if buyer fails to pay the amount then bank will pay on behalf of buyer and then bank will recover from buyer..

it is mainly used in international transactions.....

Relevance in context of Stock audit :-

For calculating Drawing power, goods purchased under LCs are not to consider otherwise it will result in the double finance on same stock

THANX SIR.....

trust had paid expense towars making a cd for advertising.

IN that case is TDS deductable and under whic section?

what are the exceptions for affixing a revenue stamp on payment above rs 5000

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