Sir,

we are conducting revenue audit of bank. they are not charging penal interest for late/non submission of stock statements. generally penal interest should be charged @2%.here one example is December 2014 month stock statement due date is 20/01/2015, but they are given on 26/01/2015. in this case how we can calculate penal interest?

Whether a manufacturing firm being audited u/s 44AD can do cash sales exceeding Rs20000 of any goods or not as per income tax act.Whether a firm can receive cashbexveeding Rs.20000 at one time?

I WOULD LIKE TO KNOW WHAT IS THE AUDIT PROCEDURE FOR F&O TRANSACTIONS OF SHARES. WHAT ALL ASPECTS NEED TO BE COVERED ?

In M/s XYZ, Mr X and Y have cop but Z does not. Can Mr. Z sign on behalf of X or Z on matters which can be taken up only by practicing CAs? All three are CAs. Also, can Z sign on behalf of X on an audit report?

Dear Colleagues

Have some doubt, kindly resolve

As per 44AB, If turnover exceeds Rs 1 Cr. Then person (Firm) liable to get tax audit u/s 44AB.

Also a firm can adopt itself under 44AD by showing profit of 8% of total/gross turnover. By adopting this there is no liability on company to get tax audit u/s 44AB.

Also firm who claims that his profits and gains from the eligible business are lower than the 8% and whose total income exceeds the maximum amount which is not chargeable to income-tax, shall be required to get them audited and furnish a report of such audit as required under section 44AB.

So my question is A firm having total turnover:- 50 Lacs
Net Profit :- Nil or Loss

Now whether the firm is liable to get its books audited under sec 44AB????

Rahul

My query is that,when an article founds some discrepancy during the audit,why the chartered accountant,solve that by negotiating with the owner or manager of that company or firm,why he don't qualify or negative the report,just because if he do so he will loose the client?

an employer can give pf of 13.6 % ?

A Company with turnover of Rs. 504739212/- and deals in manufacturing of Steel and iron. Please let me know whether Appointment of Cost Auditor is required or not?

Hi,

Generally we receive the Invoices from our vendors/service providers after a few days (some time weeks) from the issuance of Invoice.

My question is very simple but with some issues...

Q. What should be the date of booking of Invoice in our books of accounts ? (say- Invoice date 15/Jul/15 , Received on 25/Oct/2015, for Consultancy chgs 50,000 + S.tax @ 14% 6000).


Issue 1. TDS Liablity
(From 15-Jul or as from 25-Oct).

Issue 2. S.tax input eligibility
(a. in the m/o Jul or in the m/o Oct).

Issue 3. Accounting Concept
(General trade practices for expense booking).

Issue 4. Audit
(Audit objection if any).

Hi,

If there are more than one crore sales or redemptions made in equity shares and debt instruments,is tax audit applicable to that person.

Thanks