hi everyone

i started share trading with investment of 20k only, but my daily sale and purchase is around 8-10 lacs. i want to know nature of my trading and is there tax audit is required in this case if my sale and purchase exceeds 1cr

A company raised bills on work done (actually done or not). Then what is the procedure to verify that bill.

2. if Company received that bills amount then we can check the with bank statement. if TDS has not been filled by the company then is there any way to check online TDS receivable form for which the party has deducted and and deposited in the respective department.

If the assessee declares his income lower than the deemed profits u/s. 44AD then he will have to maintain books of accounts and get these accounts audited IF HIS TOTAL INCOME EXCEEDS THE EXEMPTION LIMIT.

In such cases assessee having turnover less than one crore may manipulate his books of accounts and declare his income as low as possible (below 8%) so that his total income works out below exemption limit and thus he can escape the tax audit which I suppose is not the intention of the legislature.

Kindly resolve the query.

Hi,

A pvt. Ltd company had taken loan from its Shareholder. They issued a cheque to the shareholder for repayment of loan on 31/03/2014. The cheque had not been deposited by the shareholder till 3/9/2014. It has now been cleared by fresh issue and deposit of freshly issued cheque. Does this require any qualification for 2013-14 audit report

OUR CLIENT IS AUDITED U/S.44AB. THE AUDIT REPORT IS TO BE FILED BEFORE 30TH NOVEMBER, 2014. WE ARE GOING TO FILE INCOME TAX
RETURN WITH TAX AFTER 30TH NOVEMBER, 2014 (DUE DATE). THE REASON IS THE ASSESSEE IS IN FINANCIAL CRISES.

IS THERE ANY PENALTY REGARDING LATE FILING OF INCOME TAX RETURN AND PAYMENT OF INCOME TAX AFTER DUE DATE.

Dear All,

Is there any specific format available for Concurrent Audit report of FFMC?

If so can any one provide the same...

If not then plz provide me the specimen of any report!!

Thanks in Advance...

sir, if sole trader has done audit once,is it necessary to do books of accounts every year? and the sole trader has done audit in the last year and this year sole trader converted into partnership firm is it necessary to do audit this year also?if so what is the turnover limit

Read more at: https://www.caclubindia.com/experts/modify_message.asp?entry_id=912496

CA's have limit of 45 Audits, is this included with trust Audits i.e. 10B forms or not.

Pls reply urgently

The Company is into Construction ( service Industry)

Example Case
During FY 2013-13
Revenue billed to Contractor - 1000 Rs.
Work Certified by Contractor - 800 Rs.
Debit note raised by Contractor - 50 Rs.
Revenue as per POC - 900 Rs. (Hence revenue recognised in PL should be 900 and 100 should be shown as Billing in excess of revenue?)

Now my query is - my Book shows debtor of 1000. But debtor has confirmed 750 (800 revenue and less 50 debit note)

So what is the accounting treatment for the difference of 250 between the books and statement by debtors.

Totally confused. Appreciate quick response

Windows 8 purchased for Rs. 90,000 (qty-10) should be capitalised or treated as revenue expenditure? If capital then as per which AS?