Private Limited Company Incorporated on 23/01/2019 but till 31.3.2020 there is no turnover means NIL Sales. So can we do audit of 15 months (1.1.2019 to 31.3.2020)
and Prepare Statutory audit report for 15 Months ? if yes then any additional disclosure required in audit report?

My company is holding of subsidiary public company. All other conditions are satisfied. Whether only for this reason, will IFC be applicable?

My company is holding of subsidiary public company. All other conditions are satisfied. Whether only for this reason, will IFC be applicable

Rs.2,83,562 bank loan processing fees and RS.5,49,361 Bank CGTMSE Scheme fees paid in February,2020 for loan of purchase of plan and machinery but plant and machinery put to use in July,2020.
So whether Processing fees and cgtmse fees capitalized or not?

SIR,
My query is as below:
A.Y.2018-19 TURNOVER RS.40 LACS RETURN FILE UNDER SECTION 44AD
A.Y.2019-20 TURNOVER RS.1.80 LACS AUDIT DONE UNDER CLAUSE 44AB(a) because turnover exceeding specified limits.
now A.Y.2020-21 TURNOVER RS. 30 LACS. Whether I can File i.t.return under section 44AD FOR A.Y.2020-21?
note: I have done audit for a.y.2019-20 under clause 44AB(a) but not under clause 44AB(e) because my turnover exceeding Rs. 1 crore for that year?
Please reply fast.
it's urgent
kindly reply above query whether should go for audit or not?

Sir,
One of my client is registered as Trust but not under IT,but getting PAN under Trust name. Trust Started in 2000 till now no IT return was filed. During 18-19 its TO 80L & Profit 3.5L. My Query is
1. Whether it is Trust or AOP under IT.
2.Which ITR (5 or 7) to be filed.
3. whether Audit by CA is mandatory.

Dear Experts,

An assessee earned Business Loss of Rs. 2.85 Lacs from Speculative & Non-Speculative transactions for FY 2019-20.
His Gross Total Income is Rs. 7 Lacs.
Turnover as per 44AB for Speculative & Non-Speculative - absolute value of profit/loss + premium on sale of options is 9 Lacs.
Queries:
1. Whether tax audit is applicable in its case?
2. If tax audit is applicable the under which section of 44AB?

TDS late Fees and Interest and ROC Fees for Increase of Capital are disallowed under which section of income tax?
Also help me for reporting in Tax audit Report?

Can audit report on standalone and consolidated financial statements be signed on different date??

Please someone guide me. I need answer on urgent basis.

ASSESSEE HAVING TURNOVER MORE THAN 12 CRORE IN NORMAL BUSINESS AND HIS BOOKS ARE SUBJECT TO AUDIT IN F.Y.19-20. HE ALSO TRADE IN DERIVATIVES (INTRADAY) IN WHICH PURCHASE AND SALE OF SHARES ARE OF RS. 58 CRORE AND SUM TOTAL OF PROFIT AND LOSS TRANSACTION IS 20.00 LAC . I WANT TO KNOW 1. WHETHER HIS SHARES BUSINESS WILL ALSO BE AUDITED. HIS ACTUAL LOSS IS 3 LAC FROM SHARE BUSINESS. 2. OR WE CAN SHOW IT AS SPECULATION BUSINESS AND SHOW 1.20 LAC AS PROFIT IN ITR (6% ON 20.00 LAC). PLEASE SUGGEST