Respected Members', I had gone through an audit report of A listed Limited company, there stated that their auditor conveyed their inability to seek reappointment as statutory auditors of the company due to pre-occupation. I want to what is the meaning of pre-occupation? Please suggest

Sir,
Please help me,A ca in practice can be appointed or not as auditor of a company in which his brother is a dorector as well as shareholder?

Dear Sir/Madam,


Should we have to submit copy of audit report to I.T. Department ....?

Whether limit of number of Tax audits u/s 44AB in a year for Chartered accountant includes the audit of Trust registered u/s 12 A(b) or not.

can any one tell me that is there cost accountant can do bank concurrent audits

Hi frnds, if any person paid cash above 20000 to more than 1 person jointly then the deduction for this amt is allowable or not ?

Hello,

My name is Komal Thakkar - I am a Propreitor of a Recruitment Firm based in Mumbai.

I started providing recruitments services to various recruitment firms in the year 2009 and that year 2009-10 my company's turnover was 25,00,000/- . That year i got a refund of 2,93,000 .

Next year i.e. 2010-11 my turnover was 35,00,000/- and in this year i have filed for refund to the tune of 3,53,000.
Next year i.e. 2011-12 my turnover was 49,00,000/- and in this year i am yet to file my returns.

Now in the first week of August i have received a notice from the Income Tax department under section 271B. for not auditing my boooks of accounts in the year 2010-11.

I met the ITO and he is of the opinion that I should have audited my books sinceall my TDS has been deducted under 194J and thus i should have audited my books as a Professional.

My argument with the ITO has been as follows:-

1. I am hiring 12th pass or just graduates in my organisation as employees.
2. Our work is to line up candidates for clients where the final decision on the candidate is taken by the client.
3. The 194J TDS deduction is because there is no other section under which the TDS is to be deducted.
4. The list of professionals as highlighted by INCOME TAX DEPARTMENT does not include Manpower Recruitment Agents.
5. "Issues of Tax Audit " ICAI Publication - 2003 edition clearly states that the Manpower Recruitment Agents are BUSINESS.

However the ITO is of the opinion that i should give him much more data to make my point. The submission should be very strong so that he can put it in front of the Joint Commissioner/ Commissioner.

Assistance Required:-

Can anyone please help me with some additional data which can help me strengthen my case. Would you be aware of any case law or case studies or books or reference material which can substiantiate the face that Manpower Recruitment Agents are BUSINESSES? Or can you share some detailed (5/6pages) of "WHAT IS BUSINESS" so that i can draw lines of the similiarities of "DEFINITION OF BUSINESS " and my organisation.

Any assistance in this regard will be of lots of help to me.


Thanks and Warm Regards,

Komal Thakkar
komalthakkar77 @ rediffmail.com

What is the difference between statutory and Internal Audit? I just want to know the basic to be kept in mind while doing these audit the exact difference and not the difference related to mandatory nature and appointment and all that...
Like in an interview it is asked how would you audit the Legal Fees in Statutory Audit and Internal Audit?I just want to know the answer of such question i.e. the basic difference in conducting these 2 audits......

vat receiveable will be included or not in debtors while calculating drawing power of any company/firm.??

A company Created Provision of tax of Rs.5000 for F.Y 2010-11 and TDS for the same yr is Rs 10000 and tax payable is Rs. 7500 and in F.Y 2011-12 company got refund of Rs 2500 and still provision for tax of Rs. 5000 is showing in balance sheet in Current FY. so, I am not getting how should we treat it in Current FY if the profit in current FY is Rs.4500??
Experts please reply