On of my client of whom i am doing audit has shown the expense on soil testing as Capital WIP...
As per my view the same should be expense out.

Kindly help me in this regard asap.

Respected Sir\madam,
I am Very thankful to all of you for your kind Support in earlier.

This time My Problem is this I have Partnership Firm Assessee Which make loss this year

As per Rules PROFIT less than 8% of Turnover it it necessary for TAX AUDIT.
But i am confused that The Firm Has Loss
So weather Tax Audit Applicable for that or Not?
Please

Thanks and Regards

ANKIT GOR

Is cost audit mandatory for companies which are yet in their project stage and have not started production?

Regards,
Rishi

Dear All,

A company is having unamortised expenses to the extent not written off Rs 8,00,000as on 31.03.2012, which will be amortised in the next two years. So how we should show the balance, Either total 8 lacs as noncurrent assets or 4lacs as current and 4lacs as non current.

Please help me out with this querry

Thanks in advance..

Sir,
Whether the following expenses are to be capitalised in respect to a manufacturing company.
Ex : Detention charges, Demurrage charges, Import warehouse charges, Packing charges on purchases, Fork lift charges etc

i have 5 firms of textile mfg unit
my turnover 57-58 lacs not morethan 60lacs in
each firm.actual income is 5-6% of turn over.
so,i have make audit or not.i have make return file last ay to 8% of total turn over.
my ca says if we r not going for 8% then audit will be compulsory.is this true? if yes
then whats meaning of audit limit upto 1 crore.

if a partnership firm have loss of 1500 rs with turn over of Rs. 650000 , is audit nacessary

what is meant by block box approach and white box approach

Please help me in the following issue..

is there any minimum amount for which bill/invoice should be maintained for business expenses recorded in the books? OR

the voucher prepared by the auditee (client) is sufficient.

Hi Sir,

Last year we showed work-in-progress which is work done but invoice not raised(in the month of March)but this year also not raised for that particular amount because work damaged so now we need to show as bad debts so is it possible or not please suggest me if yes how to pass the entry