i am on audit of a pvt. ltd company where by the company had issued 3000 shares of face value 10 totaling Rs.30,000
the person who bought the share was taken in as a director !
he paid in total 24lakhs for these shares !!!
shall it be accounted as below : ???
rs 30000 - share capital
rs 23,70,000 - sec. premium ?
and is there a need 2 deposit the premium amount in some certain separate bank ac ??
or can the company use the premium on day to day business ???

if not,what shall be the accounting entry for these shares ?
show shall i audit the above transactions ???????????

any turnover limit for shedule vi

Dear Sir,

If suppose we have issued a cheque to a company for their services which they have rendered to us & we as a company only deduct TDS, however, while giving the cheque to them we do not deduct the TDS but give them the entire pmt. Now suppose they have another pmt which we need to give them after 2 months, so can we deduct the TDS now for the 1st pmt + 2nd pmt that we are making???

Will there be any interest charged to us for not charging them TDS on their 1st pmt??

Say suppose we have not even entered the entry in Tally as well, when we made the 1st pmt, will we still be paying interest??

How much is the interest rate for making late pmt of TDS?

Where any amount withrawn from the special account is not utilised for the specified purposes within the same year or is misutilised as per section 33AB of income tax act, 1961. If so, report the amount of such deemed profits under clause 19 of Form No.3CD.

Why report under clause19? there is no deeming provision. if misutilised then it will be taxable so much amount misutilised. when there is a specified amount then why clause 19 reporting?

Thanks

This is the first time we are preparing audit report as per new requirement of sch VI ,
Is it compulsary to provide the same figures for last year also i.e cash flow for last year also should be provided in audit report.

Dear all members

I want to ask that if a company gives advance of Rs. 100000/- to his employee through cheque & after 30 days his employee( from fund received) paid in cash of Rs. 65230 to a transporter, then whether it should be considered as allowed expenditure or not.

Dear Experts,

Is TDS applicable in the following situations if yes what is the rate...

1) Transporation charges paid to VRL logistic company amount 100000 for goods transport from MUMBAI to BANGALORE

2) Transporation charges paid to ROYAL TOURISTS against contract towards pick up & dropping of the school students on daily basic......

Best Regards
Aditya..

Sir, assessee is carrying on two different business.. turnover from one business is 50 lacs and from other business is 80 lacs..

Que. Whether assessee's both business is required to get audit? what if assessee want to show 8% incone u/s 44AD for second business(T/O 50 lacs)

SIR ,
MY QUERY IS THAT IN THE CASE OF CONTRACTORS OF ALCOHOL ARE THEY LIABLE TO AUDIT THEIR ACCOUNTS

Respected Experts,
Can anyone guide me on how to audit petty cash (and its expenses) from an cash embezzlement point of view.
2) Please tell me what are the documents i should view?
3) What are the supporting documents i should verify if an expenses is debited?
4) What are the ideal internal controls for that?
Its highly essential for me at this time. Please give me an elaborate explanation.
Thanks & Regards,
Rajesh.