whether income of trade/cash discount on purchase is added in sales while calculating 8% profit of turnover for the purpose of section 44AD.

CA Kusum Sorathia

what is due diligence? how is it useful ?

I have multiple query regarding valuation of closing stock for a manufacturing concern:

1. Does following will be considered for
valuation of closing Stock:
(i) Depreciation
(ii) VAT
(iii) Excise Duty


2. What is the procedure to Value Closing
Stock of Finished Goods & Raw Material?

3. Can any one please provide me format
for stock valuation?

Request to please reply in full & don't give half answere as it is more confusing.

Very Thanks in Advance for giving time & support.

If somebody has a poultry business.Turnover(2011-12) Rs.5800000.00 and net profit Rs.500000.00.In this situation,is Tax Audit mandatory?

My client has commision income under 194H of Rs. 23,00,000 (Working as sinior commision agent/member of Maitreya Plotters & Structures Pvt. Ltd. & he has many agents & sub-agent under him on whose buisines he gets such commision).....

He dont filled his ITR-4 till time for A.Y.11-12....whether he was required to do his Audit...?

Also he dont maintain any books....also due date is also expired for audit & ITR filling......So can any expert guide me of what to do...in such case.

My client has commision income under 194H of Rs. 23,00,000 (Working as sinior commision agent/member of Maitreya Plotters & Structures Pvt. Ltd. & he has many agents & sub-agent under him on whose buisines he gets such commision).....

He dont filled his ITR-4 till time for A.Y.11-12....whether he was required to do his Audit...?

Also he dont maintain any books....also due date is also expired for audit & ITR filling......So can any expert guide me of what to do...in such case.

Sir,
whether audit u/s 44AD will be counted in the tax audit limit of 45 which is for each practicing ca?

I have recently begun my ca firm. Which bok should i read for tax audit u/s 44AB. Will the guidance note on audit u/s 44AB by ICAI suffice?????

A Businessman is showing profit of more than 8%. But, he is filing the ITR U/s 44AD.

My Query is : Is it mandatory for him to get his financials audited, for the reason that he is declaring a Profit of more than 8%? And, What is the procedure of maintaining the Books of Accounts U/s 44AD?

sir my name is kumar.my doubt is what is tax audit?will you give brief explain about tax audit?