Home loan of Rs ………… sanction by bank


Three companies and three individual directors are borrowers for the above home loan which was utilize towards the purchase of flat. The relative house property (flat) stands in the name of two directors.
Bank ’s sanction letter is addressed to all the six borrowers namely three companies and three individual directors.

Q .1 How the liability is to be reflected in the balance – sheet?
In what proportion?
And whom to debit?

Q.2 Since underlying property is owned by individual directors and EMI is also paid by them, will it be in accordance with Accounting Standards and Principals, just to show contingent liability by way of note in CARO report as well as in Notes to Accounts without showing liabilities in balance sheet ?

A Person declares his income u/s 44 AE showing deemed income as Rs.3500 per month per tankar as per the provisions of this section and his gross receipts exeeds from Rs. 60 lacs,

Q-1. Is he liable for tax audit??

Section 44AB state that the provision of Audit will apply on a person carrying on business u/s 44AE and claiming his income to be lower than the profits or gains so deemed to be the profits and gains of his business.

Q-2. Is it Assumed that the above provision of sec-44AB will not apply if he declares his deemed income according to the provision of sec-44AE(i.e 3500 or above per month per goods carriage)and his gross receipts exeeds from Rs. 60 lacs?? AND

Q-3. If he owns more than ten goods carriage, than provision of tax audit apply ???

And
Q-4. Is he liable to deduct TDS under contractual payments or salary payments??

please answer this query with judgements or circulars related to it.

Hi,

Please help me in solving the following:
How can we verify non cash item in cash flow statement:
If it is cash item and it is reflected as non cash item (knowingly) to increse the cash.

one of our client went for bangkok for film production... while going he purchased ....$s for Thomas Cook Company... now the company is asking for issue of certificate for utilization of dollors purchased.

can any one send me the format of that certificate to be issued............

is it true OR false that most of the ca or cs work honestly? pls reply - my carrier choice is based on your answer.

i am a bba final year student and want to work honestly in life.

is there is NO scope in ca or cs course for my kind of a HONEST person?

My query is whether LIC commission agent having commission income is considered as profession for the incometax purpose?

commission receipt Rs.25L wheteher he is require to get his books of accounts for tax audit?
as per my view it should be considered as profession and limit of Rs.15L should be applicable.
But i am also getting opinion that it can be considered as a bussiness and limit of Rs.60L for tax audit will be applicable. the insurance commission agent is not specifically mentioned in the list of profession mentioned thats why conflict is arised.

hello sir i already write cpt 5 times but my mark is never go up in 70 mark please tell me sir what is the remedy for pass the cpt

Can A relative (as defined under companies Act or income Tax Act) of share holder become an auditor of private limited company in which that share holder is holding 51% or more shares?
please also take into consideration the professional ethics that is to be followed by ICAI member

1) For Tax Audit What is the Turn over limits for Consulting Engginers,

2)Consulting and Servicing in India, Payment recd in USD! it is taxable or taxfree income?

3)Consulting and Servicing in Abroad, payment recd in USD! it is taxable or taxfree income?

4)Conulting in India and Servicing in Abroad, payment recd in USD! it is taxable or taxfree income?

which point should be consider while giving certificate for visa purpose? is there suggested format?