Dear Experts,

Shall I get a good Internal Audit Checklist suitable for HR & Admin Department audit.

Hello sir,
i m discussing the situation as under that i have already discuss with lots of tax expert but no one is giving me the similar / right view.

The situation is: -
I m having a sale of 30lakh from Export sale of fabric & against this sale i am having a net profit as per books is 150000/-. I am also having some other income like as rental income (Rs.200000/-), int. income (Rs.5000), draw back (Rs.150000/-)etc. Sir, my main point is here that i want to consult to you, is it possible to file the ITR without audit (as per section 44-AB) and i also don`t want to go with section 44-AD of income-tax act`1961. Sir, some of the tax expert and also CA is saying to me that we can`t file our business profit below then 8% as my net profit is coming as per books is near 5.20% (approx).

Now, my main question to you sir is it possible to file the return in ITR 4 without audit in the above situation or not?
and i also don`t want to go with section 44-AD.

Hope for the best suggestion.

Thanks & Regards
sarbjit

I observed while doing audit for a listed company, the company with draws an amount of 10crores cash and it deposited after 3 months without using any purpose. Is it attracts Offence under any act to maintain such huge cash balance, if yes what is penal consequences? Please clarify me?

Sec 2(l)(ix) of the (Cost Accounting Records) Rules, 2011 says that (Cost Accounting Records) Rules, 2011 says-
(l) “Processing Activity” includes any act, process, procedure, function, operation, technique, treatment or method employed in relation to- constructing, reconstructing, reconditioning, repairing, servicing, refitting, finishing or demolishing of buildings or structures;

Does this mean construction companies have to maintain cost accounting records?

Moreover, ICWAI's 3rd FAQs posted on the Institute's website - Question 2 clarifies definition of Production overhead for site related activities not attracting excise duty. Does this imply application of the said Rules to construction Companies?

Requesting other professional friends to clarify ,please...
Thanks

Is Cost Audit Mandatory for Vanaspati Industries??
pls. help me.....

When the companies are required to audited their accounts by a cost auditor or when cost audit is compolsory .

suppose a bill for professional fees of Rs.30,000 is raised with 10.30% as service tax i.e,total bill amounts to Rs.33090/-.Now for deducting tds in this professional bill, my doubt is can i deduct 10% in 30000/- or 33090/-

why SA 501 talks only about 3 components viz., inventory, litigation & Claims and segment information??? I mean why not other significant components, as auditor is responsible to obtain audit evidence in every component that he conducts audit...

Please justify your answer by citing any authoritative pronouncement

ARE WE REALLY INDEPENDENT in conducting audit u/s 44AB of IT ACT?

because appointing authority and person paying our fee is one and same AND can we give bad report and ask for fees? and is he going to remain with us?

In future,with the introduction of jan lokpal
and using aadhaar for financial transactions,are we not going to face problems with IT authorities.

is it not time to consider by our ICAI to change rules in appointment to conduct audit u/s 44AB?

If third party appoints to conduct audit u/s 44AB,we will have more independence and
we can discharge our duty correctly.And i feel giving qualified report and asking same person of our fees is something difficult and we have to think and change rules of appoinmement of auditor in the interest of our profession.
your comments and suggestions.

Dear Experts,
Anyone here in the expert plz clarify me.
1) For calculating Provident fund what are the salary components to be considered?
2) Whats the maximum ceiling limit for calculating PF for an employee?
3) Whether we have to file PF return monthly or quarterly or annually?
4) Whats the last date for making PF payment?
Please clarify me as soon as possible it is very urgent for me sirs.
Thanks & Regards,
Rajesh