Dear Experts,

I have come accross a situation where during the year a reversal of earlier provision is made as the contract got cancelled and same was provided in last year and during the year there is no such expense against which this provision can be reversed so where to show it in financial statements, whether in income side or below the line as extraordinary and prior period item plz reply soon with the supporting if any
As per my knowledge it should be shown below the line

A Pvt ltd co. have given advance for the import of fixed asset on 01/05/2010. the exchange rate on payment date was $44. total advance shown in books comes to 6500*44=Rs286000. The asset of value $6250 actually arrived & was put to use on 01/07/2010.Ex.Rate on that date was Rs/$=44.5. the accountant capitalised the Asset on 01/07/2010 at a value of 6250*44.5=278125.
Is this correct treatment as per AS. kindly reply.

can anybody help - how to set up internal control in the transaction of goods dispatched through recording details in Dispatch register?

fact:-
goods are dispatched,at that time dispatch
register (Manually) is maintained with the invoice no,invoice amt no of bundle , detail about freight amt paid /to pay and detail about goods weight.

after ward LR is matched with the invoice bill and same is recorded in the register of dispatch. then it is recorded in SQL software about LR DETAIL.Then at last in tally.

need solution for foll transaction.:--
1.how can manual transaction recorded in Dispatch Register convert into software so that it is automatically entered into SQL?
so it minimize the time insted og recording transaction manually & then in SQL?

2.is there any special software is available?

3.can u give idea how to make above transaction flow more smoothly with the help of new IT technology?

can a CA who is in employment under a CA firm
apply for certificate of practice and he is
also receiving remuneration from the firm

reply
plzzzz help

Query on Sec. 145 A working in the Tax Audit Report (Clause 12)
Most of us are ignorant about the working of this provision and no
text book or article gives any suitable illustration on this
complicated subject. Everybody talks about this but without giving
any concrete solutions. Please I too request all the members give us a
suitable illustration and show us how the computation of income is
prepared whenever there is a change, also give us suitable examples
when ever the duties or taxes were paid immediately in the next months
of April and May, and method of working deduction under 43B.

Please this needs an urgent attention.

Regards,
CA Abhijeet N. Bobade
Pune

One of my client proprietor of firm engaged in business of developing and building of commercial / residential complexes, 2010-2011 is his first previous year. he has purchased the plot started construction on it, till 31/03/2011 the project was in progress i.e incomplete.he follows project completion method for revenue recognition. he invested his funds , quasi loans and booking amounts from prospective buyers, total exceeded to more than 100 lacs.
advise whether provisions of tax audit are applicable. and what are ICAI guidelines / SAP provisions in this regard.
thanks.

Audits conducted under 44AB bcoz of profits shown under 8% of turnover as per 44AF....
Will the audits will be considered for 45 tax audits allowed per CA

Dear Experts

Please clear "whether a assessee who has two(2) business viz. One is labour supply business and another is steel trading business....

Can he opt this option:
Declare income u/s 44AD for labour supply business & opt tax audit for Steel trading business????

Please also clarify "how the ITR will be filled in that situation"????

Thanks for solving query...

Mr.A :- Father
Mr.B:- Son

Mr.A was carrying on business as proprietor of a Firm.He died on 20.10.2010.At that time the turnover of his business was Rs.50,00,000/-.P/L & B/s Was prepared on 20.10.2010.

Mr.B ( A's son)took over the same business of his Father from 21.10.2010 and continued as proprietor of the same business.The turnover from 21.10.2010 to 31.03.2011 was Rs.40,00,000/-.B is legal heir of A.P/L & B/S was prepared from 21.10.2010 to 31.03.2011.

My query is:-
1.For Tax Audit purpose what will be the turnover.
a)Rs.50 Lakhs & Rs.40 Lakhs to be taken separately.(The assessee does not wish 8% and get his accounts auited)

b)Should it be Rs.90 Lakhs and one P/L & B/S to be prepared?

c) If point "a" is true can two separate audit report be issued?

Need Expert advice...Very Ugent

I have received rental income of Rs.1 crore last year and I dont any business do I require to audit my return or I can file it directly.

Thanks