Dear Members,

Please guide me on the following query relating to the audit & accounts of a society;

1. Whether a society registered in UP during the month of February 2010 is to prepare its Financial Statements for the Year 2009-10 even if any financial transaction has not taken place ?

2. If yes, whether audit of those Financial Statements is compulsory under any Law(if not registered under Section 12A of the Income Tax Act, 1961 ?

3. Whether the Financial Statements are to be prepared for the Financial Year 2010-11 even if the income earned by the society is less than the minimum amount not chargeable to tax ?

Regards,

CA. Rahul Mishra

dear everyone,
please some one explain me the meaning of the term "assertion level".
what it means for the following sentence.

audtor should assess the risk of material misstatement at "assertion level"

explanation with an example will be highly appreciated.

waiting urgently for your reply.
Thanks in advance

How an auditor finds that whether an internal check system of a company is reliable and efficient or not?

a company transfering goods from one concerned( i.e. abc a group of companies and a transfer goods form b ) to other with below sale price to l.e. rs 20 per sqft below sale price. through vat 15 or out vat. is it healthy practice and what will be impact this pracet in our audit report.

Dear experts i am bit confused regarding a situation i am facing....

One of my client having two(2) separate business, the turnover of which are as under:
Business One Rs. 20 Lacs
Another Business Rs. 22 Lacs

So after clubbing both, the total turnover is Rs. 42 Lacs.

The assessee wish to declare in business one more then 8% NP under presumptive taxation scheme & at the same time wish to declare lower income i.e below 8% for another business and ready for Tax Audit U/s 44AB.

So whether this option can be opted:
Business One : 44AD
Another Business : 44AB

Further wish to know, how the ITR will be filled in that case?

Please reply urgently as the audit period is close and need to final it.

Thanks for the advice

NOTE PLS:
Some experts are advising incomplete and left in the middle, so request to clarify in detail with suggestion.

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